Just about the first “real” book I recall reading as a kid – you know, other than the Dick and Jane stuff – was a Harold Bell Wright Book entitled, “The uncrowned King”. It was not a complicated story and like many of Wright’s books, it had a message about life and morality.
In the book there were two princes, one named, “Really Is”, and the other named, “Seems To Be”. You probably already know the story from those names. One prince was the rightful heir to the throne and the other was not.
I actually don’t remember all that much about the book – it was a very long time ago that I read it. However, I do remember, the message. Life often presents us with choices between what is real and what seems to be real. And it is not always easy to tell the difference – but it is always important to make the right choice.
Yesterday the FED had its last meeting under Bernake leadership – come January the new Chair of the FED is almost certainly to be Janet Yellen.
The surprise at yesterday’s meeting was the announcement of Ten Billion Dollar in “tapering” of the so called QE bond buying program. Most thought that there would be no tapering and the bond markets got really volatile for a bit. I like to sit out all such times as it is not easy to guess which way the herd is going to dash off in and/or if will quickly reverse and run in the other direction – like yesterday.
But listening to Bernake after the announcement, he didn’t sound all that committed to what had just been announced. What really is and what seems to be is hard to tell when listening to the FED. I get the feeling that they do not even know themselves. Their reality may not be the same as my reality. And my reality may not be the same as the real reality.
If that sounds like I am somewhat confused, I am, but I have often been confused and my life – and that of the rest of the world – has gone on just fine.
What worries me is not that I am confused – it is that I have so damned much company. I am just a little nobody – my company, unfortunately, is in very high places.
I don’t think that “tapering” will last – but I think “tampering” will, unfortunately, last for a very long time.
So I will trade with caution because market tampering seems to be with us – and a long time to come. As one young Indian maiden said to another, “These days it is getting harder and harder to make a buck.”
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