Mar

9

 Once more, like clockwork each month, the Treasury comes to the table to sell 3 yr, 10 yr and 30 year bonds and on half of the last 6, they have received a terrible beating and warning from the vigilantes.

The 10 year bond is surprisingly close to the 30 year bond in price given the talk about raising short term rates in Europe, and the always concerted actions of the central banks.

The outcome in the Mideast will be harmonized by International and National authorities not entirely in the corner of Israel, and this would appear to be the main reason that oil rears its head above 100 and that the sagacious market is down some 6% at 1270 from its 1340 levels 1 month ago.

The grains have retraced almost their entire loss of the previous month and are near their highs.

A reading of Classical Economics by Thomas Sowell at the recommendation of Gene E from Barron's reveals that the classical economists felt that all government interventions in their day had the main purpose and effect of benefiting their friends and cronies thereby leaving the common folk with great detriment relative to where they would have been without the interventions in favor of a favorite group of big industrialists and financiers. Adam Smith cut rite to the bottom line when considering the mercantilist policies and fallacies of his day and ours " Trade is good because it increases the total output so there is more to divide between the two countries ".

I have given up reading the National Enquirer because it has stopped publishing rags to riches stories and its advertising is no longer at the cutting edge and have moved to the Globe and Cosmopolitan and New York Post as the only hard copy newspapers I buy. I liked the Globe's coverage of the fury at the Oval because they were not invited to the Royal wedding because of the returned Churchill and Camilla's jealousy and I like Cosmopolitan because they cover many ways of short term deceit to gain fulfillment with their obvious implications for luring market people into doing the wrong thing for short term gain, and I like the New York Post because they can be counted on to be ahead of the pack in memorializing the shortcomings of the Knicks. The book On Fencing by Nadi is one of my favorite books and is always worth rereading along with Bacon, Green, and Heyne.


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