Yardsticks

107
Fri, Oct 18, 2013 - 1:07am

In physics class back in the day when I was but a wee lad, I was fascinated by the concept of units of measurement, or more precisely their definitions and structure. The laws of physics are the same in any language, culture or measurement system – but the units used to measure things like speed, force and distance are especially elegant in SI.

The seven SI base units and the interdependency of their definitions. Clockwise from top: kelvin (temperature), second (time), metre(length), kilogram (mass), candela (luminous intensity), mole (amount of substance) and ampere(electric current). The second of time, kelvin and kilogram are defined independently of any other base units. The metre is defined in terms of the speed of light, so depends upon the definition of the second. The definitions of the other base units are more complex.

I have long had a quibble with calling the mole (or mol) a UOM, as it is merely a number constant (6 x 1023 or so, as I remember). Current is really electrical charge/time, and so seems an odd choice as a ‘base’ metric. But the rest of them are beautiful in their simplicity – and their power. I will focus on just the TRULY basic ones: mass (kilograms), time (seconds) and especially the seemingly easiest one to measure: length (meter).

metre1 US, meter [ˈmiːtə]

n

1. (Mathematics & Measurements / Units) a metric unit of length equal to approximately 1.094 yards

2. (Mathematics & Measurements / Units) the basic SI unit of length; the length of the path travelled by light in free space during a time interval of 1/299 792 458 of a second. In 1983 this definition replaced the previous one based on krypton-86, which in turn had replaced the definition based on the platinum-iridium metre bar kept in Paris Symbol m --- The Free Dictionary

This seemingly simple, humble measurement has enormous impact, when fully applied:

Density of matter: kilograms / meters3

Area: meters2

Volume: meters3

Speed: meters / second

Acceleration: meters / second2

Force: kilograms x meters / second2

Pressure: kilograms / meters x second2

Power: kilograms x meters2 / second3

Energy: kilograms x meters2 / second2

This last bit was always my favorite, for when I learned it, it finally made some sense of E=mc2. It does, however pose a conundrum – speed of light is measured in meters/second. Yet a meter is defined as the distance light travels in vacuum in a given infinitesimal time period – which leads to the true but nonsensical statement that the speed of light is equal to the speed of light. This will have more relevance in a few minutes.

But I digress. Before mankind was able to accurately and repeatedly measure the path traveled by light in a vacuum in 1/299,792,458 of a second, the metric for distance had a fixed, physical ‘yardstick’: an 'X'-cross-section 90% platinum 10% iridium bar. National standards bureau representatives from around the world would travel to the Pavillon de Breteuil in France to take measurements, and construct replicas of their own – but the centrally held ‘official’ bars were deemed to serve as the reference point worldwide. Incidentally, the site enjoys extraterritorial rights, like an embassy. A physical cylinder of metal was made on the same principle for the kilogram.

Keeping these images and concepts in mind, let us consider an altogether different unit of measurement. There is a unique one that comes to mind, one that – similarly to the measurement of distance in physics – is central to the definition and measurement of many, many things in the world around us. Certainly a significant portion of things considered to be part of modern society. I am, of course, talking about the reserve currency.

  1. Oil, gas, coal and their components and derivatives: priced (measured) in USD
  2. US Treasuries (debt issued by the Treasury to ‘back’ dollars): denominated in USD
  3. Other sovereign and State/municipal bonds: prices calculated based on comparative premium or discount to UST – priced in USD
  4. Metal ores, refined raw metals – both base and precious: USD
  5. Agricultural commodities: USD
  6. Cost of capital: Inter- and Supragovernmental Loans, Mortgage Loans, Commercial Loans, Retail Loans, Credit Card Loans, Payday Loans, Loanshark ‘loans’ -- calculated based on comparative premium or discount to UST – which is, of course, priced in USD
  7. As a result of the above, the following are all GLOBALLY directly affected or determined by USD:
    1. Cost of Housing
    2. Land Values
    3. Cost of food
    4. Cost of fuel and ALL alternative forms of energy
    5. Cost of Manufactured Goods
  8. Gross Domestic Product of all countries around the world: denominated in USD
  9. Foreign currencies: priced (to a great extent) in terms of their cross-exchange rate with USD
  10. USD index: determined by the cross-exchange rate of a basket of currencies, with some (Euro) weighted more heavily than others. (Note the circular definitions arising from #2 and #9-10. )

It surrounds us and penetrates us; it binds the global economy together. There is no escaping its reach. It IS what it IS -- it is defined by itself, yet also defines all else. It is the ultimate serpent biting its own tail. Like the speed of light, it is considered to be a physical constant -- from which other measurements can be defined, since it is constant.

We know all this, you might (rightly) say – so what? Well, through the use of the ‘financial innovation’ that has brought ‘unparalleled prosperity’ to the Western World, esp. in the last 20 years or so, the nature of the USD is not what it once was. The markets, structures, definitions and ‘standards’ above came into being before or just after the closing of the gold window.

“Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.” BSB, 2002 -- it seems he really wasn't kidding about the positive inflation part, anyway

Just like the wonderfully creative, innovative, and socially responsible megabanks created and propagated their instruments of financial innovation **COUGH** (which dwarf in size the entire global economy and ‘real’ financial system as represented by ‘traditional’ money and assets), the central banks have also been busy cooking up their new and improved formulas:

The world today faces both short-term and long-term challenges. In the near term, the highest priority is to promote a global economic recovery. The Federal Reserve retains powerful policy tools and will use them aggressively to help achieve this objective.BSB, 2009 -- again, at least the last sentence of this paragraph is true.

The decrease in purchasing power incurred by the holders of money due to inflation imparts gains to the issuers of money if the rises in the price level are due to increases in the quantity of money. The increases in the price level reveal to some extent the real resources acquired by the issuers of money through the expansion of money.” Charlotte E. Ruebling, FedResBank of St. Louis, February 1975 (it took a while to find the full quote and original source of this oft-quoted truism -- the full paper is worth a look)

The brilliance of our current monetary masters lies in the fact that they have overcome this ‘limitation’ of ‘earning’ money through the hard, painstaking work of JUST money creation. Like true vampire squids*, they are able to make a vig off EVERY movement in the currency supply, through every transaction, through every malinvestment, through ALL activities, whether inflationary or deflationary.

The dollar is but a tool, an instrument, the tailor’s cloth, the potter’s clay. It is to be shaped, molded, cut, chiseled and amended as the current goals of its owners dictate – depending on the circumstances. Its size/length/dimension/color/composition subject to constant adjustment and change – both by the central planners at the CBs, and by the banks through which monetary policy is implemented (but I repeat myself). The resulting metric always ends up favoring one side: the side controlling the currency. Which brings us back to the iridium-platinum bars, specifically formulated for their durability, immutability, resistance to change and imperviousness to heat – to serve as a standard of measurement worldwide.

Imagine these sticks being housed in a huge vault enclosing a metals foundry, where they can be shortened, lengthened, thinned, bent or diluted with metals of different elasticity characteristics IN REAL TIME, but behind closed doors. All the world would see would be the readouts from instruments attached to the perfectly straight, perfectly long and perfectly even-shaped 'metre stick' on a screen -- while in reality it looks more like this

This manipulation of the base unit of measurement of the global economy has massive impact on the real world – just as manipulating that (rather expensive) yardstick in Paris would have done, in its day. If the standard measure of length were to fluctuate over time as much as the USD, how would we measure Force, Energy or Area? What would happen while trying to build skyscrapers? Or high-precision aeronautical equipment? Or microelectronics? Roads? Transoceanic cables?

Why, the same things that are happening in the global economy recently. Some regions were better able to recognize and take advantage of this phenomenon than others. The distortions of development, the transfer of wealth were and are universal, however – along with the instability of the massive financial empires towering over societies. The intricately complex structures of interlocked derivatives are no less vulnerable than equivalent physical constructs to arbitrary changes to the units underpinning their creation. Beyond simple mispricing of assets, labor, resources and time, the manipulation of the unit of account fundamentally (and presumably intentionally/selectively) alters the very fabric of and relationships in the economy.

But by and large much of the world (and certainly the issuing country and its Western cohorts) are going to almost COMICAL lengths to pretend that that meter is still THE meter. Inflation is mild to moderate, and its rate is carefully integrated into economic modeling. Nothing to see here, move along. Ignore the shrinking packaging and item counts, the price of energy, food, education and healthcare. And hundreds of millions, if not BILLIONS of people still firmly believe that the measuring stick truly IS a stick that can reliably measure. Headlines such as this (were they to appear) might not really raise eyebrows :-) (thanks, Wizard):

Markets In Turmoil As Price Of Money Skyrockets To $90 A Dollar

How much stretching, bending and heat can that platinum bar take, before ultimately succumbing to forces greater than its tensile strength? How long, before this Schrödinger currency is finally directly observed, thereby dying? In a way, the recent ’legislative’ events can be seen in one of two ways (that perhaps come to the same thing in the end):

  1. We, the representatives of the People have decided that the TOTUS has the wisdom, the authority, the balls – aw, what the heck, the God-given right to determine the length of the yardstick.
  2. Yardstick?! We doan need no steenkin’ YARDSTICK!

Is there a new, brighter, shinier yardstick waiting in the wings? To be offered by the current stage managers, or by the rest of the world? Will it take more time, and if so is there a Plan B for what might happen should events accelerate? It certainly looks like we are a fair mile further down the road towards that event. We have in many ways become accustomed to the landscape blurring by, it no longer conveys the sense of speed it used to at first. We are all careening in a car whose components have tolerances that are now approaching or far below the variance of their unit of measurement. The car’s speed is undetermined and indeterminable, the speedometer might as well be an Infinite Improbability Drive. The road may or may not hold the car’s weight, as the asphalt’s density and weight tolerance may or may not match that of the car. Perhaps the car will simply run out of gas and stall, or break down in a non-cataclysmic way by the side of the road. But jumping out at this speed would result in wicked road rash (if not painful death).

I still prefer to continue working on my own Plan B to try to leave the car, using my own set of measurements. At least these are extensible only at the rate of actual wealth acquisition as a result of work… (Alas, I am no good at stealing.)

And the upside? With other parameters unchanged, for each incremental decrease in mass caused by passengers leaving, the kinetic energy of the car should decrease. Regardless of the length of the yardstick.

* DISCLAIMER: I realize Vampyroteuthis Infernalis are harmless saprophytes, and in all honesty should have every reason and right to be outraged at being compared to banksters. See better alternative in comments below.

About the Author

  107 Comments

ArtL
Oct 18, 2013 - 1:28am

1st

The First Amendment of the US Constitution

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.

I hope you didn't skin you knee when you rode the skate board.

Spartacus Rex
Oct 18, 2013 - 1:54am

"U.S. Dollars"

And again, how many actual "U.S. Dollars" do People presume to really have in their possession? Since actual "U.S. Dollars" are Coins containing a specific weight and fineness of either Gold or Silver, and defined by Law.

Care to submit any actual Facts and /or Law to prove otherwise?

Anyone still naive enough to presume that Phederal Reserve fiat debt IOU currency is either "Dollars" or "Money", or that such can even be redeemed into Lawful Money "U.S. Dollars" at full face value, they perhaps could also likely be convinced into buying a bridge on the moon.

atarangi
Oct 18, 2013 - 2:25am

thuuurd

a real honour to be here. jy's post's are so inspirational.

achmachat
Oct 18, 2013 - 3:14am

alo!

good morning everybody in Europe!

What a pleasant surprise to have something nice to read with breakfast!

SteveW
Oct 18, 2013 - 3:17am

SI units and tires

In Canada we put those wonderful SI units into our tires, kilopascals. A Pascal, of course, is one Newton per square metre. So there are thousands of Newtons of force keeping those tires inflated.

PS: I'm still trying to get my mind around Newtons per square metre, since a Newton is the force necessary to accelerate a kilogram at 1 metre per second squared.

Oh, what happened to the old pounds per square inch .

Spartacus Rex
Oct 18, 2013 - 4:26am

Ted Butler: JP Morgan’s Perfect Silver Manipulation...

Cannot Last Forever

Silver manipulation – a lot has been written about the subject, not many have grasped how itworks exactly. The age of algorhythm trading (best known as High Frequency Trading, or HFT) allows for manipulative tricks to be rolled out in a very clever way. The “intuitive” way to manipulate the price of a commodity to the downside is to go short when prices are rising. Not so with JP Morgan. It is no coincidence that their manipulation strategy is so clever that most do not understand the mechanics; it is a perfect manipulation.

This article brings clarity in the precise mechanics of JP Morgan’s silver price manipulation. It goes to the heart of the manipulative tricks. The author is obviously Ted Butler, with four decades of experience in the precious metals markets, specialized in the paper (futures) market. The mechanics described in this article have been explained in such a way rarely before. It makes it a must read for precious metals enthusiasts, but also for professional and individual investors because the ongoing manipulation must come to an end resulting in much higher prices.

I think the most important comparison of the London Whale case to the COMEX silver manipulation is in the differences. In basic terms, JPM’s London Whale manipulation was a simple price rig in extremely complex securities. In silver, JPMorgan’s price rig is complex in a simple commodity. Let me try to explain.

The London Whale manipulation was simple in that it followed the rigid blueprint of every previous manipulation, including the Hunt Brothers silver manipulation and the Sumitomo copper case, in that positions were added continuously which moved the price to the manipulators’ advantage. Then, because the resultant prices became so out of line with what normal supply and demand forces would dictate, the whole thing collapsed leaving the manipulators with great losses and exposing the manipulative attempt.

In COMEX silver, JPMorgan has behaved differently. Instead of selling short silver at declining prices, as it did in the London Whale case, JPMorgan has only sold short additional quantities of silver on increasing prices. After these additional short sales have satiated all new buying interest, JPMorgan then causes prices to decline (through the manipulative device of HFT) and buys back its short sales at lower prices and great profit.

While the key to the silver manipulation is JPMorgan’s dominant market share or market corner on the short side (same as in the London Whale case), there have been some important outside factors that have contributed to the silver price-rigging. The most important have been in the modern mechanics of trading, from HFT to the presence of technical traders and funds which mechanically and consistently buy and sell on price signals; buying as prices move higher and selling and selling short as prices decline. These technical funds are the enablers which allow JPMorgan to sell high and buy low in silver. These technical funds and traders are important contributors to the perfect market manipulation.

I realize that every time the price of silver and gold get smashed down, the intuitive reaction is that JPMorgan or other commercial traders are bombing the market lower by selling thousands of contracts. But that’s only partially true. Yes, JPMorgan rigs the price lower on those big down days, but not by selling enormous quantities of COMEX silver contracts short. JPM does get the price snowball rolling down the hill by selling a small quantity of contracts short at critical times and prices with the intent of inducing the technical funds to sell much larger quantities of contracts short (which JPM and other commercials then buy).

This is an important feature of the perfect market manipulation in silver and the reason it has lasted so long;JPMorgan can always proclaim it was a net buyer of silver (and gold) on the big down days as is consistently proven in Commitment Of Traders reports. By itself, it is a significant defense against allegations that JPMorgan is manipulating the price of silver, as how the heck can you be accused of manipulation if you buy on big down days? More than any other factor, this has been the prime impediment to ending the silver manipulation. But it doesn’t tell the whole story.

JPMorgan’s real crime resides in its ability to sell unlimited quantities of COMEX silver contracts short on the way up in price to the point of creating unprecedented levels of market share and concentration.In December 2009, JPMorgan held more than 40% of the entire short side of COMEX silver and close to that market share on other occasions. To my knowledge, there has never been a greater market share or corner in any major market in history. These unlimited short sales by JPM inevitably satisfy technical buying interest and then that technical buying turns to selling at some point, with JPMorgan then working to induce the tech funds into selling. The buying back by JPMorgan is the illegal ringing of the cash register and closing out of the manipulative silver short positions sold at higher prices.

What I’ve described today and for many years appears to be the perfect market crime that could last forever – except it can’t. How can I be so sure? Well, for one thing, this London Whale case itself. While JPMorgan’s army of lawyers hammered at the exact wording of the agreement so as to limit additional civil lawsuits, the point is clear – JPMorgan was guilty of manipulating the securities in an important credit market. After the electricity manipulation case by the Federal Energy Regulatory Commission earlier this year, it can now be said without question thatJPMorgan is a serial market manipulator. And the manipulations have the same common denominator – an excessive and dominant market share enhanced by dirty trading tricks.

But the most important assurance for the coming end to the COMEX silver manipulation is what the artificially depressed price of silver has done to real supply and demand. The Commission’s order in the London Whale case (above) placed great importance on the impact of price manipulation on legitimate forces of supply and demand. Silver is now ground zero for what can happen if prices are manipulated, now that the COMEX rigging has forced the price below the cost of production for many silver miners. In time, silver prices must rise above the cost of production. But it may not take a long time, given the current circumstances for JPMorgan.

For years, I have distilled the issue down to this – whether JPMorgan adds new short contracts on the next silver price rally as the bank has done on every silver rally for the past five and a half years. More than ever I believe this to be the critical element now. Simply put – if JPMorgan doesn’t add new short positions in silver, the manipulation is over. Someday, JPMorgan won’t add to silver short positions and there are indications that day may be at hand. Yes, I know the CFTC has weaseled out on their silver investigation by not charging JPMorgan, but I am still convinced that was due to concern of the legal liability that would accrue to JPM and the financial system.

This is an excerpt from Ted Butler’s premium service. Readers are highly recommended to subscribe to the service on www.butlerresearch.com as it contains the highest quality of gold and silver market analysis. Ted Butler is specialized in precious metals markets analysis for 4 decades.

https://goldsilverworlds.com/price/ted-butler-jp-morgans-perfect-silver-manipulation-cannot-last-forever/

atarangi
Oct 18, 2013 - 4:40am

Little Ralph

The teacher asks her class, 'If there are 5 birds sitting on a fence and you shoot one of them, how many will be left?'

She calls on little Ralph.

He replies, 'None, they will all fly away with the first gunshot.'

The teacher replies, 'The correct answer is 4, but I like your thinking..'

Then little RALPH says, 'I have a question for YOU.

There are 3 women sitting on a bench eating ice cream

One is delicately licking the sides of the triple scoop.

The second is gobbling down the top and sucking the cone.

The third is biting off the top of the ice cream.

Which one is married?'

The teacher, blushing, replied, 'Well, I suppose the one that's gobbled down the top and sucked the cone.'

Little RALPH replied, 'The correct answer is 'the one with the wedding ring, ' but I like your thinking.'

RALPH ON MATH

RALPH returns from school and says he got an F in arithmetic.

'Why?' asks the father?

'The teacher asked 'How much is 2x3,'' I said '6', replies RALPH.

'But that's right!' says his dad.

'Yeah, but then she asked me 'How much is 3x2?''

'What's the fucking difference?' asks the father.

'That's what I said!'

LITTLE RALPH ON ENGLISH

Little RALPH goes to school, and the teacher says, 'Today we are going to learn multi-syllable words, class. Does anybody have an example of a multi-syllable word?'

RALPH says 'Mas-tur-bate..'

Miss Rogers smiles and says, 'Wow, little RALPH, that's a mouthful.'

Little RALPH says, 'No, Miss Rogers, you're thinking of a blowjob.

LITTLE RALPH ON GRAMMAR

One day, during lessons on proper grammar, the teacher asked for a show of hands from those who could use the word 'beautiful' in the same sentence twice.

First, she called on little Suzie, who responded with, 'My father bought my mother a beautiful dress and she looked beautiful in it.'

'Very good, Suzie,' replied the teacher. She then called on little Michael.

'My mummy planned a beautiful banquet and it turned out beautifully.'

She said, 'Excellent, Michael!' Then the teacher reluctantly called on little RALPH.

'Last night at the dinner table, my sister told my father that she was pregnant, and he said 'Beautiful, just fucking beautiful!''

LITTLE RALPH ON GETTING OLDER

Little RALPH was sitting on a park bench munching on one candy bar after another.

After the 6th one a man on the bench across from him said, 'Son, you know eating all that candy isn't good for you. It will give you acne, rot your teeth, and make you fat.'

Little RALPH replied, 'My grandfather lived to be 107 years old.'

The man asked, 'Did your grandfather eat 6 candy bars at a time?'

Little RALPH answered, 'No, but he minded his own fucking business.'
Greeno
Oct 18, 2013 - 4:43am

Definitions and mutable yardsticks

The definition of the metre seems to be another fiddle

Rupert Sheldrake - The Science Delusion BANNED TED TALK

If the findings don't fit the theory: then alter the findings.

Regards, Jum

Hammer
Oct 18, 2013 - 4:51am

This Kilogram Has A

This Kilogram Has A Weight-Loss Problem August 20, 2009 1:00 AM

Listen to the Story

5 min 26 sec

More than a century ago, a small metal cylinder was forged in London and sent to a leafy suburb of Paris. The cylinder was about the size of a salt shaker and made of an alloy of platinum and iridium, an advanced material at the time.

Enlarge image

The international prototype of the kilogram is inside three nested bell jars at the Bureau International des Poids et Mesures in Paris.

BIPM

In Paris, scientists polished and weighed it carefully, until they determined that it was exactly one kilogram, around 2.2 pounds. Then, by international treaty, they declared it to be the international standard.

Since 1889, the year the Eiffel Tower opened, that cylinder has been the standard against which every other kilogram on the planet has been judged. But that's creating problems. According to scientists, the cylinder's mass appears to be changing.

The solution is a new kilogram, one that is based on a constant number instead of a physical object. To get that number, scientists have had to build a special kind of scale, one that measures the kilogram without balancing it against another mass. It has been a long, slow process, but today they are close to redefining the kilogram once and for all.

Please Don't Sneeze On The Kilogram

As it stands, the entire world's system of measurement hinges on the cylinder. If it is dropped, scratched or otherwise defaced, it would cause a global problem. "If somebody sneezed on that kilogram standard, all the weights in the world would be instantly wrong," says Richard Steiner, a physicist at the National Institute of Standards and Technology (NIST) in Gaithersburg, Md.

for the rest of the article

https://www.npr.org/templates/story/story.php?storyId=112003322

Hammer
Oct 18, 2013 - 4:55am

Awesome BBC doc on measuring

Awesome BBC doc on measuring something from a layman's start through to what it is........

Video unavailable
Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
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10/24 10:00 ET New home sales
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Key Economic Events Week of 10/21

10/22 10:00 ET Existing home sales
10/24 8:30 ET Durable Goods
10/24 9:45 ET Markit flash PMIs
10/24 10:00 ET New home sales
10/25 10:00 ET Consumer Sentiment

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

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