One of the things I love about writing The Rum Rebellion is getting your feedback each day. I read it all. Most of it is complementary, some of it is critical, and some of it is comedy gold.
I want to share with you some feedback I received in the latter category. Here it is…
‘Reading your views, opinions and analyses of matters financial, investment, precious metals and money, my assessment is that you have excellent insights into these matters and capable of offering sound advice. I reiterate – on these matters. Why any intelligent Australian would want to present him/her self as a red-necked, bigoted, deep-southern US Unionist with intemperate, irrational, right-wing rants totally escapes my understanding.
‘Just stick to “these matters” listed above, Greg.’
At least you didn’t say racist. Although bigoted is a pretty good substitute.
While I think the comment is hilarious, I think you’re being serious. So perhaps I should be serious for a moment too.
I assume your insulting comments refer to my occasional delving into US politics? And because I support President Trump I am a ‘red-necked, bigoted, deep-southern US unionist with intemperate, irrational, right wing rants’.
It’s a minor quibble, but I’m pretty sure the red-necked, bigoted types from the deep south were secessionists, not unionists.
On the whole thing though, there is absolutely no evidence to support your claim. You’ve clearly been brainwashed by the establishment media. You appear to have a bad case of TDS (Trump Derangement Syndrome).
Just because the media tell you to think that anyone who supports Trump is a bigoted idiot, you don’t have to swallow the line. Feel free to think for yourself.
Frankly, I’m impressed that you’ve found and read Rum Rebellion. And I hope you continue to do so. I promise to mostly stick to market commentary, but I’ll occasionally stick my head up and comment on US politics.
That’s because what’s going on in the US is very important for the rest of the world. If you read more widely than the establishment media, you’ll realise there is an internal coup taking place in the US right now to remove Trump from presidency.
It’s unprecedented in US political history. That’s a threat to all our liberties.
Also, characterising my comments as a ‘right-wing rant’ is just another phrase that you’ve been taught to use, without actually thinking about it.
If by right-wing you mean standing up for individual liberty and highlighting the damaging role of government and overregulation in our lives, then I’m guilty as charged. The right, amongst other things, believes in less government and individual responsibility. The left believes in big government, funded by higher taxes.
The right believes in free speech. The left believes in censorship.
The left-leaning media constantly try to demonise ‘the right’. They want people to feel embarrassed for having (shhh) ‘right-wing views’. They want to shut down opinions they don’t agree with. This is leading to a stifling debate. As author Douglas Murray writes in The Spectator:
‘Today nearly all real public discussion has become impossible. Which is why nearly all public thinking has become impossible. Which is why the thinking has gone bad on nearly every major issue now facing us.
‘It isn’t just politics that is finding it hard to operate. It is also the media and every other piece of sense-making apparatus we used to possess. The negatives accrued to any individual or institution for thinking or saying anything remotely controversial now means that they don’t bother any more. We’ve lost the art of discussion and with it the ability to find honest solutions.’
People now get ‘shouted down’ if they say something the mob disagrees with. There is no civilised discourse. Which means there will soon be no discourse.
So, no. I won’t just stick to ‘these matters listed above’. I’ll write what I believe to be true and important. And while I’d love you to read it, I’m not asking you to agree with me. But if you want to criticise, do better than resorting to boring clichés.
Anyway, enough of that for today. But keep the correspondence coming — good or bad. As I said, I love it.
Righto, let’s take a quick look at the markets.
I mentioned yesterday how I thought the market trend was in the process of turning from bullish to bearish. That view got further confirmation overnight with a decent fall on Wall Street. The S&P 500 and the NASDAQ fell around 1.6% and 1.7% respectively.
Futures indicate that should translate into a 1% decline in the local market today.
Apparently, concerns about a trade agreement between the US and China was the main reason behind the sell-off. But that could be just an excuse for a nervous market. There are fewer excuses to buy overpriced stocks here.
The air is escaping from the unicorn IPO bubble as we speak. For example, the recently listed Uber Technologies is down nearly 40% from its 1 July peak.
The mood of the market is changing. It’s getting darker.
In Australia, the biggest casualty is the resource sector. Given the impact on China from the trade war, this is not surprising. Yesterday I showed you how the ASX 200 was still in an upward trend. That’s not the case for the ASX 200 Resources sector.
As you can see in the chart below, the moving averages crossed to the downside recently. Prices are just above long-term support levels. That support gave way briefly during the August sell-off. If it gives way a second time, I think you’ll see continued selling.
It’s one to keep an eye on. After the banks and financials, resources are the largest sector on the ASX. If this sector heads into a downward trend, it could well drag the broader market with it.
Editor, The Rum Rebellion
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