Global Market Commentary, Analysis and Investments
Dow up 198 points yesterday. Why? People think the Europeans are going to sort out their problems. But are they?
Europe is the world’s biggest economy. It is menaced by bank and government debt defaults. It is growing old and has far more social spending obligations than it can afford. It is paralyzed by competing national governments and decentralized financial institutions. It can say ‘drop dead’ in 17 different languages.
[Read more...]Question: How many finance chiefs does it take to perpetuate a monetary crisis?
Answer: Twenty…and all of them convened in Paris last weekend.
The finance chiefs from the “Group of 20” nations convened to propose and discuss various bailout schemes for the euro zone.
[Read more...]What happened last week?
The Great Correction gave notice: it’s not going away.
On Friday, the Dow rose 42 points. The gold price advanced towards $1,600. Oil seems to be headed for $100.
[Read more...]As we’re often speaking of zombies in these parts, it’s fitting that Friedrich A. Hayek and John Maynard Keynes are again back from the dead, and locked in their second battle rap, more than a year after their first rhyme confrontation.
[Read more...]Let’s face it, governments always try to ‘kick the can down the road'. Rather than deal with economic issues in the here and now, they prefer to postpone the pain. Unfortunately, in their attempt to avoid painful economic recessions, the policymakers sacrifice the purchasing power of their currencies and they end up creating even bigger troubles for the future.
[Read more...]A recent article by Michael Pento describes how the Great Depression explains the greater one still ahead. It’s a trap President Obama and Fed Chair Bernanke have gotten the nation into… now — when deleveraging is most needed — they instead choose time and again to increase debt in order to temporarily pump new life into a zombie economy.
[Read more...]Oh my…oh my…
Locusts…earthquakes…tornadoes… What next? Fire and Brimstone!
Theres a plague of locusts eating crops in Australia…
Earthquakes are becoming more common…after devastating quakes hit Haiti and then Chili.
We could definitely feel it in Buenos Aires, said our friends. It was very unsettling. The heavy blinds we have up outside began smacking against the house as if there were a wind storm. But there wasnt any wind.
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Debunking the Myth of the Great Recession
There is a rumor — which we started ourselves — that Captain Francesco Schettino of the Costa Concordia has been invited to join the Federal Reserve.
Obviously, in view of the recently released minutes of its meetings in 2006, the Italian ship’s captain and the Fed are meant for each other. Both are prone to error, cowardice and confusion.
[Read more...]