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Market Musings

Every empire suddenly implodes and the American experiment in limited government is nearing its demise ... whether that will be monetary collapse or military defeat is  the only question.

The election is only a  month away and the DJIA made an all-time high yesterday.  But more importantly, gold and silver are also at near record levels.

It may not be obvious to the voter that  the stated federal debt is over $35 trillion and the GAAP figure is well in excess of $230 trillion,

Those numbers simply can not be supported by  the U.S. economy.

But the voters were happy as they continued to elect politicians that promised programs that only the "wealthy" would have to bear the cost.

Neither political party is willing to really look at reducing spending and operating the government within a proposed budget that is subject to a line-item veto.

The move to a cash-less economy is a last-gasp attempt to stave off inflation by making tax avoidance even more difficult.

The only solution is bankruptcy for the U.S. currency. Be prepared ... it is only a timing problem.

Do you smell the tulips yet?

Corporate bankruptcies in July continued to increase. Commercial real estate is facing serious defaults. Mortgage, auto and credit card delinquencies are also increasing.

Employment is increasing in government jobs while private jobs are going to non-US citizens.

The FED denies that a recession has started but a few former FED insiders believe otherwise including yours truly.

Three quarters of every income tax dollar in June went to pay interest on the federal debt!

As I said in January, I hoped that neither Biden nor Trump would be the Presidential candidates. 

Obama and Pelosi engineered the coup against President Biden and now we have the Democratic nominee selected not by any primary voter ... talk about a constitutional republic all you want ... but that is not the way our elections are supposed to go.

The STI (Simple Timing Indicator) which is the number of "A" rated stocks in the IBD database  moved lower this week.

Do not forget that about 22% of the stock markets value is held by only 7 stocks ... danger ahead?

Have we reached the Minsky moment?  The dollar's reserve status is slipping away taking the U.S. economy towards a slippery slope.

Still if you  believe the government's data, you could think that the economy is doing better. 

 Looking under the hood paints a much different picture according to Shadow Government Statistics.

Dare I say that it will be at least another year of dismal U.S. and world economic growth.

And that is if we don't enter a major military war with either Russia or China.

Do not be surprised if the NASDAQ falls through 8,000, the SPX to 2,500 and the DJIA sees the 25,000 level.

Remember -- "Only purchasing power counts!"

By any reasonable measure, this market is dangerous.

Be careful ....