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FTMDaily News Update – Don’t Take Away the Punch Bowl

February 10, 2011

    by Jerry Robinson

    Good morning friends! In the news this morning: the Germans offer to buy the NYSE, new revelations about the protests in Egypt, soaring commodities prices and more…

    Global financial integration… The symbol of American capitalism may soon have a new owner… Germany’s major stock exchange, Deutsche Boerse, is in advanced talks to buy NYSE Euronext. Together, the two exchanges would create the world’s largest stock exchange and would dominate trading in Europe and America. The combined company’s headquarters would be located in New York and Frankfurt.  Expect political roadblocks…

    Talk of the merger comes on the heels of London’s agreement to buy Canada’s biggest stock exchange.

    Or Else: Obama Told By Saudis to Back Mubarak… According to a new report from the Times of London, America’s “greatest” Mideast ally, Saudi King Abdullah, told President Obama in a January 29 telephone call not to “humiliate” Mubarak and urged the president not to encourage swift change in Egypt… King Abdullah added that if the U.S. withdrew it $1.5 billion in annual aid, the Saudi government would bankroll it themselves…

    This explains the sudden lack of urgency on the part of Washington regarding the matter, as well as their new found patience with the Mubarak regime… Even Egypt’s Foreign Minister has publicly complained about the the “confusing” message emitting from Washington over the last two weeks…

    Egyptian protests continue… For more than two weeks, the protests in Egypt have sought to ouster Egyptian President Hosni Mubarak… Mubarak still refuses to step down… Demonstrators continue to occupy Tahrir Square in central Cairo, keeping pressure on Mubarak to step down immediately… Others have now begun gathering outside parliament…

    Adding to the chaos… Al Qaeda is now appealing for holy war against the Egyptian government and demanded that all prisoners be released immediately… The Islamic State of Iraq has chimed in as well scolding the Egyptian government for not enforcing strict Islamic law in the country…

    The protests have cost the country at least $13 billion before the Egyptian markets closed on January 27… Both foreign direct investment to the country as well as tourism are drying up…

    With the fever high in Egypt, are any dictators still safe?

    Don’t take away the punch bowl… Fed Chairman Bernanke testified before the House Budget Committee yesterday… Things went exactly as we expected. Politicians attempted to garner support for their political causes from America’s top central banker. In usual form, Bernanke attempted to steer clear of the politics but urged Washington to determine its values… Does it want to raise taxes, cut spending, or a mixture of both? Regardless, something must be done he stated…

    Bernanke urged Washington not to politicize the imminent need to raising the debt ceiling…

    He admitted that inflation is surging in emerging economies. But he downplayed the risks to the U.S. economy… he showed no signs of reversing his easy money policies…

    Friends, if you sat through this three hour nightmare, you saw in full technicolor that America is toast unless the people rise up and demand real change…

    Food prices continue to soar… The USDA is predicting that global demand has pushed corn supplies to their lowest point in 15 years… Wheat prices are up 83% since last year reaching new three year highs… Global sugar prices are up dramatically

    POINT: Americans should brace for higher food prices this year and in 2012…

    Finally… OUCH! Rep. Christopher Lee from New York may be the first Congressman to resign because of the website,… Read all about it here

    Why So Serious?… It’s time to laugh a little.

    “Joe Biden announced plans for a $53 billion train system. To offset the cost, they’re raising the price of a train ticket to $53 billion.” –Craig Ferguson

    “Dick Cheney says that Egyptian President Hosni Mubarak is a ‘good friend.’ Why am I not surprised by this?” –David Letterman

    “President Obama urged private businesses to hire more workers. He didn’t realize that only the government hires more people than it needs.” –Jay Leno

    “There was a power outage at Newark Airport. Who wants a TSA pat-down with the lights off?” –Jay Leno

    “Peru has changed its national anthem. It wasn’t too hard to change the lyrics. They just let Christina Aguilera sing it.” –Jay Leno

    Until tomorrow,

    Jerry Robinson –


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    Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.

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