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A Convocation of Interventionists – Part 1
A Convocation of Interventionists – Part 1 Modern Economics – It’s All About Central Planning We are hereby delivering a somewhat belated comment on the meeting of monetary central planners and their courtier economists at Jackson Hole. Luckily timing is not really an issue in this context. Central bank headquarters: the Fed’s Eccles building, the […]
Gold Sector Correction – What Happens Next?
Gold Sector Correction – What Happens Next? The Long Awaited Correction is Underway The gathering of central planners at Jackson Hole was widely expected to bring some clarity regarding the Fed’s policy intentions. This is of course a ridiculous assumption, since these people have not the foggiest idea what they are doing or what they […]
Planet Debt
Planet Debt Low Interest Rate Persons She is a low-interest-rate person. She has always been a low-interest-rate person. And I must be honest. I am a low-interest-rate person. If we raise interest rates, and if the dollar starts getting too strong, we’re going to have some very major problems. — Donald Trump Two low interest rate persons! The Trumpsumptive president […]
When Government Controls All Wealth
When Government Controls All Wealth Sliding Into Absurdity BALTIMORE – Stock markets continued their rebound on Wednesday. The Dow rose 284 points… or just over 1.5%. London’s FTSE 100 Index was up 3.6%. And Europe’s equivalent of the Dow, the Euro Stoxx 50, was up 2.7%. No wonder the Dragon and his partners in crime […]
Going… Going… Gone! The EU Begins to Splinter
Going… Going… Gone! The EU Begins to Splinter Dark Social Mood Tsunami Washes Ashore Early this morning one might have been forgiven for thinking that Japan had probably just been hit by another tsunami. The Nikkei was down 1,300 points, the yen briefly soared above par. Gold had intermittently gained 100 smackers – if memory […]
The Fed Has Lost Its “Myth Magic”
The Fed Has Lost Its “Myth Magic” Myths Are Worth Wondering About Wondering is what we do, here at the Diary, especially wondering about myths. “Myths” are not necessarily untrue. They just can’t be known or proven in the way, say, that Archimedes could prove that the king’s crown was made of gold. Antiquity’s most famous […]
Free Money Leaves Everyone Poorer
Free Money Leaves Everyone Poorer Destroying Lives BALTIMORE – A dear reader reminded us of the comment, supposedly made by Groucho Marx: “A free lunch? You can’t afford a free lunch.” Groucho dispensing valuable advice Photo via imdb.com He was responding to last week’s Diary about the national referendum in Switzerland on Saturday. Voters will decide whether to […]
Bread and Circuses
Bread and Circuses Preposterous Initiative BALTIMORE – No whining and kvetching about the Deep State today. Instead, we sit at its feet, admire the cut of its jaw, and sing its praises. We are grateful to it… and not just as a source of amusement. In short, we delight in its incompetence. Excavation of the […]
Turning Stones Into Bread – The Japanese Miracle
Turning Stones Into Bread – The Japanese Miracle Stuffing the Futon Our friend Ramsey Su just asked what Haruhiko Kuroda and Shinzo Abe are going to do now in light of the strong yen (aside from perhaps doing the honorable thing). Isn’t it time to just “wipe out some debt with the stroke of a pen”? The […]
The Power Elite: Bumbling Incompetents
The Power Elite: Bumbling Incompetents Geniuses in Charge BALTIMORE, Maryland – Is there any smarter group of homo sapiens on the planet? Or in all of history? We’re talking about Fed economists, of course. Not only did they avoid another Great Depression by bold absurdity…giving the economy more of the one thing of which it clearly had […]
China’s Rolling Boom-Bust Cycle
China’s Rolling Boom-Bust Cycle Sweet Authoritative Nothings There is a mysterious figure making regular appearances in China’s government mouthpiece “People’s Daily”, which simply goes by the name “authoritative person” (AP). This unnamed entity always tends to show up with bad news for assorted speculators, by suggesting that various scenarios associated with monetary and/ or fiscal […]
The Cure is Worse than the Disease
The Cure is Worse than the Disease A Week to Remember Today we look back to the recent past with singleness of purpose. Context and edification for the present economy is what we’re after. We have questions… How come the recovery has been so weak? Why is it that, nearly seven years after the official […]
May Day Mayhem – Discontent on the Continent
May Day Mayhem – Discontent on the Continent Europe’s Political Class Under Fire All over Europe not only religious and national holidays are observed, but also a socialist holiday, which we always thought was a bit strange – and in a way quite telling (as far as we know, there is no holiday celebrating the free market). […]
Bank of Japan: The Limits of Monetary Tinkering
Bank of Japan: The Limits of Monetary Tinkering Damned If You Do… After waking up on Thursday, we quickly glanced at the overnight market action in Asia and noticed that the Nikkei had tanked rather noticeably. Our first thought upon seeing this was “must be the yen” – and so it was: June yen futures, […]
