All Japan, All the Time
The evils of this deluge of paper money are not to be removed until our citizens are generally and radically…
Read ArticleSkills, Education, and Employment
"The large shortfall of employment relative to its maximum level has imposed huge burdens on all too many American households…
Read ArticleThe QE Sandpile
Sell in May and go away? What about "risk off?" And ever more QE? Today's letter is a quick note…
Read ArticleThe Cashless Society
But Mousie, thou art [not alone], In proving foresight may be vain: The best-laid schemes o' mice an' men Gang aft agley, An' lea'e…
Read ArticleAusterity is a Consequence, not a Punishment
Two seemingly different questions and comments from readers and friends crossed my path the last few days, but I saw…
Read ArticleAssume a Perfect World
An engineer, a chemist, and an economist are stranded on a deserted island. They are starving, when miraculously they find…
Read ArticleThe Theology of Inflation
We begin this week with a simple pop quiz. Is inflation good or bad? Answer quickly. I’m sorry – your…
Read ArticleYou Can’t Be Serious
I admit to being surprised by Cyprus. Oh, not the banking crisis or the sovereign debt crisis or the fact…
Read ArticleWill the Real Unemployed Please Raise Your Hands?
This week’s letter will be a very short part of a book I am writing with Bill Dunkelberg (the Chief…
Read ArticleArgentina on Sale
When I was younger, so much younger than today, I never needed anybody's help in any way. But now these days are…
Read ArticleAn Infinite Amount of Money
The three major blocs of the developed world are careening toward a debt-fueled denouement that will play out over years…
Read ArticleThe Healthcare Blues
It has been some time since we peeked into my worry closet. A few questions this weekend prompted me to…
Read ArticleWhatever It Takes
Lord Melchett: “Farewell, Blackadder [hands him a parchment]. The foremost cartographers of the land have prepared this for you; it's…
Read ArticleHow Not to Run a Pension
“The government is the prisoner of the bureaucracy. We have 4,021 associations and 6,200 codes. You simply cannot change things.…
Read ArticleThe Good, the Bad, and the Greek (Risks)
“The euro will not survive the first major European recession.” – Milton Friedman, 1999 “It seems to me that Europe, especially…
Read ArticlePrisoner of the Bureaucracy
I wrote some time ago that Greece had a choice between Disaster A: staying in the euro; and Disaster B:…
Read ArticleForecast 2013: Unsustainability and Transition
“There are decades when nothing happens and there are weeks when decades happen.” – Vladimir Ilyich Lenin "People only accept change…
Read ArticleSomewhere Over the Rainbow
We are 13 years into a secular bear market in the United States. The Nasdaq is still down 40% from…
Read ArticleLooking on the Bright Side
It is Christmas Eve and not the time for long letters – just a brief note on why the fiscal…
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