Feb 6

$100 Trillion Up in Smoke

“We aren’t addicted to oil, but our cars are.” – James Woolsey “The greatest asset, even in this country, is not oil…

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Feb 4

A Little Chaos Is a Good Thing

Longtime readers know that I rarely delve into partisan politics. That’s not the usual focus of this letter. While I…

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Feb 1

Tokyo Doubles Down

“When it becomes serious, you have to lie.” “I'm ready to be insulted as being insufficiently democratic, but I want to…

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Jan 24

China’s Year of the Monkees

“It does not matter how slowly you go as long as you do not stop.” – Confucius “Be extremely subtle, even to…

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Jan 17

2016: Surprises & Scenarios

“The expected rarely occurs and never in the expected manner.” – Vernon A. Walters “The fundamental nature of exploration is that we…

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Jan 11

Economicus Terra Incognita

“The most reliable way to forecast the future is to try to understand the present.” – John Naisbitt “We really can’t forecast…

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Dec 20

The Seven Fat Years of ZIRP

“The Fed’s emergency policies since 2008 have in one sense been a huge success, though we will never know the…

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Dec 7

You Have Questions, I Have Answers

Every week when I write letters to you, I face the question of what to write about and where to…

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Nov 28

Thanksgiving amid the Threats

“Nobody in Europe will be abandoned. Nobody in Europe will be excluded. Europe only succeeds if we work together.” – Angela…

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Nov 23

The Economic Impact of Evil

“Political leaders still think things can be done through force, but that cannot solve terrorism. Backwardness is the breeding ground…

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Nov 15

The Gig Economy Is the New Normal

An already-confusing employment environment grew even more complicated this past week. Many readers responded to my “Crime in the Jobs…

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Nov 8

Crime in the Jobs Report

“When more and more people are thrown out of work, unemployment results.” – Calvin Coolidge, US president, 1923-29, in his role…

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Nov 2

Your Own Personal Inflation Rate

“Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man.” –…

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Oct 25

Someone Is Spending Your Pension Money

“Retirement is like a long vacation in Las Vegas. The goal is to enjoy it to the fullest, but not…

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Oct 18

The “Age” Age

As I mentioned in last week’s letter, I traveled to San Francisco last Monday with my friend Patrick Cox, who…

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Oct 11

Unhealthy, Not Wealthy, and Far from Wise

“The first wealth is health.” – Ralph Waldo Emerson “Man needs difficulties. They are necessary for health.” – Carl Jung Decisions, decisions. Many Americans…

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Oct 5

Recession Watch

“Growth is never by mere chance; it is the result of forces working together.” – J.C. Penney “Strength and growth come only…

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Sep 28

Balloons in Search of Needles

I love waterfalls. I’ve seen some of the world’s best, and they always have an impact. The big ones leave…

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Sep 20

Merkel Opens the Gates

“The European Project has very little economic and political capital left to defend it if anything goes wrong now. As…

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