The stock market was up today, further proving its complete disconnect from the real world. The jobs report sucked but of course this is good thing for Wall Street, they can depress wages still more. The number of people working part time and in temp jobs continues to increase and this reflects the high number of layoffs each week as corporations continue to convert full time workers to neo-serfdom.
Gold is on the way up again and the USD touched a 15 year low against the Yen. Grain futures were up the limit on the Chicago Board of Trade as the USDA announced that the grain harvest will be way down. This is a result of really awful weather in the spring but traders were lulled into a false sense of security by pretty good weather since, if it had been a bad summer too, we would really be in trouble.
Europe, Russia, Brazil and Canada have all either had drought or too much rain. US corn production will hit a 14 year low and this is going to produce a shortage of meat and higher prices as well as playing hell with ethanol production. Fortunately we don't really need ethanol as we actually export a large volume of gasoline.
Do we all have our canned goods?