“Hey, Dad, did you see this?” said our son Edward yesterday. Edward was chronicled yesterday as a boy; now he is a man. A lot has happened in the intervening 10 years. “Anonymous… the international network of computer hacker activists… has joined the war on ISIS.” Now, this was news! A man in a Guy Fawkes mask – speaking in French – vowed revenge on ISIS for the Paris bombing.» Read Article
BALTIMORE – Manuel Valls, the prime minister of France, says the risk of terrorism will hang over the country for many years.
Whether this is prophecy or wishful thinking, we don’t know.
But it seems at odds with the recent promise to “annihilate” ISIS made by French president François Hollande.
But the fight against terrorism is full of contradictions and paradoxes.» Read Article
Richard Russell died on Monday. He was the author of Dow Theory Letters for over half a century and the source of many of the “old-timer” remarks we have referenced over the last 15 years in our daily e-letters. Richard was a follower of Dow theory. This is a form a technical analysis named after the founder of the Wall Street Journal, Charles Henry Dow. And it reflects his beliefs about the market… which he laid out in a series of editorial columns at the turn of the 20th century.» Read Article
WATERFORD, Ireland – Markets were calm yesterday. Investors wanted to panic, as usual, but didn’t know what direction to take.
We’re not sure either. On the one hand, the world economy is slowing down. On the other, Mario Draghi has announced again that he – not willing buyers and sellers – will determine consumer prices.
And he wants to see them go higher. No kidding. Bloomberg:
European Central Bank President Mario Draghi set the scene for further stimulus in two weeks’ time, saying the institution will do what’s necessary to reach its inflation goal rapidly. The euro fell.» Read Article
Most elections these days are contests between cronies and zombies. The left favors the zombies. The right favors the cronies. In yesterday’s presidential elections in Argentina the zombies lost. It’s time for the cronies to take over.» Read Article
China’s grave dancers have taken great pleasure in convincing millions of investors that the nation will never succeed based on any number of erroneous arguments: not democratic… not capitalist… not worthy of world leadership.» Read Article
Scene in a Paris restaurant last night… A middle-aged man – balding, French, with a grumpy look – sat down at a nearby table. Then we heard a screech coming from the front door. A boy, about five years old, was being dragged by his mother toward the table where the man was sitting. “Shush…” the woman said.» Read Article
Paris was calm last night. We walked across the River Seine… Pausing to take this photo of the Eiffel Tower along the way.» Read Article