Charles Hugh Smith: The next financial crisis won’t be caused by fraud: This time will be different … Mueller’s report is out — read key findings in “Politics” … Reuters: U.S. retail sales, jobless claims data brighten economic picture … Gold and silver down on hawkish Fed; “Silver headed for breakout to $25 in 2019” […]
Central Banks Soften Us Up For Higher Inflation
There was a time when “price stability” – that is, money that buys the same amount of stuff every year – was considered a good thing. But as debts began to pile up around the world, it became clear to policymakers that managing that debt required money that got a little less valuable over time, […]
Things That Seem Normal But Definitely Aren’t, Part 1: Soaring Chinese Debt
The era of fiat currencies and central bank printing presses has desensitized us to massive leverage and its implications. So when it is reported, for instance, that China‘s private sector borrowing has risen to levels that are unprecedented in financial history, this is greeted with a collective yawn. It shouldn’t be, though, because no society […]
Top Ten Videos — April 14
Jim Rogers: “The coming financial crisis will be the worst in our lifetime” … James Rickards: Prepare now for the aftermath … Martin Armstrong on “the coming economic reset” … RT: Recession looms as subprime borrowers default … Pension expert Tom Siedle: “I don’t know a single pension in this country that properly reports the […]
Stuff We Can’t Afford, Part 1: Paying People To Live On Flood Plains
Everyone has been there: Times are good for a while and it starts to seem reasonable to buy – or agree to – things you want but don’t need. Later on, when money gets a little tighter, you start prioritizing and realize you really didn’t need the leased Mercedes or the McMansion with all those […]
What Went Wrong With Pensions — And Why The Whole World Should Be Worried
The past decade was a uniquely smooth stretch of financial highway. Pretty much every major asset class – stocks, bonds, real estate, fine art, you name it – did well, making it hard for conventional investors to lose money and easy for them to earn outsized returns. So why then are US public sector pensions […]
The End Of The Bull Market, In Three Charts
Stocks have completely recovered from their flash bear market of late 2018. But now they face a hard question: Can already record high prices continue to rise in the face of falling corporate profits? Let’s start with the “falling corporate profits” part: A business generates improving profits when the things it sells rise in price […]
Maybe Politics Matters After All
Looking strictly at the numbers it’s hard to work up much interest in whether Republicans or Democrats are in charge after 2020. Either way, trillion-dollar deficits and extremely easy money are guaranteed, which means the US – along with most of the rest of the world – will fall off a financial cliff shortly. After […]
If You Thought It Couldn’t Get Any Worse For Chicago …
This is the second post in a week on Chicago’s epic financial train wreck. That’s a lot of attention and it probably won’t happen again, given the target-rich world we live in. But jeeze, talk about not learning from past mistakes. This latest chapter begins with the Chicago mayoral race and the two candidates’ stances […]
Who In Their Right Mind Would Lend Money To Chicago?
When you see that Italy’s debt is rising, the logical question is, who the hell is dumping good money after bad into such an obviously failed state? The answer is that by lending money to Italy (or Greece, Portugal, Spain, or France) you’re really lending money to Germany, since the latter will have to bail […]
Welcome To The Third World, Part 28: Medieval Diseases “Flare”
A driving trip down the Pacific Coast normally involves prioritizing a long list of great views and spectacular hiking/biking trails to fit the allotted (never sufficient) time. But now there’s a new element to consider: Homelessness. Go to, say, Trip Advisor, and read the reviews of California attractions and you’ll find a disturbing number along […]
Interesting Junior Gold Miner Tidbit
It’s been a boring few years for gold miners in general and junior gold miners in particular. The metal has been in a trading range, capital has been relatively scarce, and major deals even scarcer. But under the surface things are bubbling, as a handful of emerging players put up good numbers and make their […]
Michael Pento: China Can’t Stop What’s Coming
As this longest-ever expansion finally runs out of steam, the question on everyone’s mind is, “who will save us this time?” The last big crisis was “fixed” by a combination of lower interest rates globally and massive buying of commodities by China. But with interest rates still at cyclical lows in a big part of […]
The Coming Wave Of High-Tech Authoritarianism
One of history’s hard lessons is that collapsing financial systems beget authoritarian politics. Today’s world, alas, is following this script, as rising debts lead to wrenching political changes in nearly every country that holds free elections, while fascism and socialism are once again being taken seriously by people who in normal times would inhabit the […]
Jay Taylor: Under “Basel III” Rules, Gold Becomes Money!
In his latest newsletter commodities analyst Jay Taylor notes that a very important date is approaching: In 2018, central banks added nearly 23 million ounces of gold, up 74% from 2017. This is the highest annual purchase rate increase since 1971, and the second-highest rate in history. Russia was the biggest buyer. And not surprisingly, […]
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