An amusing little story accompanied the news that a plan has been made to raise the US debt ceiling. John Carney of reported that:


I just got off the phone with a source on Capitol Hill who has spent the past few days trying to convince Republicans to vote for a debt ceiling hike.


He told me that the biggest obstacle he faces has been “market complacency.”


“Frankly, a bit of panic would be very helpful right now,” he said. [Emphasis Added]


As usual, these theatrics seem to be a case of planner vs market and, as usual, the market seems to be alluding the planners…

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There is scarcely an endeavor awash with more debate, allure, dogma and contempt than the business of financial speculation. The entire investment community is often derided as ‘just a bunch of gamblers’, the most successful speculators are often dismissed as ‘lucky’ and the very pursuit has even been likened to prancing around a fire with two horns on one’s temples. Naturally, we beg to differ. Here, I refute some of these commonly held misconceptions and outline our perception of the rudimentary source of consistent speculative gains.

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