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How Shale Is Becoming The .COM Bubble Of The 21st Century
How Shale Is Becoming The .COM Bubble Of The 21st Century As I review the financials of one of the largest shale producers in the United States, Whiting Petroleum (WLL), I can’t help but notice the parallels to the .COM era of 1999 which, to some extent, has already returned to the technology and biotech […]
For Heaven’s Sake: Hedge!
For Heaven’s Sake: Hedge! If you’re not positioned defensively by now, you’re nuts Q: How do you make a small fortune on Wall Street? A: Start with a large fortune. ~ old investing adage Last fall, I wrote an article titled Defying Gravity that warned of the absurd price levels that stocks and bonds had risen to. […]
Why Markets Are Manic—-The Fed Is Addicted To The ‘Easy Button’
Why Markets Are Manic—-The Fed Is Addicted To The ‘Easy Button’ Later this week another Fed meeting will pass with the policy rate still pinned to the zero bound. The month of May will make the 77th consecutive month of ZIRP—–an outcome that would have been utterly unimaginable even a decade ago; and most especially not with the […]
When Exactly Will the Fed Launch QE4?
When Exactly Will the Fed Launch QE4? Money From Nowhere On Friday, the S&P 500 and the Nasdaq closed at record highs. It’s the first time both indexes have done so since December 31, 1999. Why such optimism? High profits, you say. But where do profits come from? Households have less money to spend than […]
A Mountain of Debt and no Growth
A Mountain of Debt and no Growth Too Many Geezers So far, we’ve proposed two reasons why the 21st century has been such a dud … First … the developed nations are cursed with too many geezers. We have nothing against old people (especially as we hope to be one ourselves all too soon). But […]
What Happens To US Shale When The Easy Money Runs Out?
What Happens To US Shale When The Easy Money Runs Out? Today we will take a look at both Whiting Petroleum (WLL) and Continental Resources (CLR) as far as their Bakken economics. Overall the numbers will show that, despite claims of low cash costs per MBOE ($16 or so for CLR) and high IRRs on […]
War—–The Birth And Health Of The State
War—–The Birth And Health Of The State In my essay “The Herd Mind,” I explained how “War is the health of the State,” according to Randolph Bourne: in particular, how war causes a country to regress from a diverse civilization to a uniform herd locked in fight-or-flight mode, and easily driven by the government. […]
Steen Jakobsen: Get Ready For The Biggest Margin Call In History
Steen Jakobsen: Get Ready For The Biggest Margin Call In History A recommendation to move to cash Economist Steen Jakobsen, Chief Investment Officer of Saxo Bank, believes 2015 will be another “lost year” for the economy. And he predicts the Federal Reserve will indeed start to raise rates later this year, surprising the market and […]
Money from Heaven, Path to Hell
Money from Heaven, Path to Hell What the Fed is going on?! The free-flowing money from the Fed appears to be “Money from heaven” at this point. And in some ways it absolutely is – but only if you take advantage of it personally and decide to protect yourself by locking in these “artificial” gains […]
Has The Fed Already Lost?
Has The Fed Already Lost? Growth is dying & the Fed has few options left Increasingly we live in a world of Now. Instantaneous access to digital real time data and news has simply become a given in our lives of the moment. You may be surprised to know that the Federal Reserve has taken notice. […]
Money Printing And The Bane Of Financial Engineering—–How The Biggest LBO In History Blew-Up
Money Printing And The Bane Of Financial Engineering—–How The Biggest LBO In History Blew-Up Financial engineering is one of the worst ills perpetuated by the Fed’s regime of cheap debt and money market subsidies for speculation. And these deformations are turbo-charged by the tax code which creates a powerful bias toward loading capital structures with […]
Modern-Day Monetary Cranks and the Fed’s “Inflation” Target
Modern-Day Monetary Cranks and the Fed’s “Inflation” Target One Bad Idea After Another Ben Bernanke is frequently in the news these days. The latest occasion concerns his opinion on the Fed’s “inflation” target, i.e., the target for the speed at which money should be debased relative to consumer goods in order to finally attain centrally […]
Modern-Day Social Engineers and Inequality
Modern-Day Social Engineers and Inequality Is Inequality a Bad Thing? We couldn’t believe what we were seeing when coming across the following headline at Reuters recently: “Fed’s Yellen says research needed to understand inequality issue”. Seriously? Maybe we can help the good chairwoman out a bit. First of all, human beings are already born unequal. With that we not […]
None Dare Call It Fraud—–Its Just A “Savings Glut”
None Dare Call It Fraud—–Its Just A “Savings Glut” They were jawing again this morning about the low “natural rate” of interest on bubble vision, implying that the workers of the world have succumbed to an atavistic fit of wild-eyed thrift. Gosh, the world is so inundated in a savings glut, averred Wall Street economist Ed McKeon, that the interest rate would […]
