With Bond Yields, Something Has to Give: A. Gary Shilling
2021-07-19 10
" The yield on the benchmark 10-year
U.S. Treasury note averaged 0.79% from 2007 through last year
after adjusting for inflation as measured by the consumer price
index. It’s now minus 4.0%. If that’s not shocking enough,
corporate bonds rated below investment grade, or junk, yield
4.57%, below the current 5.40% rate of inflation. Something’s
got to give. To return to more normal conditions, ether nominal
yields must rise or inflation must recede. Bet on the latter," says Shilling.
Yes, commods have turned sharply south on a global basis. in Raoul Pal's mind, the question is "how far growth will moderate. In China the PMI is below 50... The US/EU will see similar and that will lead to more stimulus....
But here we are negative real yields are supposed to be good for gold, and here it is in the shitter. We all know why. If inflationary pressure recedes from here, real rates are going to rise - and they can use that narrative to tamp down any attempt at a rise in gold prices. As for silver, if there is a a slowdown in growth, and growth moderation, how deep will it be? A stall in growth could forestall the day silver reaches escape velocity from the banksters. Short term, the stall in growth can be used as a narrative to drive silver prices lower near term.
We will need these emerging FUD and Misinformation narratives to fade into the background...but this could take months or quarters even.....smh
Especially On the Line, which Bruce wrote all but 3 songs for (and sings uncredited background vocals on).
I found it to be a great alternative angle of the E Street Sound with an older, calmer and mellowed perspective. It furthers the old school rock revival Bruce was chasing on The River and pairs it with an actual voice from that era. The results are really captivating and I think it’s interesting to hear a more classic “rock voice” subbing in.
Surprised I don’t see or hear more people talk about these as part of the Bruce “canon”- I think his songwriting is very strong on the album and it makes for an interesting addition to any collection.
From his podcast
Chone Figgins, Rafael Furcal, Raul Ibanez, Paul Konerko, Cliff Lee, Carlos Pena, Brad Penny, J.J Putz, Bryan Roberts, Alfonso Soriano and Jose Valverde then you are a dumb shit boomer and should not be allowed to cast a vote next time
