History, left unchecked, repeats itself. Here we go again. Over the last few days I’ve taken the time to read, listen and learn. I hope everyone reading my thoughts have as well. It’s an interesting time all around he world but most seems to be happening here as we deal with it. That’s scary.
On the “market” side I’ll publish a “paid for” article over the weekend. For now it’s a good idea to consider that we’re in a gunfight, one that’s going to dictate what’s going to happen here.
Everyone has an opinion. In reviewing the “newer” traders and their thoughts, it’s not difficult to dismiss most of their claims except for a couple; volume is weak and often that leads to reversals. People, writers and short term traders, are having their heyday. Old timers like me are just listening, watching, doing my best to learn from everyone. It’s easy to dissect real knowledge from all that’s now exhibited in the media. Again I’ll have a couple new and solid suggestions his weekend, ones that are of great value, so tune in then.
I bring up the “Gunfight At The OK Corral” for a reason. Let’s start with its history as the past is invaluable.
Gunfight At The OK Corral
On October 26, 1881, the Earp brothers face off against the Clanton-McLaury gang in a legendary shootout at the O.K. Corral in Tombstone, Arizona. Silver was discovered nearby in 1877. Tombstone quickly became a rich mining town. Wyatt Earp, a former Kansas police officer working as a bank security guard, and his brothers, Morgan and Virgil, the town marshal, represented “law and order” in Tombstone. They were also power-hungry and ruthless. The Clantons and McLaurys were cowboys who lived on a ranch outside of town. They were cattle rustlers, thieves and murderers as well. Right around October 1881, the struggle between these two groups for control of Tombstone and Cochise County ended in a blaze of gunfire at the OK Corral.
On the morning of October 25th, Clanton and McLaury came to Tombstone for basic supplies. Over the next 24 hours, they had several violent run-ins with the Earps and their friend Doc Holliday. Around 1:30 p.m. on October 26th, Ike’s brother Billy rode into town to join them, along with Frank McLaury and Billy Claiborne. They met in the local saloon with Holliday, who was delighted to inform them that their brothers had both been pistol-whipped by the Earps. Frank and Billy vowed revenge.
Around 3 p.m., the Earps and Holliday spotted the gang in a vacant lot behind the OK Corral. The famous gunfight that ensued lasted all of 30 seconds, and around 30 shots were fired. Though it’s still debated who fired the first shot, most reports say that the shootout began when Virgil Earp pulled out his revolver and shot Billy Clanton point-blank in the chest, while Doc Holliday fired a shotgun blast at Tom McLaury’s chest. When the dust cleared, Billy Clanton and the McLaury brothers were dead, and Virgil and Morgan Earp and Doc Holliday were wounded. Ike Clanton and Claiborne had run for the hills.
Sheriff John Behan of Cochise County, charged the Earps and Holliday with murder. A month later, however, a Tombstone judge found the men not guilty, ruling that they were “fully justified in committing these homicides.”
Why am I bringing this up here? Many reasons as we are in a gunfight in this country that wreaks havoc worldwide. First, China has an economic problem and for whatever reason it is becoming our problem. We have an administration that on one hand holds the solution to the problem. On the other the word “dictator” remains prevalent in a dramatic manner that causes others in the administration to cringe. Me too. Is this a direction to the world’s future? Is it our objective to make our enemies our friends? It seems to be a logical strategy when we consider dealing wih Venezuela and Iran. Are we looking to add China to that list? What’s the end game?
The Middle East is on fire and its flames are outwardly exhibited across our nation. Is this a product of our educational system? In today’s educational matrix it seems to me that “learning how to think” has been erased with “learning what to think”. That’s not good. It’s no good anywhere. Is this what the powers that be are trying to embed into our philosophy in a systematic manner? What if it spills over into our economy?
We have a “gunfight” here folks. The “newly” minted traders of the world have given up on history. When interest rates fall they fall for a reason. When yield curves revert to their normal rates it’s because things are getting worse. Most of what I read and hear is not taking this into consideration; “damn the torpedoes full speed ahead” is the watchword of these posters. Many who think they best “get on board” before it is too late are at risk. I’ve got a better way to handle what we’re witnessing. Get ready for my weekend “paid for” Substack article and do just that; sign up and read it. Weekend writings are worthwhile and face it, they’re cheap.
It’s a yardwork day, couple days, ah hell, weekend for me. My final revisions on the book are off to the publisher. Remember, when it’s in my hands and you have signed up for my “paid” Substack I’ll send you a signed copy for free if you live in the states. It’s worth it and given much of the next three to four books in the series are underway they’ll all be a good addition to your economic library. For now it’s time to take care of what I’ve neglected. It’s a “honey do” moment we all should do and appreciate.
Everybody has an opinion about exactly what happened in Tombstone. The same is true when it comes to evaluating today’s world, politically and economically. Always do your own due diligence, read and above all listen. I do and that’s what has made me what I am today. It takes time; people no longer read enough today and most listen to what they believe in. You know, what supports their beliefs. Unfortunately everyone needs more so give it a try and start this weekend with my “paid for” Substack. It is well worth it.