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Can Switzerland Save the World?
Can Switzerland Save the World? Switzerland: Far from Flawless, but still a Unique Country – An Interview with Claudio Grass Our friend Claudio Grass has discussed Switzerland in these pages before, and on one of these occasions we added some background information on country’s truly unique political system (see “The People Against the Establishment” for […]
The Falling Productivity of Debt
The Falling Productivity of Debt Discounting the Present Value of Future Income Last week, we discussed the ongoing fall of dividend, and especially earnings, yields. This Report is not a stock letter, and we make no stock market predictions. We talk about this phenomenon to make a different point. The discount rate has fallen to […]
1987, 1997, 2007… Just How Crash-Prone are Years Ending in 7?
1987, 1997, 2007… Just How Crash-Prone are Years Ending in 7? Bad Reputation Years ending in 7, such as the current year 2017, have a bad reputation among stock market participants. Large price declines tend to occur quite frequently in these years. Sliding down the steep slope of the cursed year. [PT] Just think of […]
Federal Reserve President Kashkari’s Masterful Distractions
Federal Reserve President Kashkari’s Masterful Distractions The True Believer How is it that seemingly intelligent people, of apparent sound mind and rational thought, can stray so far off the beam? How come there are certain professions that reward their practitioners for their failures? The central banking and monetary policy vocation rings the bell on […]
Canada: Risks of a Parliamentary Democracy
Canada: Risks of a Parliamentary Democracy A Vulnerable System Parliamentary democracy is vulnerable to the extremely dangerous possibility that someone with very little voter support can rise to the top layer of government. All one apparently has to do is to be enough of a populist to get elected by ghetto dwellers. Economist and philosopher […]
Fed Quack Treatments are Causing the Stagnation
Fed Quack Treatments are Causing the Stagnation Bleeding the Patient to Health There’s something alluring about cure-alls and quick fixes. Who doesn’t want a magic panacea to make every illness or discomfort disappear? Such a yearning once compelled the best and the brightest minds to believe the impossible for over two thousand years. Instantaneous relief! […]
Janet Yellen’s 78-Month Plan for the National Monetary Policy of the United States
Janet Yellen’s 78-Month Plan for the National Monetary Policy of the United States Past the Point of No Return Adventures in depravity are nearly always confronted with the unpleasant reality that stopping the degeneracy is much more difficult than starting it. This realization, and the unsettling feeling that comes with it, usually surfaces just after […]
The Government Debt Paradox: Pick Your Poison
The Government Debt Paradox: Pick Your Poison Lasting Debt “Rule one: Never allow a crisis to go to waste,” said President Obama’s Chief of Staff Rahm Emanuel in November of 2008. “They are opportunities to do big things.” Rahm Emanuel looks happy. He should be – he is the mayor of Chicago, which is best […]
How to Make the Financial System Radically Safer
How to Make the Financial System Radically Safer Preventing the Last Crisis Clear thinking and discerning rigor when it comes to the twisted state of present economic policy matters brings with it many physical ailments. A permanent state of disbelief, for instance, manifests in dry eyes and droopy shoulders. So, too, a curious skepticism produces […]
Deep State First
Deep State First Lighting a Candle POITOU, FRANCE – On Tuesday, Donald Trump, president of all the Americans, said his country would spend more blood and money trying to force the Afghans to do what it wants them to do, whatever that is. If you are destined to stay on the Afghan plantation forever, might […]
Bad Ideas About Money and Bitcoin
Bad Ideas About Money and Bitcoin How We Got Used to Fiat Money Most false or irrational ideas about money are not new. For example, take the idea that government can just fix the price of one monetary asset against another. Some people think that we can have a gold standard by such a decree […]
How Dumb Is the Fed?
How Dumb Is the Fed? Bent and Distorted POITOU, FRANCE – This morning, we are wondering: How dumb is the Fed? The question was prompted by this comment by former Fed insider Chris Whalen at The Institutional Risk Analyst blog. They’re not the best map readers, that much is known for certain. [PT] [O]ur message to the […]
Monetary Madness and Rabbit Consumption
Monetary Madness and Rabbit Consumption Down the Rabbit Hole “The hurrier I go, the behinder I get,” is oft attributed to the White Rabbit from Lewis Carroll’s, Alice in Wonderland. Where this axiom appears within the text of the story is a mystery. But we suspect the White Rabbit must utter it about the time […]
The Three Headed Debt Monster That’s Going to Ravage the Economy
The Three Headed Debt Monster That’s Going to Ravage the Economy Mass Infusions of New Credit “The bank is something more than men, I tell you. It’s the monster. Men made it, but they can’t control it.” – John Steinbeck, The Grapes of Wrath Something strange and somewhat senseless happened this week. On Tuesday, the price […]
