Instead of writing a lengthy blog post this Friday morning, we will leave you with some weekend reading that came to our attention via one of our regular readers and guest contributors Lloyd Philip (thanks Lloyd). The piece, from Rolling Stone Magazine has received much praise for its candor and insight into how bubbles form within the US economy and who/how they are supported (primarily through Goldman Sachs, so the article claims). The piece covers six bubbles including: the Great Depression, tech stocks, the housing craze, $4/gallon gas prices, the rigging of the bailout and last, global warming.
Of particular interest to us in the metals industry ” the rise in commodity prices ” the article provides a rather different context for looking at the rise in various asset classes and why oil (and steel, corn, milk and other commodities) went through the roof last summer. You might not agree with author Mat Taibbi but we promise he will make you think.
Have a good weekend!