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  • Marc Faber: ‘Gold a Bargain Compared to S&P500′ [View article]
    Neither does the FRN. And what good is a 5% taxable dividend yield in a stagflationary environment??? And stagflation is the best you can hope for.


    On Nov 01 05:52 PM yblarrr wrote:

    > You can't eat it. It doesn't get dividends.
    >
    > Just like stocks alot of you will be left at the top of the market
    >
    > wondering what happen.
    Nov 2 02:15 PM | 1 Like Like |Link to Comment
  • After trading largely higher in the morning on a positive data dump, stocks spent the lunch hour headed straight for negative territory. At midday, the Dow -0.2% to 9,690. S&P 500 -0.3% to 1,033. Nasdaq -0.4% to 2,037. Crude +1.4%. Gold +1.7%.  [View news story]
    Are we starting to see a long overdue de-coupling of commodities and equities? Stay tuned.
    Nov 2 01:17 PM | Likes Like |Link to Comment
  • Paul Krugman says you need to read today's WSJ editorial "The Dollar Adrift" with an eye to the paper's long-term goldbugism: Focusing on currency stability over domestic recovery is a path to disaster.  [View news story]
    Great- a second piece of evidence in the same day that the Nobel Prize committee is nothing but a bunch of tundra-dwelling Progressive brumhildes!

    Yellowhoard- I thought you were putting this swine on the smoker! Did you run out of mesquite chips?

    Can't wait to see the laundry list of NYT editorial-page gaffes. Just slap down another post hoc ergo procter hoc fallacy in the name of "economic science". The fashion designers, Broadway play actors and bums in need of toilet paper that make up 90% of his current readership can't pick up on that...
    Oct 9 02:56 PM | 4 Likes Like |Link to Comment
  • Despite representatives Ron Paul and Alan Grayson's entreaty to Sen. Chris Dodd to slow down Bernanke's reconfirmation as Fed chairman to determine whether he's "fit to serve," Dodd's expecting no roadblocks.  [View news story]
    Paul wants to restore the Constitutional authority of Congress over the currency.
    Grayson and Frank want to restore THEIR Constitutional authority over the currency.
    Strange bedfellows, indeed.
    Oct 8 01:40 PM | Likes Like |Link to Comment
  • Volcker Should Advocate VAT and Drop the Carbon Tax Recommendation [View article]
    I love a VAT- it will enrage consumers even more than they already are. It's also a great whipping boy for the soon-to-be inflation apologists in Washington- "It's not inflation, it's the effects of the VAT trickling down. This is a GOOD THING for YOU, your CHILDREN, the PLANET, and the COUNTRY.

    Hopefully, it will create more opportunities for a true barter trade underground. Consumers will find substitutes for manufactured goods, whether they be recycled, reused, rebuilt, or shop-made. Repairmen will have jobs again. We won't throw out our TVs because the part costs more than a new set.

    Mostly, the fomenting of grassroots anger is what I'm rooting for in Washington these days. Utter rage by the serfs directed at their lords. When the government fears us, we will start to taste Liberty again (hat tip- TJ).
    Oct 8 10:36 AM | 6 Likes Like |Link to Comment
  • Beware Fortune Magazine's Gold Warning [View article]
    Not to mention that the world's population has grown from 5 to 7 billion (40% increase), United States M3 has gone from $2 to $15 TRILLION (750% increase), and marketable gold supplies have FALLEN precipitously between 1980 and 2009. Central bank holdings have fallen dramatically. "Monetary" jewelry consumption has skyrocketed in the developing world.

    Private gold owners are not selling. Western central banks/IMF are running out of gold to sell. The Chinese would buy more but would destroy their dollar holdings if they're too aggressive.


    On Oct 08 09:43 AM Jeff Nielson wrote:

    > Hi Chap08.
    >
    > For argument's sake, let's concede that the 1980 price was a "bubble"
    > - instead of the new, REAL value for gold after the gold standard
    > was abandoned.
    >
    > Even if we cut that price in half, gold STILL hasn't reached that
    > level in REAL dollars - and its fundamentals are MUCH stronger today
    > than in 1980. How much have the prices of everything else increased
    > since then, 200%? 300%?
    >
    > Personally, I see that 1980 price as an accurate indicator of gold's
    > wealth at that time - and what prompted a three-decade campaign of
    > ruthless price-fixing.
    Oct 8 10:20 AM | 4 Likes Like |Link to Comment
  • New Taibbi Feud with Goldman [View article]
    Always has been, always will be. McCain-Feingold, for instance. Can you imagine the obscenity that even "term limits" would lead to? The revolving doors would simply spin faster.

    Nice article, John. This was my favorite line: "Taibbi maintains (in blog postings) that he believes that Goldman has deliberately attempted to confuse congressmen, conflating traditional short selling with naked short selling by selectively "cherry picking" data for their presentation."

    I'm trying to figure out if it's easier for Goldman to trick the mental midgets on Capitol Hill or for the Roadrunner to trick Wile E. Coyote. It's a tough one.


    On Oct 02 09:46 AM yellowhoard wrote:

    > Be careful what you wish for D.
    >
    > Communication with congressmen is a double edged sword.
    >
    > The wealthy will always find ways to influence politicians.
    >
    > A gatekeeper on access would probably be used to silence the little
    > guy.
    Oct 2 10:10 AM | 6 Likes Like |Link to Comment
  • Manufacturing: Will This Be a V-Shaped Recovery After All? [View article]
    How dem numbaz lookin' now???
    Oct 2 09:28 AM | Likes Like |Link to Comment
  • Macroeconomic Policy for a Stronger Recovery, Part 2 [View article]
    I completely agree with your comment, except for the fact that the dynamics of taxation are much different. The government spends over TWICE what it receives in taxes on a rolling monthly basis, and that was when times were good (in 2009, they're spending $4 for each dollar they collect.)

    The stimulus we've had so far has been equivalent to giving Viagra to a eunuch and subsequently chastising him for not getting it on.


    On Oct 01 07:43 AM markfl wrote:
    Oct 1 02:01 PM | 7 Likes Like |Link to Comment
  • Chrysler (FIATY.PK) September U.S. sales: -42.1% to 62,197, vs. estimate of -48.7%. Dodge brand -43% to 35,864 vehicles; Jeep brand -19% to 17,287; Chrysler brand -61% to 9,046. (PR)  [View news story]
    Some new tagline suggestions:

    "Chrysler- We'll treat you like our only customer."

    "Chrysler- Our only waiting list is held by our creditors."
    Oct 1 01:53 PM | Likes Like |Link to Comment
  • Michelle Girard: Recovery Ahead - With Jobs [View article]
    You're right- we should all follow Nero's example. Let's hit the fiddle while the world is on fire.

    You can't cure an economy with unwarranted optimism, either- even if you are a delusional hyper-Keynesian. And I would argue that pessimism CAN cure an economy-especially one that has been inundated with painkillers (government backstops), amphetamines (obscenely low interest rates, money printing, and unsustainable consumer tax cuts), and Valium (paying all debts forward one to three generations). We need to dry out, in the worst way.


    On Sep 27 11:52 PM rick12345 wrote:

    > Like a manic depressant on a downward binge, most of you are determined
    > to live out your self fulfilling prophecy in despair and gloom while
    > censuring anyone who would dare to offer an alternate or incongruent
    > view. Just like you can't cure an alcoholic with alcohol, you cannot
    > fix the economy with pessimism.
    Sep 28 10:26 AM | Likes Like |Link to Comment
  • Why It's Time to Audit the Fed [View article]
    Umm- no. Cycles cannot be broken- even before Pharoah's seven years of plenty and seven years of famine, cycles are part of life and economics. Free markets use cycles to clear out bad firms and redistribute capital to new entrepreneurs and successful firms. Cycles drive consumers to be risk-averse, to avoid credit, to see debt as the slave master it is, to save their hard-earned money. All of this counter-cyclical bull$hit is a pipe dream- it has not worked, and has only created systemic problems that jeopardize our very liberty.

    Individual risk has been replaced with socialized risk- Social Security, Medicare, Pension Bailouts, FDIC. "Too-big-to-fail" status and the Greenspan Put first created a moral hazard epidemic; next, they will lead to Corporatism as the Government exerts both excessive regulation and outright ownership.

    The Fed was the bastard offspring of an unholy union of Bankster Oligarchs and Progressive Elites. Daddy wanted the power of monetary control, Mommy wanted the promise of State security.


    On Sep 27 10:25 PM THofler wrote:

    > I'm sympathetic to most of these views. But Milton Friedman recognized
    > that history is the economist's laboratory.
    >
    > A little history:
    > 1807 - depression
    > 1839 - depression. The longest &amp; deepest in U.S. history.<br/>1873
    > - panic &amp; depression. The worst recorded by NBER.
    >
    > Then there were 14 more recessions and panics before the Great Depression
    > occuring with an average frequency of every 4 years.
    >
    > The obvious conclusion is that human behaviour in combination with
    > the simplest forms of free market capitalism is highly pro-cyclical
    > and unstable. Right now, the Fed is the only significant counter-cyclical
    > force in our economy. Now I'm sure that there are other hypothetical
    > counter-cyclical systems that are superior to the current one. But
    > this one, with all its warts, is a lot better than the previous era.
    >
    >
    > Besides, are you really proposing junking the Fed and turning the
    > whole economy over to the tender mercies of Pelosi, Reid, Frank,
    > Dodd, &amp; Obama?
    Sep 28 10:11 AM | 3 Likes Like |Link to Comment
  • Why It's Time to Audit the Fed [View article]
    That one must have come when he was an invalid and Edith was acting President.


    On Sep 27 01:27 PM yellowhoard wrote:

    > It takes a lot of chutzpah for Woodrow Wilson to lament the power
    > of financial institutions.
    Sep 28 10:00 AM | 3 Likes Like |Link to Comment
  • House Financial Services Chairman Barney Frank - who favors a "council of regulators" over the Federal Reserve when it comes to watching systemic risk - is backing Ron Paul's "Audit the Fed" bill, which is facing no significant opposition in the House.  [View news story]
    Let me guess- you're an accountant, actuary, or some other sort of applied statistician. A Wormtongue with numbers. I'll speak your language- the dollar has lost 98% of its value since Jekyll Island. The great majority has occurred since 1971- the end of Bretton Woods and the beginning of unrestrained printing presses.

    And what exactly does your New Deal fetish have to do with this comment string?


    On Sep 25 03:51 PM jpiretti wrote:

    > Oh I bet your a real critical thinking historian. Let me guess...the
    > parabolic move in economic metrics after March 1933 had nothing to
    > do with New Deal policies. 1930-1933 (New Deal) GDP continued to
    > decline 22%, unemployment went from 8.9% to 25.2%, Real Investment
    > declined 33%, Nominal wages declined 20.6%, From 33-37 GDP up 36%,
    > unemployment 25% to 14% (only private sector #'s), Real Investment
    > recovers 100% of 30-33 loss, Nominal wages up above 1930 high. What
    > say you Mr. Historian?
    Sep 25 04:33 PM | 4 Likes Like |Link to Comment
  • House Financial Services Chairman Barney Frank - who favors a "council of regulators" over the Federal Reserve when it comes to watching systemic risk - is backing Ron Paul's "Audit the Fed" bill, which is facing no significant opposition in the House.  [View news story]
    Correlation only proves causation when progressives are arguing climate policy, The New Deal, and the messiah.

    In every other case it's a logical fallacy.


    On Sep 25 03:51 PM jpiretti wrote:

    > Oh I bet your a real critical thinking historian. Let me guess...the
    > parabolic move in economic metrics after March 1933 had nothing to
    > do with New Deal policies. 1930-1933 (New Deal) GDP continued to
    > decline 22%, unemployment went from 8.9% to 25.2%, Real Investment
    > declined 33%, Nominal wages declined 20.6%, From 33-37 GDP up 36%,
    > unemployment 25% to 14% (only private sector #'s), Real Investment
    > recovers 100% of 30-33 loss, Nominal wages up above 1930 high. What
    > say you Mr. Historian?
    Sep 25 04:23 PM | 4 Likes Like |Link to Comment
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