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* Merkel leaves us wanting... * Gold soars higher overnight! * Indian rupees' worst week! * Greenspan = Very Bad Idea! ** Labor Market Continues To Deteriorate... Good day... And a Happy Friday to one and all! It got cold here again... I can't wait for my March trip to a warmer climate! GM's Swedish unit Saab is filing for protection from creditors, so that it can reorganize into a business independent of GM... Hmmm... Everyone is jumping the GM ship... Well, it's Friday, and that means yesterday we saw the print of the Weekly Initial Jobless Claims... And once again, the rot on labor's vine was exposed... The total Claims files last week was 627K, the experts had forecast 600K... But here's the thing that really hits home... The number of Americans collecting unemployment benefits has jumped to 4.99 Million, and each week and new record number is established... It certainly tells me that the labor market is still deteriorating......

* What's $78 Billion among friends? * Currencies fade with bias to buy Gold... * Could the Carry Trade Unwind be done? * U.S. soccer beats Mexico... ** It's Not My Fault, It Must Be Yours! Good day... And a Thunderin' Thursday to you! Well... Front and center this morning, I'm going to tell you something that will surprise a few and make a few happy. I've had my say on the Bailouts, TARP, Stimulus, and spending. I've beaten them to a pulp, and some readers have expressed their contempt with me carrying on with this beating. So... Unless something cracks, I'll just leave it all as it stands, and go on with life. This all has been too much for my blood pressure to take! I'll report the facts on this stuff, and leave the commentary for people that think they "know better"... For instance, it was reported the other day that the Treasury Dept. has overpaid for stock received from TARP recipients by $78 Billion. You see, for every $100 given in TARP, the Treasury was to receive $100 in stock / assets, but when all the beans are counted, the Treasury is $78 Billion short on stock /assets... But, what the heck, what's $78 Billion among friends?...

* Talking stimulus again...* Currencies rally, then sell off... * Aussie Business Confidence slumps... * The Mogambo on Gold... ** The Geithner Plan Day! Good day... And a Terrific Tuesday to you! The President talked to us last night regarding the "new and Improved" Stimulus package. He sounded a bit defensive, don't you think? But, I will say this, he tried to stay on the high road, when defending the package. He really ripped people like me, that oppose the package, and see it as spending only. I think he forgot to mention that people like me that oppose it, oppose it because we can't afford it! But the President firmly believes our economy could completely collapse without this, so I can see where he feels the urgency to get this bill signed. OK... Enough of that! I don't like talking about stuff like that, because I'll have 100 people write me nasty emails about politics, and 100 people write me that I was bang on!...

* Pending Home Sales surprise! * Eurozone Retail Sales slump! * Tax cuts don't create jobs... * Failure to follow through for the A$ ** Talking Stimulus Deux... Good day... And a Wonderful Wednesday to you! Well... I'm here! The Orlando Money Show... And guess what? Looks like I brought that artic cold front that had hit St. Louis, all the way down to Orlando! It's cold here! UGH! Well, not "cold" like at home, but "cold" for here! OK... Front and center this morning, we had a stock rally yesterday after the Pending Home Sales data printed a surprise number. And since stocks and currencies have been trading together the past few days, (we talked at length about this yesterday) that meant a currency rally as well! But! Neither stocks or currencies could break on through to the other side, break on through, yeah! So... That left them vulnerable to profit taking, and that's exactly what we've seen with the currencies overnight. We'll have to wait a couple of hours to see how stocks open up......

* The dollar fights back! * Another $900 Billion in the red... * RBNZ cuts rates 150 BPS! * Jamie Dimon tells it like it is... ** A New & Improved Stimulus Package Good day... And a Thunderin' Thursday to you! Well... The Fed kept rates at near zero, as if they had any ability to raise them, the House sent the Stimulus Bill on to the Senate, the dollar rebounded on all these two items, and I have some very strong quotes for you at the end of today's lesson... So, get your coffee, or OJ, or V-8, sit down, and let's go! OK, I had better start with the dollar reaction to the two items yesterday, as what looked like an end to this dollar strength mess, was about to take place as the euro pushed to 1.33, taking the other currencies along for the ride, was just a head fake... The dollar had more strength to show us, after the Fed kept rates unchanged, and the House passed the Stimulus Bill....

* Currencies continue to rally... * More Stimulus... * Data shows more rot on the vine... * A Thanksgiving thought... **Maybe It's Time For A Change? Good day... And a Wonderful Wednesday to you! The day before Thanksgiving... Tonight is, historically, the biggest "going out" night for the younger crowd, as they all return home from college, etc. Not for yours truly though... A little reminder that Friday I will not be writing... Friday night, a large group of friends and family are starting the holiday season off with a gathering at the Butler House, before all heading to see the Trans Siberian Orchestra's Holiday Concert... I'm getting pumped up for that! OK... Another rally day in the currencies yesterday... One that wasn't as pronounced as Monday's 3-cent rally... But a rally just the same, and at one point, the euro was trading above 1.30... Hadn't seen that level in a while, so welcome back to the 1.30 level, Mr. euro... ...