Panic is in the Air…

Jul 12, 2011

Well, seemingly markets are in ‘risk-off’ mode again, with everything but the dollar, yen and government debt taking a hit. I thought I’d point out our opinion on the dollar in case anyone missed it the other week.

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Felix Zulauf of Zulauf Asset Management interviewed with David McAlvany on the McAlvany Weekly Commentary the other day. He had some fantastic insights into global macroeconomic trends. We strongly recommend listening to the full recording below. However, for anyone who doesn’t have 45-50 minutes to spare, please see below for the summary:

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The pound sterling has come a long way since its heyday back in the 19th and early-20th centuries. Since then, the dollar has taken its place and — potentially — is itself to be supplanted in the not-too-distant future. Here, I get to grips with the marginalization of the pound as the world’s favorite ‘reserve currency asset’.

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An update of the weekly inflation vs deflation indicators for 10/7/11. After another slightly positive week in the ‘risk’ markets, we find that inflation fears continue to dominate deflation worries.

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An update of the weekly Federal Reserve balance sheet charts for 9/7/11. As the latest quantitative easing program was completed on June 30th, this will be the last week where the numbers coming from the Board of Governors of the Federal Reserve System reflect it. [The latest data point reflects the changes from 29th June to 6th July.]

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An update of the daily treasury statement indicators for 9/7/11. If one were to take the lagged charts at face value, one would conclude that there could be another week or two of buoyancy in ‘risk assets’ followed by another downturn.

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The bane of our pseudo-capitalistic system is the blatant double standard that is upheld with respect to prices. If the money prices of things go up, that’s ok, and the saint behind this wholesome circumstance is typically elevated to greatness. However, if the money prices of things go down, there’s got to be a bad guy somewhere — and boy does he get hanged, drawn and quartered in the town square.

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