And now… today’s Pfennig for your thoughts…
Good day, and a Tom terrific Tuesday to you!
I have to really search for things to talk about these last couple days of the year, given that historically nothing, absolutely nothing, say it again, happens in these final trading days of the year.
The “junior boys and girls” are running the trading desks in place of the “real traders”, and so they have instructions to not take any risk. So that means they are not taking positions is assets, and that causes a real decline in volume and when volume is thin, well, let’s just say, that not much happens.
There are those rare occasions when a large trade swings a market and everyone scrambles to cover, and that causes a wild swing in the price of the asset, but those get more rare as the years go on.
The biggest story that I’m doing research on right now, is the one coming from Sweden and Denmark, where cash is supposedly being eradicated. So, here we go with the “cashless society” talk again.
While I don’t doubt this could happen and in fact probably will eventually, I don’t think that worrying about it right now, with all the other problems that exist is healthy. But for those of you who want to know more about this, I suggest you go to “uncle Google” and type in cashless society.
The stuff going on in Sweden and Denmark are just tests if you ask me, to see how the public takes to having the ability to use cash taken from them. I thought for a minute when I read the latest piece of research on this, that the citizens of Sweden and Denmark have had to deal with a lot this year, given that these two countries also implemented negative deposit rates earlier this year.
So, for those of you keeping score at home on this story… 95% of all retail sales in Sweden are cashless. Hmmm, interesting, eh? And in Denmark, the government has actually stated that they have a goal of “eradicating cash” by the 2030. YIKES!
Of course this could all play nicely in the sandbox of the calls for a collapse of the financial system that James Rickards and others are calling for. Without a horde of cash outstanding to have to deal with, then a country could adjust the bank records easily to the new money system that comes after the collapse of the financial system.
Well, I’m full of happy news this morning, aren’t I? See what happens when the currencies are trading in tight ranges day after day, and there’s just nothing going on? Well, that’s what’s going on this morning once again, the currencies are mixed, and the moves are within tight ranges.
The outlier of that statement is the Russian ruble, which…