Global Market Commentary, Analysis and Investments
Yesterday, Europe was back in the news. Whenever Europe is in the headlines, the headlines are bad. And the ideas behind the headlines are absurd. In fact, it is amazing how many crackpot ideas the press can throw at you in a single day.
The immediate problems in Europe were two:
First, it looked like Portugal was going the way of Greece. It would soon need another bailout, said the papers.
[Read more...]Today, we doff our caps to the folks at the European Central Bank. They’ve pulled off the perfect heist.
The euro-feds have opened the valves…turned on the spigots…and let nearly a half trillion euros worth of liquidity flow directly into the very same banks that have proven they can’t be trusted with a penny.
[Read more...]In a highly competitive field, the story of the past week was surely the announcement by a half dozen of the world’s largest central banks to engage in, what The Daily Reckoning’s Eric Fry described as, “institutionalized money-laundering.”
[Read more...]“I don’t care what the other kids are doing,” my mother used to say, “you’re not doing it!… If the other kids jumped off a cliff, would you?”
Until yesterday, I always thought her question was rhetorical. But now I realize the correct answer should have been “Yes.”
[Read more...]If I told you that I had $1.6 trillion on deposit at a local bank, you’d think I was not merely a member of the “1%,” but a member of the “1%” of the “1%.” (Can’t you just imagine the bitter jealousy the other 99% of the 1% would feel?)
But if I then mentioned that — oh by the way — I also owed $1.6 trillion to a bunch of people, you’d realize that I probably belonged to the lowest cohorts of the 99%, rather than the very highest echelon of the 1%. In other words, you’d realize that I wasn’t über-rich; but über-poor.
[Read more...]“Europe is in one of its toughest — perhaps the toughest — hours since World War II,” German Chancellor, Angela Merkel declared yesterday.
Who would argue with her?
The Second World War crippled the European economy. The victors suffered almost as much as the vanquished. Nearly ten years after the war ended, the British were still rationing sugar and meat.
[Read more...]“Europe is in one of its toughest — perhaps the toughest — hours since World War II,” German Chancellor, Angela Merkel declared yesterday.
Who would argue with her?
The Second World War crippled the European economy. The victors suffered almost as much as the vanquished. Nearly ten years after the war ended, the British were still rationing sugar and meat.
[Read more...]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.
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The Federal Reserve and Other Crimes Against Capitalism
New York Times writer, Steven M. Davidoff, recently dubbed the Federal Reserve, “the most successful hedge fund around.”
After reading the article, we concluded that Mr. Davidoff is the most creative financial writer around. As such, Mr. Davidoff may be the perfect apologist for today’s dysfunctional monetary “system.” Certainly, he possesses the cerebral alacrity to dodge whatever cold, hard facts may be standing in the way of a good story.
[Read more...]