It’s been easy to tune out the chatter of the past couple of elections because the outcome seemed irrelevant. Whoever wins, their hands are tied by unmanageable debt and the limited spectrum of politically-feasible policy options. In fact, since whichever party is in office when the world falls apart will get the blame, it’s tempting […]
Now Start Watching Interest Rates, Part 3
In the US, perception management is now the key to public policy. Which means the latest round of money creation and bond buying will only “work” if consumers and investors fall for what is essentially a con — the idea that fiat currency is the same thing as wealth. If they instead figure out that […]
Competitive Devaluation, Stage One: Friends Bickering
This is what the early stage of a currency war looks like: Japan’s Leader Bemoans Impact of U.S. Economic Policy TOKYO—Prime Minister Naoto Kan joined the growing chorus of world leaders complaining about the side effects of American economic policy, tying the Japanese yen’s strength to Washington’s aggressive stimulus efforts—and implying that the U.S. should […]
The Coming Non-Linear World
With the election over, there’s no political rationale for the Fed printing another $600 billion. So what they’re seeing must be terrifying enough to make another round of quantitative easing seem like the least dangerous alternative. They’re wrong, says Prudent Bear’s Doug Noland in his latest Credit Bubble Bulletin: It seems again worth highlighting a […]
Will Bailing Out the States Tank the Dollar?
Back in 2006 Meredith Whitney was an obscure Wall Street analyst who bit the hand that fed her by declaring housing a bubble and the big banks a disaster. This took guts, both because analysts who dis their research universe tend to lose access and/or their job, and because the overwhelming consensus, from Alan Greenspan […]
Want to Sue the Bullion Banks?
Jim Richter, a Georgia attorney and publisher of the Richter Report newsletter, just sent the following email about the growing number of lawsuits accusing the “bullion banks” of manipulating the price of silver. Some disclosures: Jim is a friend. I have no stake whatsoever (no finders fees or anything like that) in these suits, other […]
Mainstream Money Manager Sees $10,000 Gold
I’ve been planning to post a review of Shayne McGuire’s new book, Hard Money. It’s coming, but in the meantime, here’s a profile from today’s Wall Street Journal. ‘The World Does Not Need to End’ A Gold Bull and His Prediction: $10,000 an Ounce There are gold bulls. And then there is Shayne McGuire. The […]
Book Review: Boomergeddon
The trouble began in the early 1980s, when we baby boomers entered our 30s and began molding the world in our own image. You can graph the spreading darkness from that point, as US debt, the number of government employees, the trade deficit and virtually every other measure of societal pathology inflected upward. Our generation, […]
Art of the Collapse, October 2010
These just hit my mailbox. They’re from the extensive portfolio of illustrator David Dees, and pretty much speak for themselves:
QE Questions
It’s been a while since US monetary policy was run with anything approaching a long-term strategy. For the past decade especially the goal has been to get through the week without a global financial collapse. So it’s probably asking too much to expect the Fed to have thought through the implications of another round of […]
Thanks Washington, But We’ll Do It Ourselves
I have a new hero. His name is Thomas Woods and he’s a Mises Institute senior fellow who just wrote a book on “nullification”, the act by which a state refuses to obey an unconstitutional federal mandate. According to Woods, the Founders saw nullification as not only a right of the states but a duty, […]
Now Start Watching Interest Rates, Part 2
Back in April I posted what seemed like an obvious little article noting that soaring commodity prices would probably send interest rates higher. Here’s an excerpt: Now Start Watching Interest Rates The phase change happened almost imperceptibly. One month we’re shedding jobs and agonizing over a long list of insolvent European countries and US states […]
Pensions: Even Worse Than They Seem
An article in today’s Wall Street Journal illustrates yet another lie we’re being told. It seems that pension funds, despite plunging interest rates and negative returns in the stock market over the past decade, are still assuming an 8% annual return on their assets. This allows them to pretend to be more fully funded than […]
Junk Bond ETFs: Another Big Short
Sometimes the market makes it too easy. Check this out: Desire for income drives high-yield bond ETFs’ popularity BOSTON (MarketWatch) — Investors fed up with U.S. stocks’ negative returns over the past decade and paltry rates in today’s fixed-income markets are piling into exchange-traded funds that invest in high-yield corporate bonds. “Where else can you […]
How You Store It
Everyone with any sense wants to keep some physical gold and silver at home, but no one with any sense wants to keep too much of it there. So as your holdings grow, so does your need for safe storage. Solari’s Catherine Austin Fitts and Carolyn Betts have published a guide to precious metals storage […]
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