By Rick Ackerman – Re-Blogged From http://www.Silver-Phoenix500.com
It’s always refreshing to see the stock market get the crap kicked out of it, even if it will take a 10,000-point fall in the Dow to cast out the thieves, thimble-riggers, broad-tossers, carny men, grifters, mountebanks and child molesters who have ruled the global banking system for the last umpteen years. The sleazeballs tried to run up stocks yesterday on the latest Fed ‘news’ — and what a shocker it was! Seems that the ‘done deal’ calling for tightening in September has been undone yet again. Surprise, surprise. We have stuck to our guns on this one, shouting from the rooftops for the last two years that the Fed will NEVER raise rates.
We didn’t change our tune even when two Fed poobahs, in separate speeches over the last six weeks, said that all the ducks were in order for a rate hike in September. We tweeted to see if anyone would lay us odds for taking the ‘don’t’ side of the bet; alas, there was nary a response. Seems even the true believers no longer take the Fed and its ‘tightening’ charade seriously.
Time to Laugh at Yellen?
Someone in the Rick’s Picks chat room predicted that Yellen would wait until U.S. stocks come down a bit more before she blames China for the Fed’s latest waffle. We predict the rate hike will be put on indefinite hold this time, returning to the Fed policy, if you can call it that, of recent years: wait-and-see. It remains to be seen whether Yellen’s shills in the news media — ignorant, lazy hacks to a man — will find the gumption to laugh at whatever it is she says.
In the meantime, the forces of deflation that we’ve been writing about since the early 1990s are once again approaching critical mass following a six-year hiatus. T-Bonds are rising off a solid-looking base, and commodities are plummeting. The price of oil is falling so steeply that even we were surprised at how quickly crude oil futures took out a substantial ‘Hidden Pivot’ support near $42 that had served us well this year.