David Horner
David Horner
David Murray Horner AM is an Australian military historian and academic...
beginning economy people
I think people are beginning to see the economy is slowing.
america argentina debt european happening held investors latin situation
Argentina is an unfortunate situation for Latin America, but it was pretty well anticipated in the U.S. Also, much of the debt that is held in Argentina is held by European banks. So investors were braced for what's happening there.
bit both japanese levels result rises stable undermine
At this point, if the yen rises further, it's going to undermine the Japanese economy, and, as a result of that, both Japan and the U.S., for different reason, would like to see the yen stable at these levels or a little bit higher.
crisis fed people realized
At the end of the day people realized this crisis isn't over and that the Fed has to ease.
aware
I was not aware of any 9/11 (connection).
basically
Basically everything that has to do with a yard, we'll do and if we can't, we'll try.
couple fed front next potential rebound upside
There is not a lot of upside potential over the next couple of weeks. We already got the rebound in front of the Fed announcement.
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Finally we got a calm day to recoup. Yesterday, with stock markets down all around the world overnight and the release of the Clinton tapes, that caused a tremendous bid for the bond.
bonds gave spending
Construction spending was so weak. That gave bonds a boost.
barely export good higher industries japan less recent recovering time
It's not good for Japan because the higher the yen goes, the less competitive their export industries are at a time when they're barely recovering from the recent recession.
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They're still very much concerned that the risk in the economy of a downturn is much greater than it is of inflation. I suspect they will restate that risk. However, they will probably indicate that the increments of easing from here on out are going to be smaller because there's an awful lot of easing in the pipeline.
behind employment friday report worst
As long as employment report on Friday is not too strong, I think the worst is behind us.
certain clinton death dying greater markets means release tapes
The release of the tapes means greater uncertainty. The markets have a certain uneasiness about this, and the sense that Clinton is dying a death of 1,000 cuts.
bottom economy global growth inflation line nice rally reason shows sustained week
The bottom line is that we have had a nice rally this week and I see every reason for that to be sustained as global growth and inflation weakens and the U.S. economy shows broad-based weakness.