As Southern England recovers from the overnight ‘breeze’ – OK, wind speeds DID reach almost 100MPH, but as reports come in, apart from the 14year old boy who was dragged from a harbour wall by a passing wave yesterday – Sincerest condolences to his family btw, – no-one else has been reported as killed or injured, though trees were blown over, and there appears to be little long-term effect.
I was working in Southern England the last time that a Hurricane (that wasn’t – at least according to Michael Fish) passed by.
As the aftermath unfolded back then, and Britain counted the costs of fallen trees and debris strewn streets – Sevenoaks in Kent, lost six of the seven oaks of their namesake, the stock market, which had also been at record highs back then began to fall just two days later… (If you’re a Technical Analyst – check out the weekly RSI figures, as this suggests that the market is “toppy”)
Look out below.
And as the spat between Germany’s Angela Merkel, and the US’s, NSA, continues, the spy saga takes another turn. In a recently read column, in which the writer discussed things technological with LINUX originator – Linus Torvalds, he as good as confirmed that the NSA had asked him to insert a “back-door” into the kernel of the operating system – LINUX.
This begs the question whether Microsoft, Apple, Google, Oracle, and other Tech giants have had similar requests, and whether these software giants complied with them…
Maybe those outside of the U.S. might be reconsidering their technological options.
IBM, once known for its computer hardware and now principally its software and services has already reported a 40% decline in its Chinese business, down from last year’s highs. Perhaps Edward Snowden’s releases will have the biggest effect on America’s global dominance, as people outside America eschew American technology for security reasons.
There seems to be a growing distrust of all things American, and this can not do the US dollar any good in the longer term. As China recently suggested we need to see a “de-Americanised” world, perhaps this might be the straw that broke the Camel’s back as the saying goes.
The USD/EUR rate currently stands at 1:1.3810, and the GBP/USD is 1:1.6196 (as at 09:25).
We shall see where these trend to in the medium term. And if the dollar does decline, this can only strengthen those other alternatives to currency – REAL MONEY – Gold and Silver.
Gold currently stands at $1350.34, and Silver at $22.58 both down slightly on the day, but up from recent days.
Until next time.