The big news this week is an astounding historical revelation useful in the present, but before that a few current events. In congressional testimony Janet Yellen acknowledged weakness in new economic data, but confirmed a continuing QE taper. Even congressmen know to be delicate in debate with babes, and it's a gas to watch their fidgeting caution with diminutive but flint-tough Yellen -- especially when they are at such an IQ disadvantage to the Fed chairwoman. The Weather Channel still controls economic data, but traders are suspicious that Stephanie Abrams is covering for a sliding economy. The most important new news: China has devalued the yuan, reversing expectations for strengthening. The purpose: to aid its exports while its internal economy slows in the beginning of r...
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