Horace Rumpole: [In an impassioned defense of Uncle Tom] It’s like great poetry that’s unnecessary. You can’t eat it. It doesn’t make you money. I suppose, there are some people, Ballard, who can get through life like you – without Wordsworth’s sonnet “On Westminster Bridge.” What we’re discussing here is the quality of life. Uncle Tom adds an imaginative tone to what would otherwise be a dusty, dreary little clerks’ office full of barristers, biscuits, and briefs.
Composed upon Westminster Bridge, September 3, 1802
BY WILLIAM WORDSWORTH
Earth has not anything to show more fair:
Dull would he be of soul who could pass by
A sight so touching in its majesty:
This City now doth, like a garment, wear
The beauty of the morning; silent, bare,
Ships, towers, domes, theatres, and temples lie
Open unto the fields, and to the sky;
All bright and glittering in the smokeless air.
Never did sun more beautifully steep
In his first splendour, valley, rock, or hill;
Ne’er saw I, never felt, a calm so deep!
The river glideth at his own sweet will:
Dear God! the very houses seem asleep;
And all that mighty heart is lying still!
Commentary & Analysis
Following the Meme path of the dollar…
A meme (/ˈmiːm/ meem) is “an idea, behavior, or style that spreads from person to person within a culture”. A meme acts as a unit for carrying cultural ideas, symbols, or practices that can be transmitted from one mind to another through writing, speech, gestures, rituals, or other imitable phenomena with a mimicked theme. Supporters of the concept regard memes as cultural analogues to genes in that they self-replicate, mutate, and respond to selective pressures.
That sure does sound a lot like a boom-bust cycle doesn’t it?
But this meme idea, thanks to Woody Dorsey, does a great job in showing how an idea, fundamental in nature (as opposed to that evil technical stuff), can be placed in the meme framework:
Now, my attempt to place the path of the US dollar index within Mr. Dorsey’s meme framework
- Innovation stage – only a few of us had enough independence (luck and/or stupidity) to announce the dollar bottomed on the credit crunch zenith back in March 2008.
- Discovery—after a test of the 2008 lows, the dollar began to rally based upon relative fundamentals and money flow recognition
- Buzz—a lot of people who once hated the dollar started a love affair; trend followers helped; there was beginning to be validation the fundamentals in the Discovery phase were solid.
- Coverage—quite possibly a correction is developing here. It would be good timing to launch the Coverage phase. A decent correction should bring the dollar-doomers out of the woodwork—so they can sell their stupid newsletters—and also wipe off the speculate froth, i.e. those one-way dollar bets. Mr. Market could feast here. The rally phase of coverage will likely come from a risk bid or plain old money flow as the $10 trillion dollar short position out there starts to unwind.
- Slogan—shoeshine boys, taxi drivers, and even soccer moms will understand the dollar is king. Newsletter writers who once hated the dollar will be the biggest promoters near the top. The Economist magazine cover will read something like: King Dollar on a Rocket Ride. Bullish view of the euro to suggest a dollar correction may be upon us:
Happy Friday to you!