Just a couple of items that make for interesting background reading and review of where the markets are. One, an article that purports to give the background of how, hundreds of years ago, goldsmiths were involved in the early transition from direct gold ownership to centralized banking, to the Federal Reserve system today:
Understanding Money and War- Part I, The Market Oracle, U.K. I cannot personally vouch for the information or views in the article but it's an interesting read nonethless.
Another, Terry Laundry's updated T Theory chart and commentary on what he's seeing, at his
T Theory website (and today, he's also included commentary from Professor Roubini about four banks in critical (or insolvent) condition, and the banking industry being in dire straits). Below is a copy of his chart, which you can see at his website - and you'll want to visit it to listen to his audio commentary on this:
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