In May, President Trump signed the rewrite of the 2010 Dodd-Frank law passed earlier by Congress with rare bipartisan support. The bill is the biggest rollback of bank rules since the financial crisis. According to the new law, lenders with less than $10 billion in assets will be exempted from the Volcker rule that bans proprietary trading. Read More
Of course, in that event, the FED will probably stand ready to provide liquidity to market makers and banks, but now, after the shame of the 2007–2008 bailouts, they would face much more political heat if they do try to prop up the market now. So, they will likely hesitate and that means there first must be a panic… Unless Powell surprises me and preempts this and says next week that the FED will stand by to stabilize the markets.
Let's spin the time machine back to the late Middle Ages, at the height of feudalism, and imagine we're trying to get a boatload of goods to the nearest city to sell. As we drift down the river, we're constantly being stopped and charged a fee for transiting one small fiefdom after another. When we finally reach the city, there's an entry fee for bringing our goods to market. Read More

RATE AND REVIEW this podcast on Facebook.https://www.facebook.com/PeterSchiff/reviews/Surrendered Rest of Post-Election Gains in One DayAs I thought, it didn't take long for the markets to surrender all of the post-election gains. The Dow Jones today was down 602 points, so we've already lost it. It took one day. On my podcast on Friday I said ...…
This is money borrowed by (usually individual or “retail”) investors against their existing stocks to buy more stocks. Investors tend to do this when markets are rising and using leverage seems like an effortless way turbocharge their gains. But eventually the market turns down, leaving stock portfolios insufficient to cover related margin debt and generating “margin calls” in which brokers demand more money and/or start liquidating customer portfolios. This sends the market down sharply and indiscriminately, as fairly-valued babies are dumped along with overvalued bathwater. The result: a quick, brutal bear market. Read More
Peoples’ enthusiasm is understandable: From 1965 to 2017, Buffett’s Berkshire share achieved an annual average return of 20.9 percent (after tax), while the S&P 500 returned only 9.9 percent (before taxes). Had you invested in Berkshire in 1965, today you would be pleased to see a total return of 2,404,784 percent: an investment of USD 1,000 turned into more than USD 24 million (USD 24,048,480, to be exact). Read More
A new survey of 375 US chief financial officers, which is in the latest Financial Analysts Journal, found earnings’ “misrepresentation” tended to be large, approximating to 10 per cent of reported earnings. Usually, companies exaggerate earnings, although profits are deliberately lowballed in a third of cases; by establishing “cookie jar reserves” that reduce current profits, firms can later boost earnings by releasing reserves.
All international problems are currently suspended, awaiting the results of the US mid-term elections. The partisans of the old international order are gambling on a change of majority in Congress and a rapid destitution of President Trump. If the man in the White House holds fast, the protagonists of the war against Syria will have to admit defeat and move on to other battle fields. On the other hand, if Donald Trump should lose the elections, the war on Syria will immediately be revived by the United Kingdom. Read More
“Back in the heyday of the old Soviet Union, a phrase evolved to describe gullible western intellectuals who came to visit Russia and failed to notice the human and other costs of building a communist utopia. The phrase was “useful idiots” and it applied to a good many people who should have known better. I now propose a new, analogous term more appropriate for the age in which we live: useful hypocrites. That’s you and me, folks, and it’s how the masters of the digital universe see us. And they have pretty good reasons for seeing us that way. They hear us whingeing about privacy, security, surveillance, etc., but notice that despite our complaints and suspicions, we appear to do nothing about it. In other words, we say one thing and do another, which is as good a working definition of hypocrisy as one could hope for.”—John Naughton, The Guardian Read More
Publisher’s Note: If you’re not averaging double-digit percentage gains on your investments, it’s worth your time to check out Nicholas Vardy’s portfolio strategy. You can learn about his two most recent recommendations — both up over 50% in just the last few months — along with his favorite “wealth-compounding machine” — here in his updated research report. Click here to keep reading.
Hoover, on the other hand, apparently became convinced that bear raids on the stock market were intended to damage his presidency. In April 1932, a French stock market rag was raided by Paris police, its female editor accused of being in the pay of Russian and German interests who were trying to induce a panic on the New York market. In desperation, Hoover ordered the Senate to open an investigation into the affairs of Wall Street.
I don't believe Clancy actually wrote this book. It isn't like his prior Ryan books. It's over 1000 pages, and if you deleted all the "f" words, it probably would have been 100 pages shorter. Not having references to sex and whores/prostitutes could have cut another 100 pages. He could have been just fine not adding useless filler to demonstrate his knowledge of history. I had a hard time even getting interested in it and almost gave up about 10 chapters into it. It finally did pick up and I stayed the course, despite multiple typo errors and repeated statements in different parts of the book. Evidently, even the editors couldn't get through it all. Very disappointing. I ordered two more of the books in the series at the same time and really hope they are much better (written by Greany). Of the 13 books that I have read of the Ryan/Ryan JR/Clark series of books, this is the first one I've given a negative rating on, as I normally love his books.
His place was taken by Daniel Drew, also known as the “Great Bear”, “Ursa Major”, and the “Sphinx of Wall Street”. Drew was described by a contemporary as “shrewd, unscrupulous, and very illiterate – a strange combination of superstition and faithlessness, of daring and timidity – often good-natured and sometimes generous.” He was the great rival of Cornelius Vanderbilt and a sometime partner of Jay Gould.
So when the sky really starts to fall, smart places for serious money could be a simple money market (cash equivalent).  You won't make much, but at least you won't lose anything either!  Think of it like a lightning storm over a football field where your investments are the players on the field.  Sometimes it's best to put your team in the locker room so no one gets hit by lightning!
In addition, during World War II, the Empire of Japan considered wildfires as a possible weapon. During the spring of 1942, Japanese submarines surfaced near the coast of Santa Barbara, California, and fired shells that exploded on an oil field, very close to the Los Padres National Forest. U.S. planners hoped that if Americans knew how wildfires would harm the war effort, they would work with the Forest Service to eliminate the threat.[7][16] The Japanese military renewed their wildfire strategy late in the war: from November 1944 to April 1945, launching some 9,000 fire balloons into the jet stream, with an estimated 11% reaching the U.S.[23] In the end the balloon bombs caused a total of six fatalities: five school children and their teacher, Elsie Mitchell, who were killed by one of the bombs near Bly, Oregon, on May 5, 1945.[24] A memorial was erected at what today is called the Mitchell Recreation Area.
usage: Since the latter part of the 18th century, a distinction has been made between born and borne as past participles of the verb bear. borne is the past participle in all senses that do not refer to physical birth: The wheat fields have borne abundantly. Judges have always borne a burden of responsibility. borne is also the participle when the sense is “to bring forth (young)” and the focus is on the mother rather than on the child. In such cases, borne is preceded by a form of have or followed by by: She had borne a son the previous year. Two children borne by her earlier were already grown. When the focus is on the offspring or on something brought forth as if by birth, born is the standard spelling, and it occurs in passive constructions and in adjective phrases: My friend was born in Ohio. No children have been born at the South Pole. Abraham Lincoln, born in Kentucky, grew up in Illinois.
RATE AND REVIEW This Podcasthttps://itunes.apple.com/us/podcast/the-peter-schiff-show-podcast/id404963432?mt=2&ls=1Alex Jones BannedAlex Jones was banned from iTunes, Facebook, YouTube - his entire YouTube Channel is gone! He had over a million subscribers. The Alex Jones videos on my YouTube channel where I appeared as a guest are still up, bu ...…
If you believe that there will be a significant change in global economic paradigms over the next 10 years, consider this book as part of developing an applicable investment strategy. Basically the author is focusing on commodities as they will do well in an inflationary period and, reading between the lines, commodities never go to zero (unless one is so leveraged up that one is forced to sell when commodities sell). Fortunately for us small investors the author does provide a road map to utilize his strategy by way of ETFs. With the government rolling the printing presses to shore up and stimulate our economy, inflation will result. This book examines the issues with inflation and how to invest in response.
2015–16 stock market selloff 18 August 2015 The Dow Jones fell 588 points during a two-day period, 1,300 points from August 18–21. On Monday, August 24, world stock markets were down substantially, wiping out all gains made in 2015, with interlinked drops in commodities such as oil, which hit a six-year price low, copper, and most of Asian currencies, but the Japanese yen, losing value against the United States dollar. With this plunge, an estimated ten trillion dollars had been wiped off the books on global markets since June 3. [30] [31] [32]
Major international comparisons have long concluded that Americans’ ability to effectively utilize mathematics is inadequate. Such conclusions divide students, parents, teachers and administrators into camps that share little more than blaming others for the problems. However, it is unclear whether all the finger-pointing indicates a real desire to overcome our innumeracy. In fact, we systematically misuse numbers to distort reality because we want to fool ourselves, making our ineptitude no surprise.

In detailing lessons learned from the 1930s and 1970s—and from the ways people invested when other economies experienced high inflation, collapsed markets, and rising interest rates coupled with declining currencies—The Little Book of Bull Moves in Bear Markets shows you how to successfully implement various bull moves so that you can preserve, and even enhance, your wealth within a prosperous or an ailing domestic economy. Strategies include a top-down investment approach; cutting expenses where you can; buying high-yielding equities in resource-rich and rapidly growing foreign markets; and investing in commodities, natural resources, and precious metals. Plus, at the end of each chapter, Schiff provides you with witty and insightful "parting words" that provide core advice for you to use as you work toward growing your wealth in any market environment.


What we can expect is that without renewed buying pressure to continue the trend upward — unlikely given the risk numbers and new downward trend — that the market has quite a large potential drop that it can sustain in coming months or quarters. The bottom of the range is around 1200 on the S&P 500 — over a 30% drop from here. Due to all of the intervention of central banks and governments recently and likely coming, I don't expect the S&P 500 will fall any further than about 1200 and might not quite make it all the way there at all, as there is a lot of money on the sidelines. Investors need to be aware of that risk, though.
One thing that turns a correction into a bear market can be investor psychology. Since much of investing, especially in the short term, is about trying to guess what other investors may be thinking and react accordingly, selling can breed more selling. That is, people who think other people are selling may try to get out of positions before they lose more value, depressing stock prices in the short term.
The past two years have seen a rather aggressive change in corporate policies toward the very customers they used to covet. Not long ago, CEOs tended to keep their political views mostly in the closet. Companies remained publicly neutral because their goal was first and foremost to make money. When they wanted to influence politics or social norms, they bought politicians — you know, the good old-fashioned way. The big banks still do this by funneling cash to both Republicans and Democrats alike
If I were the devil, I would desire the most efficient system of governance whereby maximum control could be exerted over the greatest amount of people at any given time. I would identify those who stood in my way and take them down either by force or subversion.  There would be no room in my world for individuality, free thought, or vain imaginings of anything, or anyone, more powerful than me.  As an orchestrator of chaos, the only unity I could tolerate would be that which served both my means and ends.

In my News and Views from the Nefarium last Thursday (Jan 11th), I prefaced my remarks about the Franco-Chinese summit by pointing out that these past two weeks have seen some strange stories, stories suggesting that while the war between the great powers for hegemony may not have gone hot, it's at least much warmer than before. For example, in the space of a few days, we've seen (1) the US launch, and as quickly lose, a classified space satellite; (2) ships colliding in the Aegean Sea and in the Persian Gulf, and (3) Russia shoot down over a dozen drones which it claims "Syrian militants" shot at Russian bases. Read More
At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. That assumes I have zero cost of goods sold, which is very hard for a computer company. That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes, which is very hard. And that assumes you pay no taxes on your dividends, which is kind of illegal. And that assumes with zero R&D for the next 10 years, I can maintain the current revenue run rate. Now, having done that, would any of you like to buy my stock at $64? Do you realize how ridiculous those basic assumptions are? You don’t need any transparency. You don’t need any footnotes. What were you thinking? Read More
Unfortunately for the Fed, monetary tightening has become more powerful because of the debt. Lacy mentioned in his latest quarterly review that, “Excessive debt, rather than rendering monetary deceleration impotent, actually strengthens central bank power because interest expense rises quickly. Therefore, what used to be considered modest changes in monetary restraint that resulted in higher interest rates now has a profound and immediate negative impact on the economy.”
The above chart may not seem like a big deal to some but keep in mind the United States had never witnessed a year over year drop in nationwide home prices since the Great Depression.  Not only has that been surpassed but home prices are now back to levels last seen 8 years ago.  The lost decade is now nipping at our heels but what about two lost decades like Japan?
One of the strangest things about this strangest-ever expansion has been the way pretty much everything went up. Stocks, bonds, real estate, art, oil – some of which have historically negative correlations with others — all rose more-or-less in lock-step. And within asset classes, the big names behaved the same way, rising regardless of their relative valuation.
The indicator I use to get a broader, real-time measure of inflation is the New York Fed’s Underlying Inflation Gauge (UIG). This gauge captures sustained movements in inflation from information contained in a broad set of price, real activity, and financial data. In December, the UIG hit its highest level since August 2006, as the below chart shows.
As I mentioned last week, I no longer feel that it is prudent or productive to discuss solutions to our economic woes. The problems that we already, or are about to face are no longer solvable. The system has been damaged to such an extent, that it cannot be fixed. The series of events that is responsible for the deterioration, decimation and decay of our economic system has already occurred. The genie, so to speak, cannot be put back in the bottle. Therefore, I think we should focus on strategies that might enable us to adapt and adjust in a manner that will allow the reset to be as painless as possible. Read More
Robert J. Shiller, a 2013 Nobel laureate in economics, is Professor of Economics at Yale University and the co-creator of the Case-Shiller Index of US house prices. He is the author of Irrational Exuberance, the third edition of which was published in January 2015, and, most recently, Phishing for Phools: The Economics of Manipulation and Deception, co-authored with George Akerlof.
Silver prices peaked in 2011. The descent has been long and tedious. Perhaps silver prices made an important low on September 11, 2018, like they did on November 21, 2001 at $4.01. That long-term low was twenty cents below the price on September 11, 2001, the day the twin towers fell at free-fall acceleration, which marked the beginning of the silver bull market that launched prices upward by factor of 12.

They’ll spend tens of thousands on a down payment. Go in debt to the order of hundreds of thousands. Or stay in their sinking real estate while shelling out thousands every month that they could be saving. But they’ll never give my question any serious brainpower and at least think through the consequences before committing themselves to eternal debt peonage.
Rather than write on a planned topic, I received at least 20 e-mails yesterday on the same subject so had to switch gears. The e-mails were all panicky because an analyst who works in the precious metals industry suggested that silver will not perform as gold will in the coming reset. I feel the need to address this because I believe it is faulty analysis and may have motivation behind it. I will not name the analyst but can be easily discerned.
The dam has broken….Even uncle Rush is reporting what hes read here and the WSJ guys are using it as well. We all know SD is the one journalist who is for real… I stay here for my facts and info…….Rush discussed Carter Page and is leaving stuff out I think I read…. It was a Title 1 Fisa which meant they deemed Carter a Russian spy allowing the huge net they threw out on trump…Also Carter worked with the FBI a few years back and they convicted a Russian guy. They makes a clear association… Carter voluteered for the Campaign. So he’s a spook to me……….Is that all correct what I so un eloquently described.
By a very wide margin, this is the most optimistic that Americans have been about the future since I started The Economic Collapse Blog in late 2009.  Even though the middle class is shrinking, 102 million working age Americans do not have a job, and we are now 21 trillion dollars in debt, most people are feeling really good about things right now.  Especially among Republicans, there is an overwhelming consensus that the United States is starting to head in the right direction and that better times are ahead.  As a result, so many of the exact same people that were “prepping” while Barack Obama was in the White House are now partying now that Donald Trump is president. Read More

Today, the S&P 500 fell by more than 3%, the Dow lost more than 2%, and the tech-heavy Nasdaq fell 4.4%, its biggest one-day drop since 2011 (paywall). Benchmark US stock indexes are on track for their worst month in years, in some cases all the way back to the 2008 financial crisis. The Nasdaq and small-cap Russell 2000 are both now in “correction” territory—that is, down more than 10% from recent highs.
This is just the beginning of a long trip that will take us to South America (where we get to see a financial crisis underway in Argentina)… Germany (where we hope to find out more about how Germans are preparing to tighten up at the European Central Bank)… and Bermuda, where we are scheduled to give a speech to a group of readers at the Legacy Investment Summit. Read More
I want you to understand this. This was no speedy drive by. This was a 16-hour trip, by two U.S. warships enforcing their right to travel international waters -- waters that China would obviously dispute the use of the word "international" as descriptive. The U.S. ships were shadowed by Chinese warships. This is cold war behavior. Been there, done that.
Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron’s, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He’s also the author of the bestselling books: Crash Proof 2.0, The Little Book of Bull Moves in Bear Markets:, and The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country.
The biggest of all BIGGER story aspects to the HPSCI Memo, in all coverage, has been overlooked by all Main Stream Media.  The Department of Justice FBI FISA request was for “Title I” surveillance authority.  This is not some innocuous request for metadata exploration – the FBI said American citizen Carter Page was a “foreign agent of a hostile foreign government”; the FBI was calling Carter Page a spy.
*** Since the attacks, we at the Daily Reckoning – as stunned as the next group of conspirators – have been asking a question similar to one I’m sure has crossed your mind at least once: “Why?” The Sovereign Society’s John Pugsley offers one point of view: “It is not hatred for freedom or materialism that caused terrorists to sacrifice their lives.” Pugsley quotes Joseph Sobran: “You delude and flatter yourself if you think someone hates you for your virtues.”

Lost in the largely meaningless political Kabuki theatre being staged on Capitol Hill is the fact that the economy is deteriorating. Real average weekly earnings in July declined for production and non-supervisory workers. It was down 0.01% from June to July and down 0.22% from July 2017. For all employees, real average hourly earnings declined 0.20% from June to July but was flat year over year. Read More
It is difficult to find the words to describe just how serious America’s trade war with China is becoming.  As you will see below, the two largest economies on the entire planet are on a self-destructive course that almost seems irreversible at this point.  The only way that this trade war is going to come to a rapid conclusion is if one side is willing to totally submit and accept an extremely bitter and humiliating defeat on the global stage, and that is not likely to happen.  Read More
My hope is that President Trump will read Knowledge and Power and give a copy to all cabinet members—as Ronald Reagan did with Wealth and Poverty. Maybe I’m too optimistic, but if we began basing economic and monetary policy on George’s information theory of economics, I believe there would be a complete revitalization of the American entrepreneurial spirit.
The Democratic Party has steered itself into an exquisitely neurotic predicament at a peculiar moment of history. Senator Bernie Sanders set the tone for the shift to full-throated socialism, and the primary election win of 28-year-old Alexandria Ocasio-Cortez in a New York congressional district seems to have ratified it. She promised voters free college tuition, single-payer health care, and free housing. Ah, to live in such a utopia!
Myriad changes to the financial structure have seemingly safeguarded the financial system from another 2008-style crisis. The big Wall Street financial institutions are these days better capitalized than a decade ago. There are "living wills," along with various regulatory constraints that have limited the most egregious lending and leveraging mistakes that brought down Bear Stearns, Lehman and others. There are central bank swap lines and such, the type of financial structures that breed optimism. Read More
The “agreement” Ramsey sees comes from a number of major equity indexes hitting new highs at the same time. Not only have the Dow DJIA, +1.46% S&P 500 SPX, +1.55% Nasdaq COMP, +2.06% and Russell 2000 RUT, +1.21%  been hitting repeated records of late, but so have a number of closely watched sectors, including transports DJT, +1.04% utilities DJU, +0.59%  (which hit a record in September), and financials XLF, +2.08% which are trading at a 10-year high.
We are nearly a year into Donald Trump’s presidency, and the economic numbers continue to look quite good.  On Monday, we learned that U.S. retail sales during the holiday season are projected to be way up compared to 2016.  Yes, there are all sorts of economic red flags popping up all over the place, and I write about them regularly.  And without a doubt, 2017 has been one of the worst years for brick and mortar retail stores in a very long time.  But when something good happens we should acknowledge that too, and many are giving President Trump credit for the fact that retail sales are projected to be up 4.9 percent this holiday season compared to last year... Read More
Sorry this is all over the place, but there are multiple converging streams here. And as DHB constantly reminds us, there is absolutely no reason to believe that in an economy built on gambling, scamming, and computer automated profit skimming, ANYTHING is going to accrue bubble-type benefits to just you and me, anytime soon. Least of all your house.
Last week, we shined a spotlight on a crack in the monetary system that few people outside of Switzerland (and not many inside either) were aware of. There is permanent gold backwardation measured in Swiss francs. Everyone knows that the Swiss franc has a negative interest rate, but so far as we know, Keith is the only one who predicted this would lead to its collapse (and he was quite early, having written that in January 2015).
“Historically, the average bear market has lasted only 71 days,” he says. “As a result, most investors miss a major part of a market rebound when they shift into defensive sectors. They are slow to shift out of these defensive sectors and typically will lag overall market returns. We seek to consolidate into selected high-quality growth companies during market corrections.”

The United States is effectively bankrupt, but that doesn’t matter to the GOP. Once evangelists of fiscal responsibility and scourges of deficit spending, Republicans today glory in spilling red ink. The national debt is now $20.6 trillion, greater than the annual GDP of about $19.5 trillion. Alas, with Republicans at the helm, deficits are set to continue racing upwards, apparently without end. Read More
5. Historically, housing has generally kept up with inflation (whereas stocks have generally performed negatively in real terms—which takes into account inflation). For example, look at the negative real returns on stocks during the 70’s; compare that to real value of housing that stayed flat during the 70’s (housing prices moved up in line with inflation).
Good read. I have read several of Mr. Kratter's works. His rules for trading keeps you focused and I have learned some good lessons from each of them. While I am not much of a 'short seller', I have made some decent money recently trading put options. If we are headed for a bear market this is a good book to help you make some money while others are just gritting their teeth!
Early on, people who knew a lot about FISA pointed out that the FBI’s investigation of “russia collusion” was not a criminal investigation but a counterintelligence investigation. I guess the rules for each type are different. For example, in a counterintelligence investigation the goal could be to identify all of the members of a given spy network etc. So, perhaps Page was simply their Trojan Horse / excuse to spy on many many people.
         I feel that the market is at it’s worst as far as the quailty of available homes at “Fair” prices – we realize that we will lose money, that’s a fact! Also, the sale will unfortunatly bolster the false values of the market. As the Doc’s readers know far too well, the stars have aligned and the wave is comming soon, prices will move further downward to a point of equalibrium with incomes, inventory, supply and demand. It looks like the banks will fight the whole way down delaying a natural correction. Folks have far too much debt into thier properties to make Short sales, preforclosers, forclosures sales work and finding folks who’ve lived many years in the same home with a good amount of equity to negociate with are very rare and thier homes are seldom Gems. 
I decided that before I sat down to write the weekly recap and outlook for the gold and silver markets that I would go to a few of the great commentary sites such as Streetwise, 321Gold, Goldseek and Gold-Eagle and read what the other “experts” are saying about the precious metals markets before I attack the keyboard. Earlier in the week, I had been working on a Western Uranium Corp. story and was astounded how stress-free it was writing about an energy deal as opposed to a sound money deal. Read More
“The big lesson of history is that we have run the experiment of hyper-globalization before. In the late 19th century, many of the forces we are seeing [today] were at work: International migration reached levels we have begun to see again, the percentage of the US population that was foreign born reached 14%, and free trade and international capital flows reached new heights. At the time, the 1% were tremendously happy. Unfortunately, they underestimated the backlash that happens when globalization runs too far. The populist backlash [in the late 19th century] was just the beginning of a succession of crises that culminated in 1914 with WWI. War can be global too, and we will know the Liberal International Order has failed when it does what the last one did, and that is to produce a major conflict.”

This week’s collapse of the Turkish lira has dominated the headlines, and it is widely reported that this and other emerging market currencies are in trouble because of the withdrawal of dollar liquidity. There are huge quantities of footloose dollars betting against these weak currencies, as well as commodities and gold, on the basis the long-expected squeeze on dollar liquidity is finally upon us. 
The United States is effectively bankrupt, but that doesn’t matter to the GOP. Once evangelists of fiscal responsibility and scourges of deficit spending, Republicans today glory in spilling red ink. The national debt is now $20.6 trillion, greater than the annual GDP of about $19.5 trillion. Alas, with Republicans at the helm, deficits are set to continue racing upwards, apparently without end. Read More
Jim:      Well, Jay Powell has one commanding credential. And that credential is the absence of a PhD in economics on his resume. I say this because we have been under the thumb of the Doctors of Economics who have been conducting a policy of academic improv. They have set rates according to models which have been all too fallible. They lack of historical knowledge and, indeed, they lack the humility that comes from having been in markets and having been knocked around by Mr. Market (who you know is a very tough hombre).
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