Get Ready for Higher Inflation… and Red Hot Industrial Action!
Jun 13th, 2008 | By Ben Traynor | Category: International InvestingPossibly the best sentence you’ll read all day…
OK, here’s the background. As you probably know, David Davis, the Shadow Home Secretary, resigned as an MP yesterday. He’s forcing a by-election in protest at the passing of the 42-days law.
Today, ex-Sun editor Kelvin Mackenzie said he’s going to stand against him. Writing in today’s Sun, one of the paper’s staff reporters came up with this excellently self-contradictory line:
‘[Mackenzie] insisted the step was “not a publicity stunt” and he would be “doing it on behalf of The Sun.”’
I know I wouldn’t usually quote a tabloid, but this gem was priceless.
And that wraps up another week!
I’ll be writing to you, as usual, tomorrow morning.
Until then
Ben Traynor
Today’s Daily Reckoning - Elastic Money snaps back in world’s face
First, a quick look at what happened in the markets yesterday.
The Dow rose 57 points. Oil held steady – but at a near record price of $136 a barrel. The dollar rose…and gold dropped $10.
The big news this morning is that retail sales actually went up last month – at 1%, twice what economists expected.
What? How can consumers continue to spend? They’re supposed to be cutting back. Maybe they’re spending those rebate checks.
Meanwhile, we find import prices up 2.3% in May, mostly because of higher oil prices. And the NY Times tells us that commodity price increases show “no let up.” Floods in the Midwest are aggravating the situation – driving up corn prices to new record highs.
Source: Get Ready for Higher Inflation… and Red Hot Industrial Action!
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