EUR/USD, GBP/USD Commentary May 27, 2013
Since today is a holiday in both the UK and US I will be taking the day off trading today and I expect most of you will be too. I am watching the Yen crosses during Asian but nothing looks to good yet and with the move already being 60+ pips on the Eur/Jpy I have my doubts there will be an entry. I hope everyone enjoys a nice day off.
Over the weekend I did find a few videos that I thought you would enjoy on the day off so here they are. The first has to do with the video I posted in Fridays commentary regarding Monsanto. It seems like my commentary went viral and people organized all around the world and marched in protest of the bio giant. I wish!! The fact is obviously that there are many more people than I thought that are aware of this issue which makes me very happy for sure. Having said that this movement needs to be much bigger to make a difference even. Kudos to all those that joined in the protest. Enjoy the video.
The second is from one of my favorite realists Grant Williams. In this 38 minute video he covers the simple math of the current world situation rather well. For anybody thinking what is going on has any chance of ending well will be in for a surprise I think. Those that think China will save the world or have the slightest chance of being the next top dog super power will also have a reality check. Now the last thing I will do is say that there is absolutely no chance that a miracle of growth start and the situation get better, however the chance is very small and even if that does happen there is still major reforms and changes to be made that will be painful no matter how one wants to look at it. Enjoy.
These last two are what will be involved in an actual fix to the current problems. The first is actually a pod cast interview with Bill Black, a well known bank regulator that was a large part of the prosecution of the guilty parties that caused the S&L scandal of the late 1980s. This will be one of if not the hardest things to change because of the way politics have been in the US for the last 30 years. They have continually gotten worse and as you will hear here is now absolutely nothing is being done to prosecute the fraudulent actions of those who caused the current crisis. Why you may ask. Well the simple answer is over the last 30 years they have decriminalized this fraud to a large degree.
I was having a conversation with a couple fellow Americans yesterday and one mentioned the corruption here in the Philippines which is still a very big problem even though they have said its getting better under the current president. Good enough for the big 3 credit rating agencies to upgrade the Philippines to investment grade. One argument was brought up and that the corruption here getting better was a joke. Of which it just may be but my side of the argument was that its really not that different in the US. The main difference being the corruption in the US is legalized while here in the Philippines its just ignored. Not really much of a difference to me.
The last video is also part of the fix which will also be hard to swallow for the political elite but as you will see the moving back to the gold standard or money backed by metals has already started in some states in the US and the rate at which you will see central banks around the world buying gold tells you something is up and even though they wont talk about they are getting prepared.
Have a great day
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