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Kyle Spencer

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  • Why We Are Keynesians [View article]
    No, but Joe Six Pack didn't have a small army of psychologists on tap to assist him in exploiting the cognitive fallacies of the banks for his own benefit, either. Arguing on the behalf of the banks in the name of "personal responsibility" (i.e. Joe sinned, poverty is his punishment) is disingenuous as best and intellectually dishonest at worst.
    Jan 26 03:04 AM | 2 Likes Like |Link to Comment
  • Why We Are Keynesians [View article]
    How about allowing creative destruction to proceed instead of broadcasting inequity by rewarding failure?
    Jan 26 02:57 AM | 2 Likes Like |Link to Comment
  • Why We Are Keynesians [View article]
    True, assuming, of course, that there is no Jubilee of debt forgiveness and that the real burden of debt isn't simply inflated away as America's WWII debt was. Mind, I'm not arguing that either of these solutions to the real burden of debt is a universal panacea, only that the Sumerian/Babylonian "wiping of the slates" (where we get the modern idiom of a "clean slate") was seen as a necessity in the ancient world in order to preserve social cohesion. Without getting lost in the historical parallels, it's worth pointing out that the status quo currently regime in place (IMF, ECB, tighter bankruptcy laws) now mandates just the opposite, to wit: "No forgiveness of any debt under any circumstances." This is not "creative destruction." Creditors are not being *allowed* to fail. That approach has been tried before many times in history, always and everywhere followed by the disintegration of the social contract, as the debtors inherently outnumber the creditors, plus the fact that one half of the poor cannot always be relied upon to kill the other half. I'd also add that the single largest beneficial owner of U.S. securities (BlackRock) shares this opinion. The reason that BlackRock, and I myself, am arguing for something like a Jubilee --let it be tied to public service, or some more affordable schema of repayment, or whatever -- is because there exists not a single historical example in the history of the world where non-forgiveness of debt has worked without toppling the existing social order. I defy anyone and everyone reading this to identify a single society such an experiment didn't end in tears.
    Jan 26 02:31 AM | 1 Like Like |Link to Comment
  • Why We Are Keynesians [View article]
    Please illuminate us on these flaws.
    Jan 26 02:23 AM | 1 Like Like |Link to Comment
  • Charter offers to buy Time Warner Cable for $132.50/share [View news story]
    This is going to be one ugly baby. A schoolyard bully, sure, but. Ugh.
    Jan 14 12:42 AM | Likes Like |Link to Comment
  • The other big problem at Sears Holdings [View news story]
    *This* real estate?
    Jan 10 06:30 PM | 1 Like Like |Link to Comment
  • The Portfolio For Early Retirees [View article]
    Achilles was antifragile, until he wasn't. What if your black swan resistant companies are themselves the black swan?
    Jan 6 12:02 AM | Likes Like |Link to Comment
  • The Ticking Time Bomb Under The World Economy [View article]
    I agree with the author, and I'll add this: When people say "Europe", what they really mean is "Germany." So here we have the world's largest common market effectively pegged to a single economy that is expected to grow by only 1% per annum for the next fifteen years. That's not a lot of wiggle room, regardless of your economic philosophy. Even if Austrian principles are the right prescription, which I doubt, the German government has demonstrated time and again that it is the wrong messenger to sell it to the European public. Monti is out. Hollande is reeling. Where does the German message sell outside of Germany?
    Jan 2 07:44 PM | 1 Like Like |Link to Comment
  • Study finds Facebook "basically dead" to U.K. teens [View news story]
    If your customer base ages with you, you're Woolworth's.
    Dec 26 11:57 PM | Likes Like |Link to Comment
  • Oppenheimer raises red flags on AMD, Cirrus, semiconductor sector [View news story]
    The gaping hole in Oppenheimer's analysis is the litecoin mining pools that currently revolve around AMD Radeon GPUs. The current LTC network hashrate of 300,000 MH/s, implies 390,000 AMD R9 290 sold or 10% of AMD's annual revenue.
    Dec 25 07:20 PM | 1 Like Like |Link to Comment
  • Fed to taper $10B per month [View news story]
    More interesting still is the fact gold and silver aren't tanking. Another false narrative?
    Dec 18 02:34 PM | Likes Like |Link to Comment
  • Futures gain ahead of Fed decision; Bitcoin in free fall [View news story]
    When Bitcoin is expensive, everyone moans "Oh, why didn't I buy in when they were cheap?!"

    When Bitcoin is cheap, everyone cries, "Oh, my God! They're not expensive!"

    It's like contrarian Mozart.
    Dec 18 08:50 AM | 5 Likes Like |Link to Comment
  • Apple Bears Throw In The Towel [View article]
    @Mr. Blair,

    You may rest assured that I shall respond to your scurrilous accusations regarding the historical inevitably of the commodization cycle in my next article. :)
    Dec 17 09:16 PM | Likes Like |Link to Comment
  • Bullard: Taper would "recognize" labor improvement [View news story]
    Bullard's seen as a comer, and Yellen has been signalling that she wants to switch from bond buying to forward guidance for awhile, now.
    Dec 9 08:02 PM | Likes Like |Link to Comment
  • Is Bitcoin A Threat To Western Union? [View article]
    I reckon that horse ranch owners said much the same about automobiles.
    Dec 3 10:16 PM | 1 Like Like |Link to Comment