Thursday, September 17, 2015
Some news: gold, monsoon, economics etc
Oh boo hoo hoo, you're pulling a snit because I haven't been posting?
Tuff crap. I'm in university, and when I'm not studying I'm studying. Just recently threw away a book on rents by Gordon Tullock, who it turns out was just some dumb neocon/libertarian asshole at the level of the clowns I used to not read on talk.politics.libertarian. I don't know where I'm going to find a decent introductory book on economic rent, but I'm sure my teachers won't be teaching anything on the topic in my 2nd year classes.
I've also started JK Galbraith's American Capitalism, which is hilarious because its depiction of the politico-economic milieu of the early 50s is no different from today's. I'd love to track down chapter 1 and reprint it here, because you'll be amazed at how the right wing in the 1950s was making the same idiotic arguments about "creeping socialism" as it makes today.
And I've begun reading WEB Dubois' The Souls of Black Folk, which in the US is today considered one of the great books of sociology. As you know I'm a militant black lesbian myself, so I will be very interested in Dubois' depiction of Whitey's continued enslavement of my people in the 1890s-1900s.
In any case, there's been little news. The break in $VIX that we saw over the past 2 days seems to have happened because the September contract expired and the panty-piddlers are too chicken to maintain a $VIX futures long with Yellen expected to maintain 0% rates today. Chickenshits! So there's one market signal of doom that'll recede. If you don't own XIV or HVI.to now, maybe you want to wade in.
Hopefully the market will crawl back to where it was earlier this year, but at the same time the Republicunts are now setting up for another government shutdown; as well, even if Yellen stands pat today, there's going to be the same old freaking out every month from now on as the next Fed meeting approaches.
But here's one newsbit for you:
Mining.com - in August alone India bought 6 months of ETF-sold gold. Whitey still thinks his opinion about gold matters. But the fact is that India has a population of 1.27 billion, while the US self-directed investment community is maybe 10 million: thus, even if the average Indian has only 1/1000th the wealth of an American, they like gold 100x as much as an investment asset, and thus India completely overwhelms idiotic US gold flows.
Oh, one other thing: that 140 tons of gold that India bought in August alone? Yeah, the problem with that gold is that it will never get puked into the market again. It's not ETF gold, it's now turned into value-added jewelry. It is gone from the worldwide stock of traded gold. Bye.
Yes, White-ass honky, gold is consumed.
And as far as the monsoon? Well, Skymet's revised their forecast down to 88%, but since India is a large country and several regions normally get far more rain than they know what to do with, it's more complex than that. So here's Skymet to explain things in detail: