Stewardship

55
Sun, Apr 6, 2014 - 4:10am

My grandfather found religion (for the second time) relatively late in life. After having spent nearly a full lifetime toiling, he came to realize that he had neglected the spiritual aspect of life. He became a true believer and avid Bible scholar, and while never evangelical about it, he often wove biblical references into our conversations. One of his favorites was the following passage from Matthew 25:

For it will be like a man going on a journey, who called his servants[c] and entrusted to them his property. 15 To one he gave five talents,[d] to another two, to another one, to each according to his ability. Then he went away.

16 He who had received the five talents went at once and traded with them, and he made five talents more. 17 So also he who had the two talents made two talents more. 18 But he who had received the one talent went and dug in the ground and hid his master's money.

19 Now after a long time the master of those servants came and settled accounts with them. 20 And he who had received the five talents came forward, bringing five talents more, saying, ‘Master, you delivered to me five talents; here I have made five talents more.’ 21 His master said to him, ‘Well done, good and faithful servant.[e] You have been faithful over a little; I will set you over much. Enter into the joy of your master.’ 22 And he also who had the two talents came forward, saying, ‘Master, you delivered to me two talents; here I have made two talents more.’ 23 His master said to him, ‘Well done, good and faithful servant. You have been faithful over a little; I will set you over much. Enter into the joy of your master.’”

This was his way of telling me that he intends to be a good steward of the (meager) wealth passed onto him very late in life from his parents, so that I and my children would have more than what he received. The reason that he worked 50-60 hours a week well into his eighties was because he refused to be the servant that merely buried the coin, without adding to it. The image he always evoked was one of a living tree. The role of older generations was to support and feed the upcoming youth, both physically, intellectually and spiritually, so that when they grow, they will be able to take on their role in supporting the structure of society as well as their own young.

He was also the epitome of the anti-fiat man, never having more than loose change in any bank account for very long. He prided himself on his (sometimes, to an external observe, extreme) frugality, and spent many a walk showing me what types of plants, fruits, berries where edible, and when. The idea being, that one should be able to survive on forage, at least temporarily, if needed. He would think nothing of walking several miles to save a few cents of busfare. All of this was justified by a very strong drive never to waste anything. In his own way, he succeeded, though mostly through the wisdom of his teachings, and the lessons of his life, rather than in a material sense.

By its very definition, precious metals are a STORE of wealth. They represent money at rest, especially in today’s world when they are not part of the ‘mainstream’ monetary system. Especially since so many of us have unfortunately, involuntarily become former owners of now underwater metal deposits, this all represents a lot of value taken out of circulation in the economy.

Given that today’s economy consist to an alarming degree of Potemkin industries with holographic valuations and in many cases ‘products as well, this is not at all a bad thing. With the distortions and misallocations of capital induced by the past decades of CBs (both ‘national’ and transnational) and government policies, let alone our good friends the banksters themselves, it is becoming increasingly difficult to gauge the true value of material things. Not only have once-stable yardsticks of 'hard currencies' been corrupted, government overbearance (both due to insolvency, as well as a general trend toward exercising more power over the populace) makes it increasingly inefficient to try to work to better one’s lot. It makes perfect sense to store whatever savings one has into things that retain their value indefinitely. For my grandfather, it was arable land and the tools to work on it. For us here, it’s generally heavier metals from the 11th, and to an extent the 14th columns of the periodic table – and a large variety of other durable things.

But I am not Smaug, sitting atop his vast hoard of gold and jewels. If the stack I now have is all I can pass on to my children when the time comes, I shall be sorely disappointed in myself. There is a large and long task ahead – not only to pass on values, knowledge, curiosity and love to the next generation; but to hold onto, and if possible expand, the means of their continued survival.

So no matter how jaded and frustrated I feel with the markets, how depressed I feel reading the daily news (both due to events and the determined effort of media owners to control and mislead the populace), no matter how futile my wage slave existence seems sometimes, there is always a beacon of light reminding me to stop whining and start doing things better, smarter, faster. It is prudent to safeguard existing value by storing it in permanent forms. But it also behooves us to take advantage of the (now visibly) closing window of opportunity while the Great Keynesian Experiment is still running, before the experimental setup shakes its way off the lab table and smashes on the stone tiles. And we have to keep remembering that the sun will most likely come up tomorrow, bringing with it another day of responsibilities to be met.

The parable at the front of the passage was always told to me in paraphrase, not until I just looked it up did I know how exactly the whole thing went. My grandfather only said the man taking account of his servants was angry with the one who buried the gold coin he had received, and cast him off his land. The actual text of the book is a bit more detailed:

He also who had received the one talent came forward, saying, ‘Master, I knew you to be a hard man, reaping where you did not sow, and gathering where you scattered no seed, 25 so I was afraid, and I went and hid your talent in the ground. Here you have what is yours.’

26 But his master answered him, ‘You wicked and slothful servant! You knew that I reap where I have not sown and gather where I scattered no seed? 27 Then you ought to have invested my money with the bankers, and at my coming I should have received what was my own with interest. 28 So take the talent from him and give it to him who has the ten talents.

29 For to everyone who has will more be given, and he will have an abundance. But from the one who has not, even what he has will be taken away. 30 And cast the worthless servant into the outer darkness. In that place there will be weeping and gnashing of teeth.’”

I’m not sure I fully understand what the latter part of the parable exactly means, other than that the man was obviously enraged by the last servant’s answer – and that burying a coin is not considered prudent stewardship. (I’m sure there are exceptions for passing Mongol hordes and global financial meltdowns). But the parts that seem unclear are:

  • whether the man indeed considered himself deserving of unearned profits?
  • could this be an oblique (actually, pretty plain) critique of bankers?
  • but if the second point is true, why then a perfect quote to encapsulate bankster mentality?

What I DO know is that there will indeed in the end be weeping and gnashing of teeth. No way to be fully prepared (even if the ‘date’ is still considerably in the future), but making some hay now while the last rays of sunlight are still peeking through under the stormclouds may not be a bad idea. Taking a class, learning a skill, befriending a neighbor, spending more time with one’s family is easier when not beset by more immediate existential concerns.

So spend some time taking a walk, hugging a friend, showering together ‘to save water’ if so inclined. Smell the flowers, have a meal with a neglected acquaintance or rarely-seen relative. And of course keep preparing accordingly.

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Marchas45Marchas45
Apr 7, 2014 - 8:54pm

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Hammer
Apr 7, 2014 - 7:39pm

So no points for just minding

So no points for just minding one's own business ? Interesting idea you have thrown up there. We have a moral duty to better the lot of mankind......very interesting from a philosophical perspective and thank you for your post :)

DollarMenu2
Apr 7, 2014 - 1:26pm

Jim Willie...

You know, I sure like Jim Willie's commentary and his scenarios.

But, and everyone has one, you'd think he would have learned by now that screaming is only a short term method for communicating. Every interview, he gets louder and louder until he starts to choke. He is so observant about everything except his own behavior. How human.

flyinkel
Apr 7, 2014 - 10:02am

My stab

Master is God, the talents are inherent skills. If you have a natural aptitude for something, it's hard to later only have 1/4 the aptitude.

Talents are God given, and to be used to enrich mankind; hide your talents and you have done nothing towards bettering mankind and the essence of your soul.

Hammer
Apr 7, 2014 - 8:52am

Hmmmm, I wonder why another

Hmmmm, I wonder why another ending wasn't included by saying, "and the 4th person took his talent and laboured hard and long but made no profit and returned only a small fraction of the original talent received .............."

Bonus life brownie points for the best ideas............

DayStar
Apr 6, 2014 - 9:38pm

The Hidden Talent

The servants knew that as servants they had responsibility. The one talent servant was in the employ of the Master, and the Master gave Him a job to do. The servants obviously were to manage for the Master's benefit the goods entrusted. It was clear to to the other two guys, and they were handsomely rewarded for it. They understood that as employees of the Master, they had a fiduciary responsibility to their employer. Doing nothing to further His interests would be equivalent to theft, that is, taking the blessings of the employer while delivering nothing in return. The one talent guy ignored this basic principle. There was no day's work for a day's pay--just fear and sloth.

In one sense the one talent guy was right in his response, and the Master admitted it--in one sense the Master was a hard master. The servant did not ask for the responsibility he was given, but that's the way it was, and he needed to deal with it. The one aspect of the Master that the servant seized upon was not the important fact in His relationship. The Master admitted He was hard, but He used that fact to convict the servant's behavior. That fact that the Master was hard should have been motivation for the servant to be diligent.

Life is not fair. We didn't ask to be born, and we were thrown into a situation not of our own will where we cannot escape death no matter what we do, and we must inevitably give an account for our actions, just like the one talent man. That aspect is not fair, but it is, and we have to deal with it. The fact is, we are created, and there is no alternative to the Creator, if He has a creation, except to create what He wants. He cannot ask something that does not exist if it wants to be made. The upside is, our Creator is gracious. The labor itself is rewarding, and the ultimate reward rendered for service far exceeds the toil exacted from the servants. Besides, if we assent to be a servant, we can hardly complain if He gives us something to do.

That parable does not teach that it is wrong to save. The stuff the servant got was not his stuff. It was the Master's. It was the Master's working capital, so to speak. How many investors that give their broker money are happy when it yields no return? That was the case with the Master. He expected His assets to be put to work. If the Master wanted His working capital to do nothing, he could have bought gold and silver and stashed it while He was gone, and He wouldn't have needed the servants, but that was clearly not the case. The slothful servant chose to abuse his Master's trust and give Him no return. It is no wonder the Master was angry.

DayStar

DayStar
Apr 6, 2014 - 8:51pm

Harvey's Up! (TFMR)

Get the full-Harvey at https://www.tfmetalsreport.com/comment/616480#comment-616480

  • Mark O'Byrne: Bullishly for gold, U.S. Fed Chair Janet Yellen said this week that sluggish growth in labour markets mean accommodative policies will be needed for some time. Last month, she had said that the Fed may end bond buying this fall and raise borrowing costs six months after that. While speculators continue to play games with the paper or digital price of gold at quarter, half year and year end, physical demand continues to be robust globally and especially in Asia. ANZ Banking Group said yesterday its gauge of demand in China increased last month. China, the world’s biggest buyer continues to import huge quantities of gold on a monthly basis and will likely have another record year of imports and total demand in 2014. Middle Eastern demand remains firm too. Iraq’s central bank is diversifying into gold and also has plans to process 11 metric tons for public sale, and will import gold bars to sell to goldsmiths.
  • Marc Farber: “I don’t know the value of a Bitcoin. I own gold because when the system breaks down, I want to have some cash. With a Bitcoin, there is a scenario where the system breaks down and you have no internet access and then what is the value of your Bitcoin?”
  • Chris Powell: GoldMoney research director Alasdair Macleod today provides his most exhaustive analysis yet of China's gold demand and concludes that it is far greater than estimated by Western analysts and than what the Chinese government itself wants known -- so great as to make futile Western efforts to control the gold price. Macleod concludes: "For much of 2013 commentators routinely stated that Asian demand was satisfied from exchange-traded fund redemptions. But ETF sales totaling 881 tonnes covered only one quarter of the West's shortfall against China, the rest coming mostly from central bank vaults. Anecdotal evidence from Switzerland is that the four major refiners have been working round the clock turning LBMA 400-ounce bars into 1-kilo .9999 bars for China. They are even working with gold bars that are battered and dusty, which suggests that the West is not only digging into deep storage to satisfy Chinese demand at current prices, but digging a hole for itself as well."
  • Koos Jansen: From looking at the equations we can conclude GOFO is the difference in interest rates between US dolars (USD) and gold (XAU). When the three months GOFO is negative, it means the interest rate to borrow XAU for three months is higher than the interest rate to borrow USD for three months; there is more demand for XAU than USD. This suggests the value of gold expressed in dollars will rise. Bear in mind we live in a ZIRP bubble bath, there is such USD supply (out of thin air) that LIBOR is exorbitant low. Nevertheless, we can see that when GOFO is trending down the price of gold (XAUUSD) is pushed up. If GOFO persist to trend lower it’s very likely the price of gold will rise. When we look back a couple of years, we can see that every time GOFO dipped in negative territory a strong bull market in gold followed. I expect to see the same in coming years.
  • Bill Holter: We are clearly painting Russia into the very corner that they WANT to be in! Our actions of placing "timid" sanctions on Russia are doing two things. First it is displaying and revealing our "weakness" (the dollar) which invites further "pushes" and secondly is giving Mr. Putin "cause" to abandon the dollar...which we really cannot afford. By pushing Russia away from the dollar we are showing the world that business CAN be done without using dollars and Mr. Putin is showing the world exactly "how" it can be done. What have we accomplished with these sanctions? We have allowed Russia off of the dollar standard, displayed a template of how to not use dollars and lifted the sanctions on Iran. Do you think that maybe our "allies" in Israel and Saudi Arabia might have slightly elevated blood pressures? Maybe this is exactly how QE is ended. Maybe we really are that close to the complete loss of control in the financial markets (I believe we are). But, the West MUST have a "reason" or something to point at to blame.
  • Bill Holter on US sanctions: The average person must be fooled into thinking that his "situation" is not the fault of U.S. policymakers. The average person will be wiped out financially and will look for retribution. Banks will close and dollars will devalue leaving anyone who had saved all their life holding the bag but they must be made to believe that it all happened from "external" sources. I truly believe this. The dollar will collapse completely on its own if left alone but then the populace will call for "blood". By pushing Russia into a corner we will force them to "pull the plug" for us. Brilliant!
  • Shabaz Rana: Pakistan has refused to sell gold worth $2.7 billion, citing national security reasons, as the International Monetary Fund pushes Islamabad to convert the precious metal into cash to build foreign currency reserves, The State Bank of Pakistan holds more than 2 million troy ounces of monetary gold, having $2.7 billion of value at the market rate. It is not counted in gross international reserves as it is not deemed to be liquid by the State Bank of Pakistan, the IMF says.
  • Chris Powell: Tocqueville Gold Fund's John Hathaway praises the federal anti-trust lawsuit brought last week against the London gold-fixing bullion banks by the law firm of Berger & Montague in Philadelphia and the New York firm of Quinn, Emanuel, Urquhart, and Sullivan. "The light of day is going to change the way this gold market works," Hathaway says, "and I think the result will be that supply and demand of physical gold will have a much larger influence on the direction of the price than over the last year. ... It's incredibly healthy that regulators and litigators are sticking their noses into this, and I just can't wait to see the results."
  • Harvey: Gold and silver were propelled northbound due to two important factors: i) the poor jobs report whereby the street was expecting a greater addition than the 197,000 jobs received. ii) day two of negative GOFO's rates signalling a lack of London good delivery bars that the criminal bankers use to attack gold. Gold advanced by $19 but silver stayed behind as a signal to our bankers to regroup and attack again, possibly by Monday. The bankers care not of the multiple crimes that they have been charged with. They continue with reckless abandon!!
  • Harvey: The jobs report in the USA was released and only 192,000 were added. The street had penciled in a greater number. The Nasdaq collapsed today down 110 points (equivalent to 440 Dow points) and it also witnessed a huge flash crash. GOFO rates were negative for the front month and were headed toward negative for the rest. Today, we lost 1.8 tonnes of gold at the GLD. Fear not! This gold is heading straight to Shanghai via the refiners in Switzerland who are working 3 shifts per day producing .9999 Kilobars for the Chinese. Gold tonnage tonight at the GLD: 809.18 and stands at 809.18 tonnes. Silver: The SLV gained 673,000 oz today and stands at 10,228.97 tonnes. It seems to me that the SLV folks might have a problem in obtaining the necessary silver equating with demand for silver. The USA mints are on fire producing silver eagles.
  • Martin Armstrong (via ZH): This week the state legislature of Michigan became the 34th state to demand a "Constitutional Convention" in the United States. Pursuant to Article 5 of the US Constitution, if 2/3rds of the states call for such a convention, (meaning 34 states) it must take place. In such a convention, the entire Constitution is subject to review and can be altered and changed.
  • Mike Hoy: The never-ending creation of paper currency guarantees an infinite source of fiat funds to purchase both finite gold supplies above ground and ownership of underground gold resources to corner future market supplies. The Fed openly admits to creating $55 billion/month in fiat paper. There are currently 2,500/tons gold mined/yr or roughly 80 million oz X $1,350/oz = $108 billion/yr. new gold production. In other words, annualized, The Fed is admitting to the creation of paper at 6X the amount of worldwide gold production/yr. DS: Hoy advocates investing in mining equities. Equities will do you about as much good as your physical gold vaulted in Singapore when WWIII commences and the economy ceases to function.
  • Shivom Seth: Gold smuggling at just one airport, the Indira Gandhi International (IGI) airport, has been revealed to have shot up 26 times from previous years, with 177.6 kilogram of the precious metal intercepted at the airport in this financial year. The data was submitted to a petitioner who had asked for a Right to Information (RTI) to showcase the high amount of smuggling. Officials said nearly 85 kilograms of gold have been seized by the customs department since the beginning of 2014. Last year, only 6.8 kilograms of gold was seized by this time - the first three months. Police said a group from Herat, Afghanistan, was stopped for a customs check. Some of the women were wearing up to 8 kilograms of ornaments, while others had about 5 kilograms of gold jewellery and accessories on them, said customs officials.
  • Ugo Bardi on Different ways to counterfeit gold: Gold plated tungsten bars and ingots. There are only a few ways to detect the scam. Ultrasonic testing should work, although it may not be enough. Tungsten bars buried in gold ingots/bars. This trick is very difficult to detect because even drilling a hole in the ingot doesn’t guarantee to find the foreign object inside unless you need slice the ingot salami style, or remelt it. However, ultrasonic examination will immediately detect that there is something wrong inside. Tungsten counterfeit gold coins are not known to exist. Jewelry is the easiest to counterfeit. Silver can be counterfeited with molybdenum, but it does not seem to be an issue due to low profitability. To avoid counterfeit buy thin objects. Learn to measure density with a scale. Get a strong magnet to test your gold. Trust, but verify.
  • The Silver Bug: Until recently, the Chinese’s main method of acquiring American land at a rapid pace, was to simply buy corporations that had large real estate holdings. Now that has changed. In a bid to keep the American 2.0 housing bubble afloat, regulations are being loosened and investment firms are more than happy to get the properties off their books at inflated prices. The most notable change came via the popular real estate website Zillow. As The American Dream’s Michael Snyder recently reported, “Zillow agreed to make its U.S. property listings available to Chinese consumers through a partnership with a Beijing-based website.” The concern that this raises is the following: do Americans really wish to have a foreign power that they owe a vast amount of debt to on their doorstep? The hollowing out of the American economy continues, a process that can only exist because of the incredibly flawed fiat money system that the world currently finds itself on.
  • Jim Rickards (CBC): One of the problems with Chinese investments are “wealth management products” which the banks have set up as Ponzi schemes, offering high rates of return, but financing them not through investment but through the funds of new investors, Rickards said. “How long could that go on. It will go on until something happens. There’s a failure, a fraud, something will cause a panic and everyone is going to run down and try to cash them in,” he said. “They’ve set themselves up through wasted infrastructure investment, opaque financial product and ponzi financing – they’ve set themselves up for a collapse,” he added. If China experiences a softer landing, it will have to be happy with growth of closer to four per cent, Rickards estimated. But if it faces a crash, or a bank default, growth may decline to two per cent. “The world is not ready for this. China is 10 per cent of global GDP. If you take Chinese growth rates down from 7-7.5 per cent even to 4.5 per cent, let alone 2.5 per cent, which is possible, that’s going to have a major impact on the entire world,” he said.
  • Brandon Smith (Personal Liberty Digest): Take These Steps Today To Survive An International Crisis - Part 9 of 10: https://www.tfmetalsreport.com/comment/616480#comment-616480

All this and more on...

The Harvey Report!

DayStar

tyberious
Apr 6, 2014 - 7:47pm

U.S. To Pay Off Public Debt

U.S. To Pay Off Public Debt 5747 Years At 100 Dollars Per Second

Mountain Vision released an interesting calculation on the debt mountain. In order to make the current debt numbers more meaningful, one way to look at the debt problem is to convert it in pay off duration.

If a printing machine were to print one 100 US dollar note and one 100 Euro note every second, day and night, Saturdays and Sundays, without interruption, how long would it take to print the current level of debt of America and Germany? The answer is astonishing.

Knowing that there are here are 31‘536‘000 seconds in a year, the calculation shows how many years are required to pay off the debt (based on the pace of one 100 US dollar note per second). The underlying assumptions are that a human live on average counts 85 years and that point zero is February 4th, 2014.

USA needs to pay off 67 human lives or 5747 years (18‘126‘251‘000‘000: 31‘536‘000: 100 (notes of $100)).
Germany needs to pay off 8 human lives or 676 years (2‘132‘899‘400‘000: 31‘536‘600: 100 (notes of €100)).

But fear not, the debt crisis is contained and our central planners will do whatever it takes …

And here is an interesting infographic which puts the public debt to GDP ratio in an historic perspective:

https://goldsilverworlds.com/economy/u-s-to-pay-off-public-debt-5747-yea...

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Mr. Fix
Apr 6, 2014 - 7:41pm

Fresh Jackass!!!

Dr. Jim Willie-End of 2014, Dollar Mortally Wounded, Treasury Bond Toxic Paper
Righting Moment
Apr 6, 2014 - 7:24pm

Stewardship - of what you have

Interesting discussions regarding the methods and timing of the increase in 'return' of the given talents. For me this has specific meanings and effects on my life and the lives of those for whom I provide. Specifically I've made the decision to work for several more years before considering retirement. I could do that now but thanks to the assembled multitudes here, I have seen the error of my (previous) ways and decided to use the time and talents that I have to develop the 'treasure' that I may need in the future to be a better steward for my family. In particular I have a set of skills and abilities that the company I work for has no way (or intent) of replacing and yet the youngsters that are followiing along in the 'pipeline' need to absorb these skills and knowledge and need the tools I create and upgrade to be complete for them before I decide to move on. In this way I provide as best I can for their future.

Continuing to work has the added benefit for me to be able to stack when I had no stack before, save food and water when I had none saved before, and to continue with preparations where I had no preparations before. So acknowledge what skills you have to be a good steward of those people, places and things you can effect today. Don't let the future pass judgement of what you did and find that you might have done a bit more.

"Put your own oxygen mask on first..."

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Key Economic Events Week of 7/13

7/13 11:30 ET Goon Williams speech
7/13 1:00 ET Goon Kaplan speech
7/14 8:30 ET CPI for June
7/14 2:30 ET Goon Bullard speech
7/15 8:30 ET Empire State and Import Price Idx
7/15 9:15 ET Cap Ute and Ind Prod
7/16 8:30 ET Retail Sales and Philly Fed
7/16 11:00 ET Goon Williams again
7/17 8:30 ET Housing Starts and Permits

Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

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