Today, the U.N Food and Agriculture Organization said that food prices rose to a record high in December past a 2008 level that sparked riots in a number of countries. Reuters reports, “Up for the sixth month in a row and fuelled by surging sugar prices and rises in cereals and oils, the index was the highest since records began in 1990, in nominal terms, and topped the high of 213.5 in June 2008, during the food crisis of 2007/08.” Given the floods in Australia cover an area larger than France and Germany combined, the crop destruction and the mine … …READ MORE
Tag Archives: Markets
Price Action vs Newsflow
Posted in Front Page Also tagged commodities, food prices, food riots, United Nations Leave a comment
US Deficit Worse Than Reported
Yesterday, the Congressional Budget Office released their estimates for the federal deficit for 2010 and it’s deceivingly ugly.
“The Congressional Budget Office (CBO) estimates that the federal budget deficit for 2010 will exceed $1.3 trillion-$71 billion below last year’s total and $27 billion lower than the amount that CBO projected in March 2010, when it issued its previous estimate. Relative to the size of the economy, this year’s deficit is expected to be the second largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), it is exceeded only by last year’s deficit of 9.9 … …READ MORE
1:1 Pledge
These are the facts and are not disputed. Despite $787 billion dollars in stimulus spending, job growth in the United States remains negative. The price of this spending is an explosion in deficit spending. 2009 had a $1.4 trillion deficit that was 40% funded by debt. The overall outstanding debt of the United States expanded from $10 trillion to $11.7 trillion in less than two years. The 2010 omnibus spending bill for 2010 has given major agencies a 10% increase in spending per agency and will increase the debt. Ratings agencies are questioning the ability of the United States to … …READ MORE
August Markets….
Tough to earn a living trading and predicting market movements at this time of year. Good example is the massive short squeeze in the financial stocks that is currently occuring.
Couple of dates to keep in mind: September 20th the UN rules on Iran and September 24th-25th is the G20 in Pittsburgh.
Congress will be back in session and deciding on what to do with health care. Byrd wants it renamed Kennedy Health Care bill to spur it along……
October will bring the 60th anniversary of the Chinese revolution as well. Might get some internal issues going around that time … …READ MORE
