Some weeks ago, Adolf advised readers of a comments thread over at Farrar's place that Adolf had bailed out of the stock market. That was the day after The Bollard intervened in the currency market in his fruitless attempt to cool the currency. (Funny how a couple of remarks this Thursday did the job which $60mil couldn't do. Will someone get a transcript of his speech and calculate the dollar value of each word?)
Only yesterday Adolf was in conversation with his co-trustee (a fundamentalist born again) who was whinging about being out of the market and was breaking his neck to get back in. Adolf said to him 'I would't be in too much of a hurry just yet. There's far too much political and monetary instability. Let's sit tight for three months and look at it then.'
Readers will understand why I am literally purring this morning at the news of the stock markets' shuddering drop overnight. Those trading bank term deposits at 8.2% are looking pretty good. I reckon we haven't seen the last of these euphemistically named 'corrections.'
Map of the Day
23 minutes ago