Economy, spending, and debt
In my last post I talked about the problems with economic forecasting, with economists in general, and with the seeming inability of anyone to explain what in the heck is going on. Well, I believe I know what's going on. We are experiencing, and will continue to experience, a deep and prolonged deflation. But this [...]
There's a reason why the Constitution specifies that only gold and silver shall be money: paper currencies are too easy to print when you start to run low. The chief counterfeiter at the Federal Reserve is very good at proving the point. "Credit bubble" is a misnomer; what we are suffering from is the aftermath [...]
Or is it too late? One of the few pleasures of being an "outsider" financial pundit is watching your "mainstream" brethren (finally) abandon their orthodoxies. I have always believed, and have said to anyone who would listen, that the reason we are in this mess is because there is a critical mass of "economic thinkers" [...]
From WaPo Some of the nation's largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork - an admission that may open the door for homeowners across the country to challenge foreclosure proceedings. As head of Ally's foreclosure document processing team, 41-year-old Jeffrey Stephan was [...]
...remaining original member of the crack White House Economics Team. Bloomberg is reporting that Larry Summers is expected to quit his post as director of the president's National Economics Council after the November elections. Other members who've abandoned ship include Peter Orzag, who paddled away after announcing his resignation in June, and Christina Romer, who [...]
Bloomberg: Munger Says ‘Thank God’ Bailouts Came Before Handouts (Update1) I, for one, genuinely appreciate Mr. Billionare Munger speaking truthfully. "Charles Munger, the billionaire vice chairman of Berkshire Hathaway Inc., defended the U.S. financial-company rescues of 2008 and told students that people in economic distress should “suck it in and cope.” “You should thank God” [...]
One of the roles of the "world reserve currency" is its use as a primary currency of choice in settling international trade. This literally means that foreign trade, even between non-U.S. trading partners, is settled in U.S. Dollars. This is done advantageously by both trading partners; by the purchaser because dollars are readily available, and [...]
...why both so-called parties of fed dot gov don't want to deal with the illegal immigration issue: illegals are helping keep the Social Security system afloat. I've always known it was about demographics, but a recent WaPo article confirms it: by paying SS taxes but being ineligible to receive benefits, illegal immigrants are making a [...]
This is not to be construed as investment advice, nor is anything else I post here. Consult your financial expert before making any investment decisions. Are you still holding dollars? http://www.youtube.com/watch?v=xoYWlKnP6VI&feature=player_embedded
Alan Greenspan, before he sold out and became a tool: "In the absence of a gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. [...]
Top Ten Reasons Why Congress Hates the Tea Party & Patriot groups (and why you should register for the Oct. 8-9 Virginia Tea Party Patriots Convention at www.vateapartyconvention.com): 10. Most Tea Party & Patriot group supporters actually work for a living, and it’s human nature not to like people who are so very different from [...]
You might want to reconsider. Seems like Uncle Bucky is having some perception problems: Banks back switch to renminbi for trade A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China. HSBC, which recently moved its [...]
