For some strange reason, when American Imperialist Day happens, they close the market on the afternoon the day before. Why? Isn't America all about stock markets?
Anyway, here's a bit of news:
Noah Smith - Austrian economics is a brain worm. This is too good an article for America:
The Austrian worldview is like a brain worm that has infected large swathes of our financial industry, commentariat and general public. Even you, dear reader, may carry one or two of its wriggling larva inside your gray matter.
When the Austrian brain-worm invades, you start believing things like: 1) Federal Reserve money-printing is a government plot to boost big banks, 2) prices are rising much faster than anyone thinks, 3) real “inflation” means money-printing, not an increase in prices, 4) printing money can never boost the economy, 5) academic economics is a plot to use mathematical mumbo-jumbo to cover up government giveaways to big banks, etc., etc.
The Austrian catechisms range from almost plausible (taking toxic mortgage assets off of bank balance sheets must have been part of the reason the Fed did quantitative easing), to somewhere in the neighborhood of the 9/11 truthers and moon-landing hoaxers. Most of the elements of Austrianism are so directly contradicted by data that the belief system practically screens itself for people who are out of touch with reality.
Bloomberg TV - Michael Shaoul on US inflation risk. He's actually positive about the commodities now, noting that Japan and the US and EU also use commodities. In fact, he thinks this is the start of another big commodity move like 2003-4. (Buy gold buy gold buy gold.) Other than that, he thinks the BLS data grossly underestimates wage growth as noted by corporations in their quarterly conference calls. And his favourite two equity sectors to play the inflation trend are commodities and semiconductors.
Reuters - monsoon strengthens after weakest start in 5 years. It's still not good for Indian gold demand, but whatever. Keep buying gold because America.