28 Jun G-20 MEETING COMMENCES TODAY
The G-20 meeting commences today. Will the outcome be a surprise? I guess it depends how surprise is defined. Countless people have offered expert opinions on what may unfold. We will all know late Saturday.
Speaking of opinions, two nights of debates amongst the 20 Democratic presidential candidates produced no earth shattering moments. Generally speaking all were advocating similar positions, positions that I believe represents a minority of society.
Democracy is ugly but it is the best option available. The candidates did not acknowledge why we are in specific situation instead blaming one group or another for shortfalls.
We are in a price is the only determinate of purchasing decision environment, defined as the cheapest cost rules. However to have inexpensive products, goods have to be produced in low wage countries.
Simplistically speaking, one cannot blame a company for moving production facilities overseas to cheaper labor markets for if the products were manufactured in the US they would never sell. They would be too expensive.
In my view anyone who shops at Wal-Mart or owns an Apple phone cannot complain about the loss of jobs. They have brought it upon themselves, equivalent to someone complaining that they are obese if their diet consists of Big Macs and Big Gulps.
Perhaps one of the greatest causes of income inequality is the surging out wedlock birth rates. Wow! This topic is a lightning rod. Government statistics clearly demonstrate the correlation between out of wedlock birth and high school/college graduation rates and income. I ask why such a simplistic and well documented correlation is afraid to be remotely discussed.
I will not comment upon the opioid addiction, a crisis that has touched me first hand other than to write many individuals begin to self-medicate to escape reality. In a society that looks down upon organizations that inspire hope and belief in a better tomorrow, emphasizing instead a narcissistic victim like behaviors and attitudes, despair will increase exponentially.
Despair is the opposite of hope and with no hope there are only a few escape paths.
Personally I do not place my hope in government, the vehicle of choice for the approximate 20 Democratic presidential candidates. Hope based in government has always failed.
Enough of socio political rant but in my view one must attempt to understand or acknowledge the prevailing views of society for such will impact government and the policies that it might enact that will influence and impact the economy.
Last night the foreign markets were mixed. London was up 0.16%, Paris up 0.28% and Frankfurt up 0.51%. China was down 0.60%, Japan down 0.29% and Hang Sang down 0.28%.
The Dow should open nominally higher ahead of the highly anticipated US-China presidential meeting that could determine the next chapter of the trade war. The 10-year is off 1/32 to yield 2.02%.