|Will Mr. Market triumph over Ben Bernanke?
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Did we tell you how our career was foretold? We were in the 6th grade at Owensville Elementary. Our teacher was Mrs. Marshall, a decent woman with dark hair.
"Get out a piece of paper and a pencil. I want each of you to write a story."
All the children got to work. But we sat there looking at the ceiling.
"What are you doing, Billy," she asked?
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"Well, don't think. Write."
We've been doing it ever since. But this morning we have neither time to think nor write. We're giving a speech.
Yesterday, the Dow bounced 80 points. Gold went up too -- $17.
Our view is that the current bull market in bonds is coming to an end - sometime.
The Fed can delay Mr. Market...it can divert him...it can distract him.
But in the end Mr. Market triumphs over Mr. Ben Bernanke.
Does that mean bond prices are destined to go down soon? Nope.
Three times in 19th century bond yields (which go up as prices go down) stayed below 3% for long as 20 to 30 years at a stretch. Some people think we could repeat that experience.
But probably not. That was back when we had a dollar backed by gold. People trusted it because it was trustworthy. Now, we have a central bank backing our currency...and it's determined to make the dollar less valuable.
Of course, anything is possible.
Bill Bonner is the President & Founder of Agora Inc, an international publisher of financial and special interest books and newsletters.
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