On Friday, everything went down. Well, almost everything. The Dow fell 261 points. Gold dropped $22. Copper. Oil. The dollar. You name it; it went down.
Unless you name US Treasury bonds â€“ which were up!
What does this mean? Maybe nothing. But since it accords with the direction we think the markets ought to be taking, weâ€™ll say itâ€™s a trend. Itâ€™s a Great Correction. Asset prices go down. Cash goes up.[Read more...]
Part II of our speech in Las Vegas, in which we explain why the US will go broke:
What does it mean when the financial intelligentsia seems to have no idea what is going on? It means they’ve got the wrong idea about the way things work…and probably no incentive to have the right one.[Read more...]
Financial Times: US Household Debt Falls for First Time Since WWII
Yes, dear reader, we have been a voice howling in the wilderness. First the wilderness around the Café des Dames in Paris’s 19th arrondissement…recently the wilderness of Bethesda, Maryland…and lately the wilderness near the Taj Mahal Hotel in old Bombay.[Read more...]