Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 13th of December.
DON'T YOU WISH YOU HAD A PRINTING PRESS?
Once again Chairman Bernanke comes to the rescue by stating that he wants to keep interest rates low forever. Not a problem Ben, just keep printing money until it's worthless. As a private citizen of the U.S. you're not allowed to have a printing press to print money, there's a reason for that, it's against the law. It seems to me that Bernanke and the Fed are pretty much doing what they want, and who cares if the money just keeps going down and down and down. The government has been pushing the dollar lower for years. One major concern I have is that you cannot remain a superpower for long with a fiat currency.
Fiat money originated in 11th century China, and its use became widespread during the Yuan and Ming dynasties.The Nixon Shock of 1971 ended the direct convertibility of the United States dollar to gold. Since then all reserve currencies have been fiat currencies, including the U.S. dollar and the Euro.
Next challenge …
A NEW TV SHOW IN THE WORKS?
This could be the longest drawn out cliffhanger of all time. The way things work here in America it's probably going be turned in to a TV series named the "THE BIG FISCAL CLIFF".
IT IS ALMOST HERE AND IT WILL ARRIVE THIS FRIDAY!
Watch our blog posting this Friday when we will announce what the big news is.
S&P 500 (Cash) : Higher for the week
CLOSED LAST FRIDAY AT 1,418.07
CRUDE OIL (Jan) : Higher for the week
CLOSED LAST FRIDAY AT 85.88
GOLD (Spot) : Lower for the week
CLOSED LAST FRIDAY AT 1,704.29
COPPER (Mar) : Higher for the week
CLOSED LAST FRIDAY AT 3.6640
EURO (Spot) : Higher for the week
CLOSED LAST FRIDAY AT 1.2926
SILVER (Spot) : Lower for the week
CLOSED LAST FRIDAY AT 32.98
Have a great trading day,
Adam Hewison
Founder & President INO.com and co-founder of MarketClub.com.
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