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2024 Gold Outlook Report |
The state of Illinois owes $271B (See here). That they acknowledge. This is owed to someone. Now their credit rating is downgraded again. People should be thinking about the creditors. Who are they? I don’t mean vendors of supplies purchased by the state. I mean the bondholders, not just who own state debt but who […]
Here is a chart of new homes sold, courtesy of the St. Louis Fed.
After 20 years of trying to fight deflation, and 10 or 11 rounds of Quantitative Easing, now Japan is trying the same thing again and expecting a different result. Aside from proving that they are insane, it also proves that the widely accepted theory (rising money supply = rising prices and falling currency) doesn’t work. […]
Here is what Deflation is really about… – falling real estate values – falling stock market values – falling employment – falling banking system – falling incomes – falling economy That’s why governments and central banks are trying so hard to fight it (in vain). http://www.reuters.com/article/2013/01/21/us-spain-banks-protests-idUSBRE90K0N920130121
There is no way to make SS “actuarially sound”, and there is no way for the government to massively distort the economy in a “business friendly way.” It is not possible to make a sound annuity under an irredeemable currency. The interest rate is falling, which means dwindling income for the annuity. And of course […]
Zero Interest Rate Policy isn’t just bad for savers and those living on a fixed income, in other words the people. It is also bad for banks. Net Interest Margin, which should be a major profit center at a bank, if not the profit center, is negative at JP Morgan. JPM Beats Thanks To Ongoing […]
Sandy Relief passes the House today The total is now over $50B. That’s over $150 for every man, woman, and child in the country. Most children don’t work. Many people are retired. There are people in jail, on the dole, and who work for the government including military (whose cannot by definition help pay for […]
Be Careful What You Wish For The German central bank is withdrawing its gold on deposit at the Federal Reserve and bringing it back to Germany (It Begins: Bundesbank To Commence Repatriating Gold From New York Fed). Most gold bugs are thinking about the gold “price” measured in dollars. They think that this will likely […]
Obama’s Treasury decides against the trillion dollar coin. Both parties and their voters want the spending to continue. The only real debate is over the pork and scoring points for one’s team. Obama must feel he’s got the leverage to make the Republicans tap out. http://www.businessinsider.com/treasury-rules-out-trillion-dollar-platinum-coin-2013-1
The problem with GDP is that government consumption of private capital is positive. The problem with government gradually taking over all aspects of the economy is that even a small cut in spending will send workers to the unemployment line and shutter businesses. http://www.zerohedge.com/news/2013-01-11/35-us-2013-gdp-could-evaporate-due-enacted-tax-hikes
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