Financial, Economic and Social Mood Update (August 1, 2024)
Financial, Economic and Social Mood Update (August 1, 2024) In my August 2024 blog I will reference a recent article published by Elliott Wave International of Atlanta, Georgia with respect to their monthly publication titled the “Global Market Perspective.” They discuss the nominal value of the European stock market, which can be compared to markets in much of the rest of the so-called western world or the industrialized world such as the markets in North America and Japan. The key word here is “nominal.” Nominal monetary values for stocks, bonds, real estate, automobiles (especially new cars and “collector” cars), and collectibles (such as precious metals, art, books, antique toys, antique furniture, etc.) are near all-time record highs. But real values are in fact very, very depressed. The purchasing power of fiat currency is miserable, the cost of living is sky high, the middle class has all but disappeared, crime is rampant, unreported & largely not even prosecuted and now we stand upon the horrific prospect of a Third World War in Europe, East Asia and in the Middle East. The American stock indices (the 3 major ones plus the many more minor ones) are currently as of this date August 1, 2024 at 91 percent of their cumulative record high. Why would we be surprised that voters in much of the western world and in the (formerly) industrialized world are about to make very big changes. It has already happened in countries such as France and the UK and will likely happen in the USA as well. The misuse and the abuse of so-called “labels” here must be brought to our attention. The mainstream media (which never tells the truth about anything) likes to label many populist or conservative political parties as “far right wing.” This is utter nonsense, it…