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America, Ex-Distortion
April 12, 2008.
In yet another sign that the end is near, Harpers Magazine, that venerable fount of left wing culture, has
become a source of clear-eyed financial journalism. In February it ran a cover story by iTuilips Eric Janszen
explaining Americas devolution from goods-production to paper shuffling. Janszen calls this the FIRE economy
(for Finance, Insurance, and Real Estate) and concludes that it can only survive by blowing ever-bigger bubbles
(read the article
here for Erics prediction on where the next bubble will appear). And the May Harpers just hit the
newsstands with a cover story by veteran political analyst Kevin Phillips on how the U.S. government has been
systematically distorting the economic numbers it reports. Heres his opening More...
Shayne McGuire: The Early Innings of a Gold Boom
February 26, 2008. My new friend Shayne McGuire is director of global research at Texas $115
billion Teacher Retirement System, which means he oversees a vast portfolio of
high-grade bonds, Blue Chip stocks, and cash. Not the kind of environment thats
usually hospitable to atavistic assets like gold. Yet he recently published a
booka very good booktitled Buy Gold Now,
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