Baltimore — (TFN): I am starting to sound like a broken record, bashing the actions of our government every day for the last week, but I don’t care. What these ignoramuses are doing is simply criminal.

It is becoming more and more apparent that today’s breed of politicians is good at only one thing, getting elected.

China’s economy grew by 7.9% in the second quarter, exceeding most analysts’ expectations, and lending credence to Beijing’s goal of 8% annual growth. Now, with the nation awash in liquidity and the economy picking up steam, the only task ahead of the central government is deciding when to rein in lending and let the economy stand on its own two feet.

Risk Aversion returns…  Money Multiplier dampens stimulus effects…  TIC flows show concern of foreign investors… China back on growth track… And Now… Today’s Pfennig!

Earnings reports begin this week…  Dollar, yen, francs get bought…  Medvedev shows off new coin!  A busy week! And Now… Today’s Pfennig!

We have had our suspicions about the current stock rally ever since it kicked off by ‘leaked’ memos by Citigroup, BoA and JPMorgan Chase announcing a return to profitability.

The dollar continues to rally…  Obama bounce picks up steam…  ECB and BOE meet this week…  Brazilian reals on a roll! And Now… Today’s Pfennig!

Last week’s gold rally has fizzled out. But Ed Bugos says we could be in line for very bullish move. Outside of Japan, countries are inflating rapidly, which is extremely bearish for paper currency. And the supply and demand fundamentals of physical gold remain bullish.

Oil rallies after near $100 drop since July…  OPEC’s Khelil says possible no output decision in Cairo…  U.S. shares higher

Something smells a little fishy to me…The Federal Deposit Insurance Corporation (aka the “FDIC”) just launched a series of full-page advertisements in U.S. newspapers. On the surface, these ads are celebrating the FDIC’s 75th anniversary.

If the Aussie market follows the U.S. lead today, look out. Before we break for lunch here in Colorado, stocks in New York are taking a beating. The Dow Jones Industrials are down nearly 200 points. And it’s such a nice day out, too.