submitted by jwithrow.
Journal of a Wayward Philosopher
Individualist Capitalism
December 14, 2015
Hot Springs, VA
The S&P closed out Friday at $2,012. Gold closed at $1,074 per ounce. Oil closed at $35.35 per barrel, and the 10-year Treasury rate closed at 2.14%. Bitcoin is trading around $443 per BTC today.
Dear Journal,
The U.S. equity markets plummeted by nearly 2% on Friday. Searching for a specific explanation, the financial press blamed the big drop in the equity markets on oil falling in price to multi-year lows. Of course just a few months ago the financial press was hailing falling oil prices as a great economic stimulus. So which is it?
The truth is markets are a confluence of many individual actors, each operating in his or her perceived best interests. Markets go up and markets go down according to individual human action. There can never be a single simple explanation for market activity because there can never be a single explanation for the actions of millions of people. Continue reading “Individualist Capitalism”