Global Market Commentary, Analysis and Investments
The Dow is still rising. It rose another 38 points yesterday… apparently headed for a new record high.
Gold is dawdling.
We’re still thinking about how so many smart people came to believe things that aren’t true. Krugman, Stiglitz, Friedman, Bernanke — all seem to have a simpleton’s view of how the world works. They believe they can manipulate the future and make it better. Not just for themselves, but for everyone. Where did such a silly idea come from?
[Read more...]Poor Chuck Hagel. Every day, The Wall Street Journal wallops the fellow. He is whacked for not knowing what he is doing…smacked for not appreciating the threat of a nuclear Iran…and slapped hard for not bending over quickly enough to kiss neo-con butts.
John McCain and Lindsay Graham went to work on him in the Senate. They went at it clumsily and disgracefully — like a pair of goons with lead pipes. And then, in the WSJ, Dorothy Rabinowitz hammered him last Monday; she was so hysterical we couldn’t follow what she was talking about. Then, on Tuesday, Brett Stephens took over…and began pounding away in a more usual, ham-fisted way.
[Read more...]The defining characteristic of a zombified system is the way it hands out its rewards. In an honest economy, people do their best. They work hard. They take their chances. Some prevail because they are productive. Others are just lucky. The chips fall where they may.
But as the system is taken over by zombies, the chips fall where they are told to fall. Rather than to honest and efficient producers, the rewards go to those who curry favors.
[Read more...]Gold down another $5 on Friday. Are you tempted to get out of gold now…and get back in, after the dip bottoms out?
Forget it.
The advantage of investing family money rather than personal money is that you have time on your side. You can sit tight and let the big trends make you big money… If you can get them right.
[Read more...]We just saw an estimate telling us that by the end of Obama’s term the US will be spending a third of its tax revenues just to service its debt. Not at Japanese levels yet! But getting there. And after Japan bondholders go “over the cliff� maybe lenders won’t be so ready to follow the US over the edge too.
[Read more...]“…with all the thought and good intentions that we provided…we achieved absolutely nothing. Nothing that I did and very little that old Ben [Strong, head of the US Federal Reserve] did…produced any good effect…or any effect at all. Except that we collected a lot of money from a lot of poor devils and gave it over to the four winds.â€�
[Read more...]Yesterday, we promised to give you a “Prediction-Plusâ€� about the stock market. You remember what a “Prediction-Plusâ€� is, don’t you? It’s better than a prediction. It’s what you should believe…even if it turns out to be wrong.
What should you believe about bonds? They’re going down. They’re a “suicidal� investment, says our old friend, Marc Faber.
[Read more...]Would you like to correct your mistakes? Fix your errors? Make yourself a better person? Have more success? Find love, happiness and money in 2011?
You need a resolution!
Fortunately, most people’s lives are easy to improve. They don’t have to do anything. They just have to stop doing things that are stupid.
[Read more...]New Year’s Resolutions & Predictions-Plus!
We’re at the beginning of the 2nd decade of the 3rd millennium.
What will happen this year? We don’t know. Most likely 2011 will be a lot like 2010. That’s the way it usually works. Big trends are hard to see. One year seems to wander around much like the one before it and the one after. Only much later can you see where they were going.
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How Money Buys Freedom
“As long as I live under the capitalistic system, I expect to have my life influenced by the demands of moneyed people. But I will be damned if I propose to be at the beck and call of every itinerant scoundrel who has two cents to invest in a postage stamp. This, sir, is my resignation.”
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