Jul 25

Europe: Running on Borrowed Time

“I am sure the euro will oblige us to introduce a new set of economic policy instruments. It is politically…

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Jul 19

Productivity and Modern-Day Horse Manure

“They just use your mind and they never give you credit. It’s enough to drive you crazy if you let…

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Jul 16

It’s Not Over Till the Fat Lady Goes

For the vast majority of investors, portfolio returns are generated by the equity markets or at a minimum heavily influenced…

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Jul 6

A Week of Unseen Things

“In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series…

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Jun 27

Shoot the Dog and Sell the Farm

“If this were a marriage, the lawyers would be circling.” The Economist, My Big Fat Greek Divorce, 6/20/2015 Greece is again all…

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Jun 20

Public Pensions: Live and Let Die

When you were young and your heart was an open book You used to say live and let live… But if this…

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Jun 14

The People’s Republic of Debt

It wasn’t that many centuries ago that China was the absolute economic center of the world. That center gravitated to…

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Jun 6

Cleaning Out the Attic

Three weeks ago I co-authored an op-ed for the Investor’s Business Daily with Stephen Moore, founder of the Club for…

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May 28

World War D — Deflation

Everywhere I go I’m asked, “Will there be inflation or deflation? Are we in a bull or bear market? Is…

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May 16

Secular Versus Cyclical: Notes from SIC 2015

The consensus I’m hearing and reading from the 500+ attendees at the recent Strategic Investment Conference is that this was…

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Apr 27

The Third and Final Transformation of Monetary Policy

The law of unintended consequences is becoming ever more prominent in the economic sphere, as the world becomes exponentially more…

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Apr 21

Half a Bubble Off Dead Center

I can sense a growing unease as I talk with investors and other friends, from professional market watchers and traders…

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Apr 9

Economists in Glass Houses

For many economists, the chicken and egg question is, which came first, consumption or production? What drives growth? Let’s continue…

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Mar 28

Living in a Free-Lunch World

“Everyone is a prisoner of his own experiences. No one can eliminate prejudices – just recognize them.” Edward R. Murrow,…

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Mar 11

Never Smile at a Crocodile

“High debt levels, whether in the public or private sector, have historically placed a drag on growth and raised the…

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Feb 24

Debt Be Not Proud

Some things never change. Here is Eugen von Böhm-Bawerk, one of the founding intellectuals of the Austrian school of economics,…

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Feb 15

Mamas, Don’t Let Your Babies Grow Up to

We do not have to look to Greece to find massively underfunded obligations. Here in the US we can find…

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Feb 9

The Eurozone: Collateral Damage

Collateral damage. Unintended consequences. Friendly fire. Certainly no one intended to have a global banking meltdown when they let Lehman…

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Feb 3

Portfolio Strategies 2015: Investing in an Age of

With all the negative news out of Europe, how do you find a positive story? Is there a way to…

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