The keen-eyed David Galland, Managing Director of Casey Research and regular contributor to The Daily Reckoning, notices something amiss.
[Read more...]Raising Taxes to Combat Recession: The Ultimate Fiscal Folly
July 20, 2010 By Leave a Comment
When I saw that Illinois cleverly solved its budget crisis by just not paying its bills, I knew that the end is near, or would be, if we still had a dollar that was not a stupid fiat currency, because nowadays it would be child's play for the Federal Reserve to just create as money as any state wanted! And they can do it in less time than it takes to tell you about it, too!
[Read more...]Emerging Markets vs. Submerging Economies
May 24, 2010 By Leave a Comment
We’re back in Paris. The flight on Air France was long, but not disagreeable. It was even better in the First Class cabin. Not that we were in it. But we were curious about the people who were.
Usually, on the Air France flight from Washington to Paris, you see a few rich people. You also see some people you wonder about. Typically, there is an African diplomat…or a hack bureaucrat from an international agency. Sometimes you will see a hip-hop star…or a fashion model. Or just someone who lucked into an upgrade.
[Read more...]Mr. Market Fantasy
April 1, 2010 By Leave a Comment
- “Dear Mister Fantasy play us a tune. Something to make us all happy.” When Stevie Winwood sang these lyrics in 1967, your 7-year old California editor took them at face value. The lyrics felt soothing and magical. Today, those same lyrics feel like a grim ode to U.S. fiscal policy.
[Read more...]US Economic Outlook: Default, Hyperinflation or Both
March 18, 2010 By Leave a Comment
Bill Bonner here at The Daily Reckoning reports that “Even if America taxed 100% of all household wealth, it would not be enough to put its balance sheet in the black”, which I note seems exactly right to me, and I am able to corroborate Mr. Bonner’s analysis because it seems to me that I seem to remember that just the federal budget deficit – alone! – would consume all federal income taxes paid by people and businesses!
[Read more...]US Economic Outlook: Default, Hyperinflation or Both
March 18, 2010 By Leave a Comment
Bill Bonner here at The Daily Reckoning reports that “Even if America taxed 100% of all household wealth, it would not be enough to put its balance sheet in the black”, which I note seems exactly right to me, and I am able to corroborate Mr. Bonner’s analysis because it seems to me that I seem to remember that just the federal budget deficit – alone! – would consume all federal income taxes paid by people and businesses!
[Read more...]
Markets at Work Discovering Worth
The markets continue trying to discover what things are worth. With so many things in motion, so much fog and so much doubt, they’re having a hard time. Every day seems to bring 100+ moves in the Dow.
Yesterday, the Dow rose 178 points. Investors paused. They heard rumors that maybe Greece wouldn’t hold a referendum on further austerity moves. They saw France and Germany twisting the Greeks’ arms.
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