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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
Serial currency destroyer Argentina is hoping to break its now 30% annual rate of inflation by mandating a two month freeze on the price of supermarket products. The Commerce Ministry has gone so far as to set up a hotline so that consumers can join the fight by reporting any illegal price increases. Unfortunately this
The writing is on the wall for anyone who cares to take a look. The world’s central bankers are going to print until their currencies break. It’s the only way out of this global system of unsustainable debt. History tells us so, human psychology tells us so, and if you pay attention to the financial
The pure fantasy involved in Paul Krugman’s great scheme to save the economy jumped out in one of his recent blogs where he stated: “It’s true that printing money isn’t at all inflationary under current conditions – that is, with the economy depressed and interest rates up against the zero lower bound. But eventually these
There are certain major trends, be it in finance or governance, that only go in one direction, until they can’t. For anyone paying attention to the behind the headlines maneuvering of the central banks and their indebted governments, 2012 was a year of great clarity. There is simply no political will anywhere in the world
Hyperinflation could happen overnight is how Paul Craig Roberts, former Assistant Secretary of the Treasury in the Reagan administration, describes a future when the rest of the world no longer sees the dollar as a viable store of value. “All of a sudden, people walk into Walmart, as usual, and they think they’ve walked into
Uncharted Territory, LRC podcast #331 Bill Haynes and Lew Rockwell discuss why the US has avoided hyperinflation and why the dollar may long be the world’s reserve currency, despite the Fed’s promises of unlimited money creation. The Fed, as Lew notes, came into existence after major bankers met on Jekyll Island, Georgia, and formulated
