It's A Miracle
Just Like Hanukkah
Hanukkah is hitting our American calendars a little early this year. But being Jewish it makes no difference whether it’s the end of November or overlaps with Christmas; it is simply a “miracle” and one everybody needs to understand.
The “eight-day” Hanukkah celebration commemorates the rededication of the Second Temple in Jerusalem during the second century B.C. According to a legend the Jewish people rose up against their Greek and Syrian oppressors in the “Maccabean Revolt”. Hanukkah, which means “dedication” in Hebrew, is celebrated, lighting the menorah, traditional foods, games and gifts. In short, it’s a miracle as oil to light the everlasting light, sufficient for but one day, burned for eight.
I’m an American first and a follower of the Jewish religion second. That is important as my family escaped the Russian environment at the direct instruction of the czar in the early 1900s. In short, I’m the product of legal immigration, some directly through Ellis Island, others through the Bering Strait to Montreal, Canada then Pittsburgh. I heard stories from everyone I can only consider to be miracles; I listened as they were every bit as important as any Hanukkah celebration is. Tradition speaks loudly in the United States today as this “melting pot” provides everyone benefits, especially to all who legitimately seek it.
Today’s Miracle
Did you see the downside exhibited in the Yen overnight? I did and not surprisingly it kept heading lower. I’m not a proponent of the Dollar surging. With interest rates in this country perched to recede that’s the last thing I’m looking for and the reason I’m currently long bonds. Words from Ueda lead this decline. For me it’s about time.
Bank of Japan Governor Kazuo Ueda met with Japan’s Prime Minister Fumio Kishida to explain monetary policy ahead of the central bank’s interest rate decision expected later this month. Speculation continues to simmer over the likelihood of “near-term” policy moves. Ueda discussed the state of the economy and told him he would monitor the impact of wages on prices. They didn’t directly discuss currencies but the effects of their discussion were noted.
The Yen firmed against the Dollar, continuing a stronger direction that has gathered pace since the governor started giving his “semi-annual” report on monetary policy to parliament in the morning. It seems his words had meaning.
As everyone knows I think the Yen versus the Dollar is heading lower. Everyone who reads my words knows that I’m usually early as well. Ueda has sought to free Japanese markets from years of what equates to “zero” interest rates. I’m not so sure his heart is in it so I’ll keep watching every word he utters. You should too.
No Hanukkah celebration would be complete without Adam Sandler and his very own “Hanukkah Song”. I had the pleasure of being treated to seeing Adam Sandler live last Valentine’s Day by my better, no best half. He was nothing short of tremendous and so is she. Remember, like many others I’m Jewish but I’m an American first. What Jews are experiencing worldwide is the product of history repeating itself. With respect to investent decisions, that is often a good thing. With respect to what’s transpiring in this world today it isn’t.