The end of the Great Keynesian Experiment is upon us. Turd Ferguson and his band of loyal Turdites patrol this Watchtower. We are here to help each other navigate the coming economic chaos. However, no one can predict every eventuality, so please read the disclaimer and community guidelines before proceeding.

Guest Post: "Equities: "Ding, Ding"...Last Lap", by Paul Mylchreest

For anyone wondering how long the central banks may be able to prop up the global equity markets, our friend Paul Mylchreest has your answer. Please be sure to read this extraordinarily interesting and thorough piece of analysis.

TFMR Podcast - Wednesday, May 24

Your increasingly optimistic host digests Mother's Minutes and spits out a podcast that you might want to be sure to take in.

FOMC Minutes = Hat Contest

We've done this before so why not do it again? You'd better hurry, though, as the contest closes at 2:00 pm EDT.

TFMR Podcast - Tuesday, May 23

The metals slid back lower today as the USDJPY was spiked out of what had been a tight, four-day range. Tomorrow brings the May FOMC minutes and this is the primary topic of today's discussion.

On the Nature of Cash, Bonds, Digital Cash, and the Derivative Market

What factor(s) specifically give(s) a Federal Reserve Dollar Note it's value? A Pound Sterling coin it's value? A five Euro note? A T-Bond or Bund? How about a Venezuelan Bolivar? 

What gives a currency longevity overcoming the attacks from external powers? Power? Faith? Reputation? The alternatives currently available, or lack of alternatives possibly? And when a new alternative becomes available, from where does it truly get it's value? From where does it derive it's value ..... ?

Metals March Higher

The Comex Digital Metals continue higher this morning in another extension of this latest rally from deeply oversold and fully CoT-washed positions. However, prices are now nearing points of expected resistance so we need to watch closely.

TFMR Podcast - Monday, May 22

A great start to the week so let's check the charts and get some ideas as to where we should be heading from here.

Some Perspective On The Latest Commitment Of Traders Report

Last Friday's CoT for the Comex Metals was rather interesting from an historical perspective. Because of this...and because we know that not everyone listened to Friday's seemed appropriate to type up this written summary today.

TFMR Podcast - Friday, May 19

A wild end to a crazy week and we're left speechless by a CoT report that, IF it is accurate, provides hope for both the short and intermediate term.


There are some days and weeks that leave ole Turd utterly exhausted...and here we are. To paraphrase the immortal words of Chris Powell, "there are no markets, there are only manipulations/interventions".

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