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A Commentary on Giulio Cesare, an Italian opera

Peter McKenzie-Brown

"Cost Cutting" Is Necessary to Expand Real Investment

Frank Shostak
Some commentators regard cost cutting by companies in order to secure profits as a major threat to the economy. They hold that if everyone tries to cut costs and save more, demand for goods and services from retrenched workers will fall, which in turn will hurt corporate revenues and thus profits. This allegedly sets in motion new layoffs and again eats into revenues and makes profits disappear. The process supposedly continues until there are...

What If We Had A Gold Standard System, ...

Nathan Lewis
For most of the 182 years between 1789 and 1971, the United States embraced the principle of a dollar linked to gold — at first, at $20.67/oz., and then, after 1933, $35/oz. Nearly every economist today will tell you that was a terrible policy. We can tell it was a disaster because, during that time, the United States became the wealthiest and most prosperous country in the history of the world. This is economist logic. But, even if some...

Forced Liquidation

James Howard Kunstler
Historians of the future, pan-roasting fresh-caught June bugs over their campfires, may wonder when, exactly, was the moment when the financial world broke with reality. Was it when Nixon slammed the “gold window” shut? When “maestro” Alan Greenspan first bamboozled a Senate finance committee? When Pets.com face-planted 268 days after its IPO? When Ben Bernanke declared the housing bubble “contained?” If our reality is a world of human activit...

Diversification versus Risk

Frank Shostak
It is widely held that financial asset prices fully reflect all available and relevant information, and that adjustments to new information is virtually instantaneous. This way of thinking which is known as the Efficient Market Hypothesis (EMH) is closely linked with the modern portfolio theory (MPT), which postulates that market participants are at least as good at price forecasting as any model that a financial market scholar can come up wit...

Civilization’s Savior?

George F. Smith
President Trump and Congress plan to send up to $1,200 to most American adults to help them recover from the economic shock of being told not to work.  “Individuals making $99,000 or above or married couples making $198,000 or more would receive no check. People would receive an additional $500 per child.”  The so-called stimulus package would total $2 trillion, roughly 9% of the country’s GDP.   Are you curious about the source of the $2,00...

The New Way to Fight a War

Peter Schiff
While the country and the stock markets reel from the impact of the Coronavirus, many economists and politicians are calling for the government to fight the pandemic as if we had to fight the Second World War all over again. In his address from the Whi...

Goldman Projects a Catastrophic GDP Decline Worse than Great Depression

Mish

Fed Fires Bazooka of New Unlimited Market Interventions, Gold Soars

Mish

Japan's Service Activity Crashes to Lowest Level Ever

Mish

Open Borders

Lew Rockwell

Freaky-Deaky

James Howard Kunstler
I never subscribed to the nostrums of Marxism, but old Karl sure had a point when he said, “All that is solid melts into air, all that is holy is profaned, and man is at last compelled to face with sober senses his real conditions of life, and his relations with his kind.” Is that exactly where we’re at, or what? The hologram of capital that was not really there dissolves before our eyes. That capital, you understand, was our notion of how wea...

Homeschooling for Beginners

Nathan Lewis
There are a lot of children home from school now, and many parents who have essentially begun homeschooling. Here is a brief guide for how to do it. Homeschoolers rarely mimic regular school. Since it is late in the school year, all you really have to do is: complete the math curriculum for your grade, and do some good reading. In general, small children do not need very much instruction. Mostly, just leave them alone. Let them play. For...

Fail: Quantitative Methods Presume That Human Action Is Reflexive

Frank Shostak
Most economists consider the use of sophisticated mathematical and statistical methods key to understanding the complexities of economics. By means of mathematical and statistical methods, an economist establishes relationships between variables. For example, personal consumer outlays are related to personal disposable income and interest rates. Most economists would present this relation as a mathematical function: C=a*Yd – b*i C represents p...

Strength and Weakness

James Howard Kunstler
Happy Colorectal Awareness Month, everybody ­— in case you’re wondering why it feels like fate shoved a four-by-four up your nether region where the sun don’t shine. Millions around the country must be stunned at how bad this suddenly is. And every new morning seems worse than the last: Friday the Thirteenth meets Groundhog Day. Jobs and incomes instantly gone. Businesses staring into the abyss. Retirements vaporizing. Everyone stuck home alon...

No, Technology Shocks Aren't Behind Recurring Business Cycles

Frank Shostak
Economic fluctuations, also known as business cycles, are seen as being driven by mysterious forces that are difficult to identify. Finn Kydland and Edward C. Prescott (KP), the 2004 Nobel laureates in economics, decided to attempt to find out what the...

Treasury Market, Gold Go Haywire as Fed Struggles to Contain What’s Turning into Financial Crisis 2

Wolf Richter
If the Fed hadn’t spent a decade inflating such a mind-blowing Everything Bubble (that had already begun to wobble), the financial reactions wouldn’t be nearly as chaotic. By Wolf Richter for WOLF STREET: The sell-off among US Treasuries with 10-year m...

Things Have Changed

James Howard Kunstler
At least in wartime, the bars stay open. That’s how you know this is a different thing altogether from whatever else you’ve seen in your lifetime. Even those of us who signed up for this trip — that is, who expected a long emergency — may be a little bit in cosmic awe at just how much shit is flying into the ol’ fan. I know I am. The gods must have glugged down a mighty draft of Dulcolax. Did you get the feeling, as I did, watching the Sanders...

We Need Protection From “Fiscal QE”

Nathan Lewis
With markets and economies in turmoil, probably the last thing you were thinking about is the pending appointment of economist Judy Shelton to the Federal Reserve Board of Governors. But, you should think about it. Neither “easy money,” nor Keynesian-style public spending, can cure disease. But, they will try anyway. The gold market can already smell what is likely coming up. The dollar recently fell to seven-year lows vs. gold. Probably, t...

Don’t Stack Bricks

Nathan Lewis
We have been talking about “building your own college.” This means: creating new institutions, to replace existing colleges and universities. March 8, 2020: Build Your Own College We ended our first item by asking: what do we want this “college education” to consist of? What should be its contents? I will actually leave that topic aside for a little while now, to address some other topics related to basic conception. This “college”...

Black Swans, Dead Cats, Live Bats, and Goodbye to All That

James Howard Kunstler
Had enough excitement yet? At least the stock markets are following an established script: the bubble pops, the elevator drops, for a while it stops… and then investments sink to the deepest sub-basement, where they linger for long, long time. Hello, next great depression…. We know how that story goes, even if it hurts. This corona virus is something else. It engulfs whole populations in a fog of confounding narratives. Is it no worse than a b...

Will More Easy Money Strengthen the Ailing Economy?

Frank Shostak
In the Wall Street Journal article from February 21, 2020 “The Central Bank Advised to Use Tool Kits Aggressively during Trouble,” it is suggested that a group of top Wall Street economists recommend that central banks consider a more aggressive moneta...

The Coronavirus Won't Be the Cause of the Next Bust, but It Will Make It Worse

Frank Shostak
Global policymakers moved to ease public anxiety over the coming economic hit from the coronavirus as analysts warned of a severe slowdown in growth and a possible recession if the virus continues to spread. The US Federal Reserve cut interest rates on Tuesday, March 3, in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus. The central bank said it was cutting rates by a half percentage point to...

Why Sweden’s Negative Interest Rate Experiment Is a Failure

Frank Shostak
According to the Financial Times's February 20 article “Why Sweden Ditched Its Negative Rate Experiment,” economists are pondering whether Sweden’s central bank experiment with negative interest rate was a success. Sweden’s Riksbank, the world’s oldest central bank, introduced negative interest rates in early 2015. The reason given by central bank policymakers for the introduction of the negative interest was to counter deflation. Note that fo...

Things Take a Turn

James Howard Kunstler
Around the same time that most Americans set their clocks ahead this weekend, something more momentous shoved the world into an epic phase-change, and the modern era, with all its mighty baggage, was finally swept away, along with that single lost hour of darkness. We’re in a new world, and one night later, out on the freeway of history, the engine of the global economy threw a rod. The chauffeur is still standing alongside the stricken vehicl...

Doomsday

Lew Rockwell
Ron Paul talks to Lew Rockwell about what could be ahead.

Build Your Own College

Nathan Lewis
Conservatives are fools to send their own children to Leftist indoctrination camps known as “universities,” and actually pay for the destruction of their children’s minds and debauchery of their morals, typically with the hope that they will recover from this sometime later. Increasingly, conservatives themselves are coming to understand this. These institutions are too far gone. They will never be fixed. It is like trying to replace every par...

Things Get Interesting

James Howard Kunstler
They’re kidding, right? Joe Biden? The former vice-president and US champeen influence grifter came back from the dead this Super Tuesday to save the Democratic Party from Bernie Sanders Venezuelizing what’s left of America (after you subtract our awesome debt loads). Things that come back from the dead, of course, are generally not high-functioning, for instance: zombies. Isn’t that exactly what the party has got now in the person of front-ru...

The Ride Sharing War Has Officially Begun: Interview With Sayan Navaratnam

Oilprice.com
Uber transformed transportation when it spent a fortune turning ride-sharing into a mainstream mode of transportation. But the 2.0 version of ride-sharing is where the real disruption begins. It fixes everything that’s wrong and latches onto a mega-tre...

The Problem Is the Bubble, Not the Pin

Peter Schiff
With the markets shell shocked by of the worst weeks on record, analysts are split on whether investors are simply overreacting to the coronavirus epidemic or if we are confronting an actual existential threat to the global economy. While most epidemio...
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Latest Comments
Ayn Rand's Hymn To Money
01:14gfs543
Thank you, Professor Fekete, for an outstanding tribute to honest money.
Black Swans, Dead Cats, Live Bats, and Goodbye to All That
26 MarJ.
We will have to wait and see. It all comes down to demand. The current glut of supply will probably take a couple of years to clear. After that,...
Black Swans, Dead Cats, Live Bats, and Goodbye to All That
22 Marrokdok25
J - surely James' point is that shale oil is fundamentally uneconomic, in the past and certainly in the present. If and when the wheels of industry...
Things Have Changed
18 MarMr. Gnawbone
I enjoyed this article JHK, I been long expecting and have lived a full and beautiful life, but I raised my children to prepare and they are doing ...
Black Swans, Dead Cats, Live Bats, and Goodbye to All That
16 MarJ.
JHK - sometimes I wonder if you understand economics. Oil is cheap 'because' demand is down, and supply is way up. So, energy inputs to the ec...
Black Swans, Dead Cats, Live Bats, and Goodbye to All That
15 MarThemis0
I suspect Hillary, or her clone, is waiting in the Dem wings.
Like WTF? Gold Crashes with Stocks!
15 MarThemis
What I don't see in this article is a differentiation between the price of paper and physical gold, which I believe to be decoupling.
Doomsday
10 MarS W.
I drink 2 Coronas every evening and that is more than enough immunity IMO ? Maybe I will up it to 4 just in case. BTW if the shit really...
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From our Archives
History of Gold

April 2, 1792 : The US Coinage Act
History of Gold
The 1792 Coinage Act had an interesting provision under Section 19. SEC. 19. And be it further enacted, That if any of the gold o...
Fundamental

Mark Twain : Each must for himself alone decide what is right and what is wrong
Food for thought
"Each must for himself alone decide what is right and what is wrong, and which course is patriotic and which isn't. You cannot shirk...
Gold University

Burning Bridges And Halfway Houses
Antal E. Fekete
Fundamental

The Virtue of Hoarding
George F. Smith
Most people would admit to hoarding money only with a tinge of guilt, because to be a hoarder carries with it the suggestion of bein...
Gold University

Ayn Rand's Hymn To Money
Antal E. Fekete
Gold University

The Three Gold Camps
Bix Weir
I believe I have found a suitable starting point when I talk about Gold, and I’d like to share it with you to help explain “WHY” to ...
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
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announces expected non-cash impairment
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Advance Notice - Full Year Results Conference Call
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Second Quarter Results
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McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
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Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
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Reduced Funding Requirement
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Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
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d Share Capital and Voting Rights for Lundin Mining
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Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
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Q A April 2017 Quarterly Report
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Platinum Group Metals Ltd. Operational and Strategic Process ...
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