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As gold was being driven below $1500 earlier today, I received an email about an article titled “Gold’s irreversible trends driving it to $10,000.” The bullishness is based on the world’s central banks continuing to create money at rates never before seen, with some Establishment darlings (Paul Krugman, for example) calling for still more money
Significant in Shinzo Abe being elected Japan’s Prime Minister in December was his promise of a more liberalized monetary policy by the Bank of Japan in an effort to revive Japan’s stagnant economy. Last week, Haruhiko Kuroda, Abe’s appointee as the BoJ’s Governor, delivered in spades with a promise to double the yen in circulation
Now that Europe has reminded everyone that bank deposits are fair game for government confiscation in times of bank or State stress, I’m expecting to see demand for “real hard” assets picking up. And capital flight FROM JAPAN to productive assets to accelerate, including into gold. Quietly at first, then blatantly. (I believe it is
It’s really quite amazing to see the economic fallacies that are trotted out in support of the central banking/fiat money meme. This recent one attempts to blame rising wealth inequality and economic stagnation on the proliferation of robots in manufacturing and automation in general: The alarm over machines posing a real risk to jobs has
Too often, silver investors point to industrial demand for silver as their reason for buying silver. Likewise, critics of silver point to industrial demand when knocking silver. It has long been my position that the industrial demand for silver is a bonus but not the primary reason for going with silver when entering the precious
The evidence continues to mount that government spending kills the real economy. In the game of wealth redistribution, every dollar the government takes from the private sector is one less dollar spent by the private sector. For every job that the government creates, a job is lost in the productive economy. At best you could
In case you missed them, there were a couple of stories this week that revealed a great deal about the current state of our economy. The first was from Bloomberg concerning several leaked emails from Walmart executives. According to Jerry Murray, Walmart vice president of finance and logistics: “February MTD sales are a total disaster…
Stanley Druckenmiller is the former manager of Duquesne Capital, one of the most successful hedge funds ever. He recently gave a rare interview with CNBC in which he spoke about entitlement reform and the implications of our unsustainable national debt. Washington DC has a serious spending problem. One that will eventually lead to a dollar
Straight out of the dust bin of failed government policies comes the latest proposal from Obama to raise the minimum wage to $9/hour. Like so many other economic fallacies, at first glance it seems like a good idea — take the lowest group of wage earners and give them a raise. Not only does it
Our favorite Nobel prize-winning economist is back. In his latest missive, Paul Krugman tells us not worry about getting our financial house in order, but rather, to kick the can down the road and borrow and print more money. In fact, he says, it is the responsible thing to do. What I would like to
