Come on, do you really believe the Fed is going to raise rates now, or in the near future with the economy teetering on the edge of a deep dark recession? Not a snowball’s chance in you know where! So, that leaves us with jawboning.

Zzzzzzzzzzzzzzz. Today’s market action offers us a simple lesson: markets better than governments.

Gold had a lackluster day, reaching only as high as $885 early in the New York session on Wednesday, then getting ground slowly down straight through the Globex to finish at $878.50/oz., down $2.80. Overnight, gold has been trending lower.

At least the traders in the futures market “know” what the Fed will do next. They’re betting on a rate hike – you can tell because the futures markets are starting to discount an interest rate hike by the Federal Reserve in October.

Big Ben signaled to the markets that he was ‘uncomfortable’ with the weakness of the dollar, and the ramifications that a weak dollar has on inflation. He actually blamed the weak dollar on inflation! Whoa there partner! You’re barking up the wrong tree!

In the currency market, the dollar was sharply higher against the euro. Late Tuesday, the euro was trading at $1.5434 vs. $1.5536 on Monday.

You are supposed to see consumer prices fall with technological advances. You are supposed to see price benefits from cheaper foreign labor. Right? How has this played out for American consumers?

Billionaire investor George Soros has told Congress that the oil market is “a bubble in the making.”

“You hear it everywhere in the press… ‘Oil is in a bubble and it’s all down to speculators driving up the price,’” says Garry White in his Garry Writes newsletter.

“But I’m telling you now, they are all wrong. The real driver of the price of oil is supply and demand. Long-oil speculation is not rising – it’s actually falling.

Let’s begin at the beginning, shall we?…as the egg goes, so goes the chicken. A game of consumer product mousetrap…desperate times for the airline industry and the manufacturing sector. Is this a rerun of the 1970’s? Don’t pull out the shag carpeting and the disco ball just yet…and more!

U.S. Federal Reserve Chairman Ben S. Bernanke came out in support of a stronger U.S. dollar today (Tuesday), indicating the Fed would remain on pause at its next meeting.