Jul 25

Yellen: Where No Man Has Gone Before

Although Fed Chairwoman Janet Yellen said nothing new in her carefully manicured semi-annual testimony to Congress last week, her performance…

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Jun 27

Time To Do Less Not More

The current situation in Iraq is a modern tragedy. But in more practical terms it is a very stark illustration…

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Jun 23

The Bond Trap

The American financial establishment has an incredible ability to celebrate the inconsequential while ignoring the vital. Last week, while the Wall…

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Jun 18

Draghi Hits Savers To Salvage Faux Recovery

On June 5th, Mario Draghi, President of the European Central Bank (ECB), announced a package of measures, including a policy…

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Jun 13

Debt is No Salvation

Thus far 2014 has been a fertile year for really stupid economic ideas. But of all the half-baked doozies that…

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Jun 11

Is Inequality Caused by Capitalism or Statism?

The French economist Thomas Piketty has achieved worldwide fame by promoting a thesis that capitalism is the cause of growing…

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Jun 6

Snow Job

Economists, investment analysts, and politicians have spent much of 2014 bemoaning the terrible economic effects of the winter of 2014.…

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May 29

Piketty’s Envy Problem

There can be little doubt that Thomas Piketty's new book Capital in the 21st Century has struck a nerve globally.…

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May 22

See No Evil

In this week's release of the minutes from its April 29-30 meeting, Federal Reserve policymakers made clear that they see…

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May 20

The Belgian Connection

One of the biggest questions at the end of 2013 was how the Treasury market would react to the reduction…

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May 14

Washington Hates Carrots, Loves Sticks

A widely-held maxim tells us that money tends to flow from where it is treated badly to where it is…

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May 7

And the Band Played On

After three months of consistently disappointing jobs numbers, the markets were as keyed up for a good jobs report as…

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Apr 29

The Debate Debate

While there is wide agreement that the cost of college education has risen far faster than the incomes of most…

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Apr 18

Investors Ignore Frightful Geopolitics

When the former Soviet Union collapsed almost 25 years ago, most global strategic forecasters assumed that the U.S. would adapt…

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Apr 10

Chinese Checkers with Gold Prices

For decades many of us in the hard money world have speculated that cloak and dagger activity by large financial…

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Apr 4

Meet “Lowflation”: Deflation’s Scary Pal

In recent years a good part of the monetary debate has become a simple war of words, with much of…

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Mar 21

Debt and Taxes

The red flags contained in the national and global headlines that have come out thus far in 2014 should have…

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Mar 11

Putin Plays for Keeps in Crimea

For those investors who have grown used to the relatively minor geo-political crises of the past few years, the developing…

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Mar 8

Weather or Not?

Everyone agrees that the winter just now winding down (hopefully) has been brutal for most Americans. And while it's easy…

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