Summer is over, it is time to look at the bright new future ahead.
Having been wheeled out of my nursing home and placed back in front of a computer, I am feeling decidedly young and sprightly, and in this first ‘proper’ edition of my ramblings, I will throw off my mask, and try to put down a few thoughts, without trying to impress anyone. I am a bit too old to worry about being promoted! Those who have read my ramblings before, know I write as I speak. Which is not exactly the Queens English!
If you want more corporate, grammatically correct reports, go to one of those guys who will “copy and paste” something written by the guys working at Goldman Sachs. You know who I'm talking about. Those guys who studied journalism, and then their politician father managed to get them a job in a major bank. (half the staff at Goldman are probably ex-politicians, the family of politicians, or journalists). As my new readers realize, I am neither politically correct, grammatically correct, nor corporately boring.
The world is in a mess, especially the western world. But it's a bit too late to do anything about it unless you are a senior member of the Chinese Communist Party. After 25-years of the west sending money and jobs to China, they have repaid us by sending us their latest technology, Covid-19. How delightfully generous our communist friends are?
I have sent a thank you letter.
The American President also sent a letter from the Whitehouse to Comrade Xi, asking them to pay compensation for all the death and economic destruction caused. Unfortunately, there was some mistake in China, and allegedly, the cheque went to Hunter Biden instead.
In the weird world of cryptocurrencies, I read China will put people in prison if they trade bitcoin. What a liberty! However, all is not lost. El Salvador is the first country to adopt cryptocurrencies, and Ukraine is also likely to do the same thing. (I wonder if Hunter Biden is advising the Ukrainians?)
I am an old guy, and I don’t know too much about this cryptocurrency stuff. However - over the coming months - I need to learn. I will post some of my findings in future reports. Before you 20-something-year-old, crypto “experts” give me a hard time, I came into this business when “miners” dug gold and copper, and “bakers” made bread. So, excuse me if I’m having problems with the way you guys talk.
Before losing my hair and teeth, I would issue a few trading recommendations. In the old days, that’s what brokers did! But today we are not supposed to do that without adding a government warning and a 20-page disclaimer, written in small letters. As I can no longer read very small letters, I will not be giving any recommendations in my reports.
However, I am concerned about the global economy and don’t think I will be breaking the rules by stating I expect a massive collapse in stock market values next year when the cost of Covid-19 starts to hit home. Our economies have been holding on by the fingertips for the last year. Something has to give. Western debt was already massive before Covid-19 hit. Then Covid piled on a lot more debt, and before we start paying that, our economically illiterate politicians have surrendered to the screams of Greta Thunberg (poor child). They are going to borrow trillions more on something they call the “Green new deal”. Heaven help us all!
Until next time,
Stay safe and good trading.
The Old Man.