Jack the Pipper

Naturally, ahead of tomorrow’s US Nonfarm Payrolls report and President Obama’s upcoming jobs address to Congress, talk of creating jobs in the US has become top priority.

Yesterday, while sitting comfortably in my living room, sipping a generous dram or two of 16-year Lagavulin (an Islay single malt scotch to the downtrodden who abstain from such pleasures), which I recently discovered and now think about constantly, I had the TV blaring subtly in the background; unfortunately it was tuned to CNBC.

I think the title is clear. I ask because we’re starting to get wind of bubble-talk from the financial press et al. It is very similar to the talk we heard on silver earlier in the year when its price increases began looking parabolic.

"There are plenty of worries, there are plenty of fears, but so far the fears are completely unfounded," Rupkey said. "Bad things have not happened. We’ve been pleasantly surprised."

If anyone, other than me, has been trying to trade euro intermediate-term on the fundamentals, you have likely gotten your derrière handed to you.

Hey – you can’t argue against the fact that stocks and commodities are more attractive buys right now than they were two weeks ago, based entirely on relative value.

I have continued to watch with amazement that number of people who believe we have an inflation problem. I think it was either Mark Faber or Nassim Taleb, two people who do a lot of talking and throw a lot of stuff on the wall just in case something sticks, told us there was a “100 percent” guaranteeing inflation would spiral out of control, based on the money the Fed was “creating.”

I say this for two reasons: first, I think the markets were due for a breather; second, I think expectations were set in line with what was eventually delivered; third, I think the Fed carefully and effectively acknowledged – via low-rate pledge and rhetoric – the struggling US economy.

Time to belly up to the bar boys, as S&P’s pencil is sharpened for the next downgrade. Mr. Obama, maybe you need to stop hip-hopping in the Whitehouse and start getting real!

Maybe it’s my nationalistic tendencies, my likely narrow understanding of world history, or my bias towards free-market capitalism, but I am turned off by Russia.