Friday, October 24, 2008

Weekend Open Thread

Doesn't look like a happy Friday for the markets.
  • Terrible day in India with Sensex down by a whopping 10 per cent. What was the second country after China who we were counting on so much for the perpetual $120 price of oil?
  • Doesn't look like a promising start for the North American markets, but anything can happen. What was it, don't fight the fed or whatever....
  • Loonie below 79 cents....Over 33% of those who took the poll here said loonie could tumble in the below 75 cents range. It looks very likely it will happen. Just for record my cash position is 40 per cent in USD and more than half of our income is in USD as well.
  • The cartel armies are trying desperately to keep their massive cash flows intact. Looks like they are failing as oil is touching $63.
  • The moral of the fiascoes we have witnessed since 1998: Don't trust the economists. Don't trust the political leaders. Don't trust the bankers. Don't trust CNBC, Jim Cramer, Globe and Mail, Financial Post or Mainstream Media. They are the tools by which sheeple are led for shearing. Don't trust the lawyers. Don't trust realtors. Don't trust mortgage lenders. Don't even trust bloggers here or anywhere else. Most have no clue. Appeal to Authority is for losers. Trust yourself. Even though most on this blog already do this, form your own well reasoned opinions. Study the markets. Study Austrian economics. Save money. Spend only when necessesary to reduce your footprint on the world. If it doesn't make sense, don't invest. Cash is not trash. It's the old fashioned way (before the fiat currency and free lending for all reared its ugly head), rather the only way to make investments to fuel growth. Enough for today. It's all captured in the cartoon below:

Have a great weekend.
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