Not much action in the markets on Friday. It was a helluva week, though. At the beginning it looked like Europe wouldn’t make it to the end. Yields were rising to dangerous levels. Greece was clearly bankrupt. Italy would fall too, unless Germany came to the rescue. And investors weren’t too sure about France.
[Read more...]The Economy Has Changed Expect Hopes, Dreams and Lifestyles to Follow
November 21, 2011 By Leave a Comment
The Illusion of Capital
November 11, 2011 By Leave a Comment
The world’s “faith-based” monetary system is breaking down before our eyes. Don’t be caught off guard.
Last week’s euphoria over the Euro bailout turned around sharply this week on news that the political situation in Greece is worsening. That’s been the pattern for months.
The grim reality is that “rescue plans” can’t fix what’s broken. The Western nations are suffocating under mountains of debt…and there are only two known “cures”: default or inflation.
[Read more...]The Unthinkable Removal of Quantitative Easing
April 27, 2011 By Leave a Comment
“The purpose of Newspeak,” George Orwell, wrote in his novel 1984, “was not only to provide a medium of expression for the worldview and mental habits proper to the devotees of Ingsoc [Orwell’s name for the ruling regime in 1984], but to make all other modes of thought impossible.”
[Read more...]A World of Deficit Spending Without Any Changes
April 4, 2011 By Leave a Comment
Junior Mogambo Ranger (JMR) Terry L. sent me the essay “Fiscal Armageddon in the USA” by C. Banesh, who reminds us that “Sometime between now and 2012 the US debt will equal the country’s Gross Domestic Product (GDP), the total market value of all the goods and services in our economy for an entire year.”
[Read more...]Dice Have No Memory: An Introduction
April 4, 2011 By Leave a Comment
It was 10 years ago, or a bit more, that I began writing the Internet series called The Daily Reckoning. The collection of essays and short notes you have in your hands developed over the course of the years that followed.
When I began, I was ahead of the innovation curve. I was blogging before blogs had been invented. Day after day, I watched what happened in the world of finance, economics, and politics. And day after day, I found myself entertained. I merely described what I saw happening.
[Read more...]Dice Have No Memory: An Introduction
April 4, 2011 By Leave a Comment
It was 10 years ago, or a bit more, that I began writing the Internet series called The Daily Reckoning. The collection of essays and short notes you have in your hands developed over the course of the years that followed.
When I began, I was ahead of the innovation curve. I was blogging before blogs had been invented. Day after day, I watched what happened in the world of finance, economics, and politics. And day after day, I found myself entertained. I merely described what I saw happening.
[Read more...]The Recovery Road Less Traveled
September 4, 2010 By Leave a Comment
With his toes in the sand and the cool waters of the Atlantic Ocean lapping gently at his feet, your editor can fairly say we have reached the end of our little Daily Reckoning Coast-to-Coast Correction Tour. So where to now for your Ho-Jo-hopping correspondent? Ahh, more on that below. First, some more important considerations…
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The Corruption of America
The numbers tell us America is in decline… if not outright collapse.
I say “the numbers tell us” because I’ve become very sensitive to the impact this kind of statement has on people. When I warned about the impending bankruptcy of General Motors in 2006 and 2007, readers actually blamed me for the company’s problems — as if my warnings to the public were the real problem, rather than GM’s $400 billion in debt.
[Read more...]