Ray Lopez's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/7582/comments http://seekingalpha.com/article/170318-how-much-is-a-stimulus-job-worth?source=feed#comment-739127 739127
This assumes that the government intervention will not result in market distortions. Also it assumes that "but for" the government intervention you would not have a job. This is plainly Keynesian nonsense, that DeLong is famous for believing.

A better policy is for government, if it wants a Keynesian stimulus, to apply it across the board with a tax cut. Or better yet (in an alternate universe) get out of trying to steer the economy and let nature take its course--just like it did with sharp and swift depressions followed by V-shaped recoveries in the 19th century, before the creation of the 1913 Federal Reserve. As economic historian Angus Maddison has pointed out, growth rates in the late 19th century were largely the same as in the late 20th century (comparing apples to apples, since both periods were untainted by any war boom and you can also argue the open immigration policies of the USA of the late 19th century were essentially libertarian and free-market oriented).


On Nov 01 09:14 AM User 30417 wrote:

> Brad, let me see if I understand our new economics. We borrow money through the sale of treasuries and “create” mostly service economy jobs. ]]> Sun, 01 Nov 2009 10:02:42 -0500
This assumes that the government intervention will not result in market distortions. Also it assumes that "but for" the government intervention you would not have a job. This is plainly Keynesian nonsense, that DeLong is famous for believing.

A better policy is for government, if it wants a Keynesian stimulus, to apply it across the board with a tax cut. Or better yet (in an alternate universe) get out of trying to steer the economy and let nature take its course--just like it did with sharp and swift depressions followed by V-shaped recoveries in the 19th century, before the creation of the 1913 Federal Reserve. As economic historian Angus Maddison has pointed out, growth rates in the late 19th century were largely the same as in the late 20th century (comparing apples to apples, since both periods were untainted by any war boom and you can also argue the open immigration policies of the USA of the late 19th century were essentially libertarian and free-market oriented).


On Nov 01 09:14 AM User 30417 wrote:

> Brad, let me see if I understand our new economics. We borrow money through the sale of treasuries and “create” mostly service economy jobs. ]]> http://seekingalpha.com/article/170167-paul-tudor-jones-gold-s-undervalued-and-bonds-are-a-curve-flattener-play?source=feed#comment-739110 739110
Long live JPT! I wish I was one of his clients. I also favor gold but realistically gold should level out once the bull market takes off again. However, due to government debt, I am betting it levels out at $2000 USD/oz rather than $1k.]]> Sun, 01 Nov 2009 09:49:06 -0500
Long live JPT! I wish I was one of his clients. I also favor gold but realistically gold should level out once the bull market takes off again. However, due to government debt, I am betting it levels out at $2000 USD/oz rather than $1k.]]> http://seekingalpha.com/article/170376-how-to-keep-tabs-on-the-government-s-recovery-efforts?source=feed#comment-739103 739103
Also $52 billion in stimulus compared to the $800 B alloted is less than 10%. Does Wall Street get the rest?]]> Sun, 01 Nov 2009 09:41:16 -0500
Also $52 billion in stimulus compared to the $800 B alloted is less than 10%. Does Wall Street get the rest?]]> http://seekingalpha.com/article/170295-airlines-some-costs-they-can-t-and-shouldn-t-cut?source=feed#comment-739096 739096
This stat however was very telling: "Over the next 24 hours, these pilots will make over 13,500 take-offs literally around the world [without an accident]".

Very true. The only other place I know of that has this kind of precision and accuracy is semiconductor manufacturing. Well done by the pilots; too bad about the drop in wages.]]> Sun, 01 Nov 2009 09:37:11 -0500
This stat however was very telling: "Over the next 24 hours, these pilots will make over 13,500 take-offs literally around the world [without an accident]".

Very true. The only other place I know of that has this kind of precision and accuracy is semiconductor manufacturing. Well done by the pilots; too bad about the drop in wages.]]> http://seekingalpha.com/article/169073-policy-lessons-from-the-great-depression?source=feed#comment-739092 739092
A better book, shorter, cheaper, more scholarly, and yes, more ideological but at least it has a theme, is this one, written by a true scholar and not a speechwriter:

Rethinking the Great Depression (American Ways Series) (Paperback) ~ Gene Smiley

Buyer beware--Shlaes is getting a lot of press from her media friends. Her book is not worth the money--boring, boring, boring. And she misses or glosses over how the mini-Depression of 1937 was caused by a hard money policy. BTW I am not a fan of Keynes or FDR.]]> Sun, 01 Nov 2009 09:31:25 -0500
A better book, shorter, cheaper, more scholarly, and yes, more ideological but at least it has a theme, is this one, written by a true scholar and not a speechwriter:

Rethinking the Great Depression (American Ways Series) (Paperback) ~ Gene Smiley

Buyer beware--Shlaes is getting a lot of press from her media friends. Her book is not worth the money--boring, boring, boring. And she misses or glosses over how the mini-Depression of 1937 was caused by a hard money policy. BTW I am not a fan of Keynes or FDR.]]> http://seekingalpha.com/article/170383-nintendo-the-wii-bubble-has-burst?source=feed#comment-739066 739066 Sun, 01 Nov 2009 09:10:08 -0500 http://seekingalpha.com/article/167745-hands-off-goldman-bonuses?source=feed#comment-723666 723666
A special tax on Wall Street is in order. We don't need finance taking up 15% of the economy when the government is acting as a backstop. No other industry save the car industry (also a wreck) does that.]]> Wed, 21 Oct 2009 12:08:09 -0400
A special tax on Wall Street is in order. We don't need finance taking up 15% of the economy when the government is acting as a backstop. No other industry save the car industry (also a wreck) does that.]]> http://seekingalpha.com/article/166199-what-s-next-for-gold-and-the-dollar?source=feed#comment-715455 715455
Long term, the other non-US countries (including China) are in worse shape than the USA. Yes, China, which will crash and burn soon.]]> Wed, 14 Oct 2009 16:52:31 -0400
Long term, the other non-US countries (including China) are in worse shape than the USA. Yes, China, which will crash and burn soon.]]> http://seekingalpha.com/article/166158-gold-is-now-the-time-to-buy?source=feed#comment-715445 715445
I am a gold bug, but the ratio of AU/AG is numerismatics. A better reason to buy gold is to see how governments all over the world are debasing their currency.]]> Wed, 14 Oct 2009 16:49:53 -0400
I am a gold bug, but the ratio of AU/AG is numerismatics. A better reason to buy gold is to see how governments all over the world are debasing their currency.]]> http://seekingalpha.com/article/157620-federal-reserve-exit-watch?source=feed#comment-641229 641229
Also see this:

tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows uncertainty over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

This figure is from John Taylor's paper on the crash, Critical Review:
A Journal of Politics and Society, Vol. 21, Nos. 2-3, 2009 Economic
Policy and the Financial Crisis: An Emperical Analysis of What Went Wrong – John B. Taylor


On Aug 21 04:35 PM Living4Dividends wrote:

> Because you are a Fed follower - answer me this
>
> How much money has the Fed printed since the crisis began? Would
> this be equal to the Fed's balance sheet?
>
> No one can seem to answer this question.]]> Sat, 22 Aug 2009 18:06:59 -0400
Also see this:

tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows uncertainty over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

This figure is from John Taylor's paper on the crash, Critical Review:
A Journal of Politics and Society, Vol. 21, Nos. 2-3, 2009 Economic
Policy and the Financial Crisis: An Emperical Analysis of What Went Wrong – John B. Taylor


On Aug 21 04:35 PM Living4Dividends wrote:

> Because you are a Fed follower - answer me this
>
> How much money has the Fed printed since the crisis began? Would
> this be equal to the Fed's balance sheet?
>
> No one can seem to answer this question.]]> http://seekingalpha.com/article/157643-supernanke-to-the-rescue?source=feed#comment-640924 640924
Don't conceed this point. The late 19th century had similar growth rates to the late 20th century (Angus Maddison's data), and the former was before the 1913 creation of the US Federal Reserve. You can have a "V-shaped" recovery without a Fed. Otherwise, you risk a "U" or "L" shaped recovery, just like in Japan, with their failed Keynesian economics.

tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows uncertainty over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

This figure is from John Taylor's paper on the crash, Critical Review:
A Journal of Politics and Society, Vol. 21, Nos. 2-3, 2009 Economic
Policy and the Financial Crisis: An Emperical Analysis of What Went Wrong – John B. Taylor

Go here: groups.google.com/grou...;

for a discussion of this topic.]]> Sat, 22 Aug 2009 10:27:32 -0400
Don't conceed this point. The late 19th century had similar growth rates to the late 20th century (Angus Maddison's data), and the former was before the 1913 creation of the US Federal Reserve. You can have a "V-shaped" recovery without a Fed. Otherwise, you risk a "U" or "L" shaped recovery, just like in Japan, with their failed Keynesian economics.

tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows uncertainty over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

This figure is from John Taylor's paper on the crash, Critical Review:
A Journal of Politics and Society, Vol. 21, Nos. 2-3, 2009 Economic
Policy and the Financial Crisis: An Emperical Analysis of What Went Wrong – John B. Taylor

Go here: groups.google.com/grou...;

for a discussion of this topic.]]> http://seekingalpha.com/article/157643-supernanke-to-the-rescue?source=feed#comment-640920 640920 tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows discussion over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

This figure is from John Taylor's paper on the crash, Critical Review:
A Journal of Politics and Society, Vol. 21, Nos. 2-3, 2009 Economic
Policy and the Financial Crisis: An Emperical Analysis of What Went Wrong – John B. Taylor

Go here: groups.google.com/grou...;

for a discussion of this topic.]]> Sat, 22 Aug 2009 10:24:00 -0400 tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows discussion over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

This figure is from John Taylor's paper on the crash, Critical Review:
A Journal of Politics and Society, Vol. 21, Nos. 2-3, 2009 Economic
Policy and the Financial Crisis: An Emperical Analysis of What Went Wrong – John B. Taylor

Go here: groups.google.com/grou...;

for a discussion of this topic.]]> http://seekingalpha.com/news/market_currents/post/31087?source=feed#comment-640912 640912 tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows discussion over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

This figure is from John Taylor's paper on the crash, Critical Review:
A Journal of Politics and Society, Vol. 21, Nos. 2-3, 2009 Economic
Policy and the Financial Crisis: An Emperical Analysis of What Went Wrong – John B. Taylor

Go here:
groups.google.com/grou...;

for a discussion of this topic.]]> Sat, 22 Aug 2009 10:16:14 -0400 tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows discussion over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

This figure is from John Taylor's paper on the crash, Critical Review:
A Journal of Politics and Society, Vol. 21, Nos. 2-3, 2009 Economic
Policy and the Financial Crisis: An Emperical Analysis of What Went Wrong – John B. Taylor

Go here:
groups.google.com/grou...;

for a discussion of this topic.]]> http://seekingalpha.com/article/157056-u-s-monetary-transmission-system-remains-broken?source=feed#comment-636729 636729
raylopez99.blogspot.com/

Click on the first link for a graphic that shows discussion over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

RL ]]> Wed, 19 Aug 2009 13:16:16 -0400
raylopez99.blogspot.com/

Click on the first link for a graphic that shows discussion over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

RL ]]> http://seekingalpha.com/article/156269-coming-soon-banking-crisis-of-historic-proportions?source=feed#comment-634648 634648 tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows discussion over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

RL]]> Tue, 18 Aug 2009 10:01:34 -0400 tinyurl.com/pdljc9

raylopez99.blogspot.com/

Click on the first link for a graphic that shows discussion over TARP was the cause-in-fact of the equities crash of October 2008. This link is from the second link above.

A picture is worth a thousand words.

RL]]> http://seekingalpha.com/article/156269-coming-soon-banking-crisis-of-historic-proportions?source=feed#comment-632811 632811 raylopez99.blogspot.com/

Go here to see why the Fed/Treasury popped the housing bubble last fall. We would not have had such a sudden decline but for theses guys.

Citing John Taylor of Stanford, not just my opinion. And who got rich? Hank Paulson's old buddies at Goldman Sachs.]]> Mon, 17 Aug 2009 08:57:26 -0400 raylopez99.blogspot.com/

Go here to see why the Fed/Treasury popped the housing bubble last fall. We would not have had such a sudden decline but for theses guys.

Citing John Taylor of Stanford, not just my opinion. And who got rich? Hank Paulson's old buddies at Goldman Sachs.]]> http://seekingalpha.com/article/156269-coming-soon-banking-crisis-of-historic-proportions?source=feed#comment-632809 632809

On Aug 16 09:29 AM john s. gordon wrote:

> to what degree was the financial hardship of 1873-1907 caused/exacerbated
> by adherence to the gold standard? opinions please.]]> Mon, 17 Aug 2009 08:56:13 -0400

On Aug 16 09:29 AM john s. gordon wrote:

> to what degree was the financial hardship of 1873-1907 caused/exacerbated
> by adherence to the gold standard? opinions please.]]> http://seekingalpha.com/article/156162-john-paulson-long-financials?source=feed#comment-631932 631932
raylopez99.blogspot.com/

The US government, via the Federal Reserve and US Treasury, caused the financial meltdown in September 2008.

No this is not a conspiracy theory. No less than John Taylor of the Taylor Rule of economics subscribes to it, as do many conservative economists.]]> Sun, 16 Aug 2009 12:11:38 -0400
raylopez99.blogspot.com/

The US government, via the Federal Reserve and US Treasury, caused the financial meltdown in September 2008.

No this is not a conspiracy theory. No less than John Taylor of the Taylor Rule of economics subscribes to it, as do many conservative economists.]]> http://seekingalpha.com/article/156339-banks-problem-loans-keep-growing?source=feed#comment-631930 631930 Sun, 16 Aug 2009 12:06:35 -0400 http://seekingalpha.com/article/151954-why-the-federal-reserve-bank-must-maintain-its-independence?source=feed#comment-631551 631551
raylopez99.blogspot.co...]]> Sun, 16 Aug 2009 09:18:27 -0400
raylopez99.blogspot.co...]]> http://seekingalpha.com/article/156186-waiting-for-the-next-fed-apology?source=feed#comment-631210 631210
Go here for an explanation of why Ben and Hank caused (cause in fact, not proximate cause) the crash of last fall: tinyurl.com/q9demf

In the above link there is also the speech earlier this year by Alan Greenspan that argues the Fed did not cause the Housing Bubble. It's plausible.

Bottom line: Bubbles happen due to market forces. But the Fed precipitously popped this bubble and caused harm. Better to have done 'nothing' (or rather, bail out institutions as they fail, like the FDIC does today) rather than asked for a bailout which caused both a liquidity panic and a solvency panic]]> Sat, 15 Aug 2009 17:31:28 -0400
Go here for an explanation of why Ben and Hank caused (cause in fact, not proximate cause) the crash of last fall: tinyurl.com/q9demf

In the above link there is also the speech earlier this year by Alan Greenspan that argues the Fed did not cause the Housing Bubble. It's plausible.

Bottom line: Bubbles happen due to market forces. But the Fed precipitously popped this bubble and caused harm. Better to have done 'nothing' (or rather, bail out institutions as they fail, like the FDIC does today) rather than asked for a bailout which caused both a liquidity panic and a solvency panic]]> http://seekingalpha.com/article/156228-in-fed-we-trust-ben-bernankes-war-on-the-great-panic-by-david-wessel?source=feed#comment-631203 631203
Good book review. Worthless book. The author, a WSJ journalist, does not take a stand as to whether, as John Taylor, W. Lee Hoskins, and other conservative economists suspect, the economy would have righted itself even if Bernanke had done 'nothing' (or rather, just ad hoc solutions as in Bear Stearns).

The author should have taken a stand--a radical stand IMO--and predicted something thought provoking. Otherwise he is just reporting events, and as such this is old news, or, he is just agreeing with the status quo that Bernanke is correct in his prescription.]]> Sat, 15 Aug 2009 17:20:02 -0400
Good book review. Worthless book. The author, a WSJ journalist, does not take a stand as to whether, as John Taylor, W. Lee Hoskins, and other conservative economists suspect, the economy would have righted itself even if Bernanke had done 'nothing' (or rather, just ad hoc solutions as in Bear Stearns).

The author should have taken a stand--a radical stand IMO--and predicted something thought provoking. Otherwise he is just reporting events, and as such this is old news, or, he is just agreeing with the status quo that Bernanke is correct in his prescription.]]> http://seekingalpha.com/article/154683-early-look-mr-macro-market-waits-for-no-one?source=feed#comment-619873 619873
Good one. I for one anticipate stagflation and have bought the metal Au.]]> Fri, 07 Aug 2009 12:06:28 -0400
Good one. I for one anticipate stagflation and have bought the metal Au.]]> http://seekingalpha.com/article/154317-goldman-goes-off-message?source=feed#comment-619865 619865
Check out some right of center economists (Hanke, Taylor) as to how the Keynesian multiplier is negative when government debt to GDP (short term) exceeds 5%, as it does now (around12%). And let's not forget how total outstanding government debt will soon be close to 100% of GDP (double the total prior to Obama taking office). Japan's Lost Decade also resulted in a doubling of total debt to about 200% now, and no Keynesian multiplier happened.

Bottom line: Keynesianism only works with unsophisticated factory workers, back in the days (though arguably it never has worked, as even during Roosevelt's time it was not practiced in full). Get read for a US Lost Decade.

Solution: as Taylor and others point out--doing nothing would have resulted in a V-shaped recovery rather than an L-Shaped, U-shaped or W-shaped recovery as now.

Of course you're free to drink your flavor of the Kool-Aid if you don't believe the above, but these guys IMO have history on their side.


On Aug 06 12:12 PM Johnc222 wrote:

> World Stimulus has worked the Trillions that was thrown at the Economies
> will have a multiplying effect of 2.5-3 X. Goldman know this John
> Meynard Keynes was right in times of deflation you pay people to
> dig holes, and then you pay them to fill them up again. I also understand
> the implications to the dollar. However, most of the money pump will
> not hit the street,,..i.e. Goldman paying 10 Billion Tarp money back
> to the Treasury...money never hit the street. So, these inflation
> Hawks are off base and will be waiint a long time for Gold to hit
> 2000/OZ.
>
> Pyschology of the market was priced to destruction, insolvency, chapt.11.
> ,...Well it's NOT going to happen.-johnc222]]> Fri, 07 Aug 2009 12:02:24 -0400
Check out some right of center economists (Hanke, Taylor) as to how the Keynesian multiplier is negative when government debt to GDP (short term) exceeds 5%, as it does now (around12%). And let's not forget how total outstanding government debt will soon be close to 100% of GDP (double the total prior to Obama taking office). Japan's Lost Decade also resulted in a doubling of total debt to about 200% now, and no Keynesian multiplier happened.

Bottom line: Keynesianism only works with unsophisticated factory workers, back in the days (though arguably it never has worked, as even during Roosevelt's time it was not practiced in full). Get read for a US Lost Decade.

Solution: as Taylor and others point out--doing nothing would have resulted in a V-shaped recovery rather than an L-Shaped, U-shaped or W-shaped recovery as now.

Of course you're free to drink your flavor of the Kool-Aid if you don't believe the above, but these guys IMO have history on their side.


On Aug 06 12:12 PM Johnc222 wrote:

> World Stimulus has worked the Trillions that was thrown at the Economies
> will have a multiplying effect of 2.5-3 X. Goldman know this John
> Meynard Keynes was right in times of deflation you pay people to
> dig holes, and then you pay them to fill them up again. I also understand
> the implications to the dollar. However, most of the money pump will
> not hit the street,,..i.e. Goldman paying 10 Billion Tarp money back
> to the Treasury...money never hit the street. So, these inflation
> Hawks are off base and will be waiint a long time for Gold to hit
> 2000/OZ.
>
> Pyschology of the market was priced to destruction, insolvency, chapt.11.
> ,...Well it's NOT going to happen.-johnc222]]> http://seekingalpha.com/article/154665-economic-glimmers-of-light?source=feed#comment-619851 619851

On Aug 07 10:45 AM enigmaman wrote:

> Lets say this is a true green shoot, one that will be the turning
> point for this economy, OK. So we know the patient isn't going to
> die, thats a relief, but do we know what the patient will be like
> when it comes out of its comma? Most pundits indicate this market
> is currently priced at fair value, fair value based on the usual
> metrics, however most pundits claim this recession is not your garden
> variety recession, so how can one use the usual measurements to determine
> if this highly unusual recession is fairly valued or not?]]> Fri, 07 Aug 2009 11:53:58 -0400

On Aug 07 10:45 AM enigmaman wrote:

> Lets say this is a true green shoot, one that will be the turning
> point for this economy, OK. So we know the patient isn't going to
> die, thats a relief, but do we know what the patient will be like
> when it comes out of its comma? Most pundits indicate this market
> is currently priced at fair value, fair value based on the usual
> metrics, however most pundits claim this recession is not your garden
> variety recession, so how can one use the usual measurements to determine
> if this highly unusual recession is fairly valued or not?]]> http://seekingalpha.com/article/154630-goldman-s-macro-bulls-out-in-full-force?source=feed#comment-619844 619844
Though this is good news, I would not be surprised, as happened in May, if the numbers look worse next month. ]]> Fri, 07 Aug 2009 11:49:02 -0400
Though this is good news, I would not be surprised, as happened in May, if the numbers look worse next month. ]]> http://seekingalpha.com/article/153555-five-reasons-the-market-could-crash-this-fall?source=feed#comment-615134 615134 tinyurl.com/n7rwjy/ ]]> Tue, 04 Aug 2009 15:32:50 -0400 tinyurl.com/n7rwjy/ ]]> http://seekingalpha.com/article/153607-flash-trading-is-here-to-stay?source=feed#comment-614830 614830 Tue, 04 Aug 2009 12:18:45 -0400 http://seekingalpha.com/article/153127-what-type-of-recovery-will-the-u-s-experience?source=feed#comment-611583 611583
True, but keep in mind the Soviet Union keep things "ticking over" for roughly 70 years. And Bernie Madoff did the same for a couple of decades if not longer.

The US may be running, with their perpetual deficits, one of the largest Ponzi schemes in history.

Got gold?]]> Sun, 02 Aug 2009 12:16:28 -0400
True, but keep in mind the Soviet Union keep things "ticking over" for roughly 70 years. And Bernie Madoff did the same for a couple of decades if not longer.

The US may be running, with their perpetual deficits, one of the largest Ponzi schemes in history.

Got gold?]]> http://seekingalpha.com/article/152523-u-s-5-year-bond-auction-effectively-fails?source=feed#comment-611571 611571
This area is beyond my ken of expertise but that doesn't mean I won't comment. I see the bond market 'rigged' since the days of Salomon Brothers, and they dinged for it.

When the Treasury can "monetize" the debt by buying from the Fed, thus creating "new money", you know the market is rigged.

Day of reckoning will come, and it behooves you reader to own gold.]]> Sun, 02 Aug 2009 12:11:51 -0400
This area is beyond my ken of expertise but that doesn't mean I won't comment. I see the bond market 'rigged' since the days of Salomon Brothers, and they dinged for it.

When the Treasury can "monetize" the debt by buying from the Fed, thus creating "new money", you know the market is rigged.

Day of reckoning will come, and it behooves you reader to own gold.]]>