Doing the Financial Fright this Friday in part because today has all kinds of market events--the soaring of the US Dollar subsequent to this morning's (8:30 AM) soaring Jobs numbers. The sell off of the Euro dollar on the above number and the fears of a so-called "Gregexit" in Europe [that's fears that Greece will have to leave the European Union on fears that it will not meet it's "obligations".]. Current $1.09 to the $1.00 (great time to visit Europe). The soaring of the USD against Japanese Yen with that currency well above the key 120 level (with the Dollar Index above the key 95 level) The the plunge in European bond yields yesterday--probably because of Mario Draghi's Quantitative Easing in the Euro Zone. And if all of that wasn't enough--there was a key semi-annual OPEC meeting today, in which they continue to stand on not cutting their barrels per day quota--playing chicken for the second time in 6 months with US (and Canadian) oil producers who can't drill with the same cheap ease as the Arabians can ($50 to $80 in US compared to $5 to $10 in Saudi Arabia!). Additionally, there are weekly, sometimes, almost daily glitches in the system (had one while I was typing this--more on that later). Can you figure what I do for a living? I'm an "all markets trader" who happen to believe in fairness! Even proper regulation!! Yes, regulation. Otherwise what the world gets in financial anarchy and well what happened in 2008. The first and last time I introduced this Friday theme was in August of 2008, almost one day to the month for the financial collapse in Sept. I did it because I was indeed terrified that we were going over a cliff. So it angers me, when billionaire bankers still go on television and lie by saying no one say the crisis coming--plenty of us did--but no one was listening--they were the financial equivalent to "punch drunk"--didn't notice when someone would say--"hey you guys have an elephant in the middle of your party--better get him out of there." Their response was "what elephant?" Well when the elephant finally shit all over the place--they noticed! Unfortunately, so did the rest of the world.
Anyone older than 30 will probably remember the crap that was Enron and the fact that it was the ordinary employees that took it on the chin--with Jeff Skilling was the real Gordon Gekko--only worse, much, much worse--almost Nazi like in the way he "ran" the company. This company literally got to the point of killing people in the way they were picking on California's power grid--causing a series of rolling black out that did indeed claim lives. This is a hard documentary to watch, but it is a great lesson in just how terribly things can get out hand when companies are encouraged to embrace the true form of freedom of the free market. Bad behavior ensues--and before anyone knows it illegal crap starts to take over. Mostly because these just love the feeling of manipulation!
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