AndrewBaker

Wall Street Breakfast: Must-Know News

Yes, the US could well lose its top credit rating. Already the dollar is showing signs of no longer being THE international currency, and other countries are looking to replace it with a composite. Commodities priced in dollars are rising in dollar terms: oil and gold being prime examples. This is because holders prefer holding these than the depreciating dollar. The stock market rise may look good in dollar terms, but it's not been that great when translated into other currencies (except perhaps the UK pound, which is suffering too).

Jobs are just not there, except made-up State and Federal ones, which can't last nor be afforded, and debts have still to be fully counted and accounted for. These will be added to by Government debt accumulated in supposedly kick-starting the economy but which will in fact drag it back down again once the stimulus stops. This must be soon, because even the US Government can't keep spending imaginary money for ever.

Maybe we should convert our assets to Yuan/Renmimbe and gold and go to live in the UK where our health care will be free: no, things aren't that bad: at least, I hope not! Convert and stay put: at the current rate, we'll be having all the foreigners we want coming to the US soon, as it'll be so cheap for them to be here.

Wall Street Breakfast: Must-Know News

Goldman Sachs and the Treasury sleep in the same bed. Whatever either does, they take care of their own and cronies first. So many now seem ready to believe the nonsense that gets reported that I can only sit it out and wait, taking a bite here and there if a long or short opportunity presents. The market now is a casino because true figures and positions are not easily available, if at all. Perhaps after summer when volume is up, we may start to get some reality based price moves.

Wall Street Breakfast: Must-Know News

We all know the financials are in a mess, and that includes the life assurers, whose bad and toxic debt situation we have yet to hear about: it's not just the banks who'll have to write off so much more going forward.

And the banks have credit cards to rake in more money (and they won't suffer too much here from Obamafication), whilst the insurers have only the money savers have given and continue to give to them.

When we will hear even a part of the truth from financials' CEO andf politicians; or maybe they don't even know how bad it is themselves. If they did, they could not keep making such rubbish statements about greenshoots and recovery, unless they really are the outright liars many are thinking.