Monday Market Movement – G20 Drops the Ball Once Again

Well, it's not like we didn't expect it.

Sadly, after a 3-day meeting of the World's top Financial Ministers in Shanghai, markets are opening weak after only vague commitments to spur growth came out of the meeting.  Chinese stocks, which desperately need a boost, fell below the critical 2,700 line on the Shanghai this morning but were pumped back to 2,687 into the close – still in a precarious position.  

Warrent Buffett and I agree that the US economy is on the mend, held down by the doom and gloom speeches on the economy – mainly coming from the GOP but also from Bernie, who brings to mind Neil Young's lyrics about being a Top 1%'er with an actual conscience:

 There's a warnin' sign on the road ahead
There's a lot of people sayin' we'd be better off dead
Don't feel like Satan, but I am to them
So I try to forget it, any way I can.

Speaking of rockin' in the free world, Chinese property developer, Ren Zhiqiang woke up this morning to find all of his social media accounts closed (he had 37M followers) after criticizing President Xi's campaign to tighten state control of the media.  "Internet users had reported that Ren Zhiqiang’s account was continuously publishing illegal information, and the impact was vile," said Jiang Jun, the regulator’s spokesman. "All online platforms should refuse to provide channels for illegal speech."  

Donald Trump is calling for changing the constitution to reign in the press in our country and, as Lincoln said: "America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves."  The Beastie Boys warned us we had to fight for our right to party back in 1986 and we didn't listen and now you have to be 21 just to have a drink and you can't even get a contact high at a concert anymore - how far are we willing to let freedom of the press slip because we're not willing to fight for it?

 

IN PROGRESS