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  • Gold: I Hate To Say I Told You So ... But I Told You So [View article]
    Gold's fall may signal the failure of Bernanke's desperate attempts to avoid deflation. As some one here observed, the Fed has succeeded in inflating commodities (and enriching speculators) but this only strengthened deflationary forces. With their wages dwindling, mass consumers aka workers spend more for energy and commodity-intensive products and limit their consumption of other products and services. Rising taxes and austerity measures further aggravate this situation. If so and Bernanke sees the specter of deflation growing he'll throw new trillions at it. And if worst comes to to worst he'll out-japanese the Japanese. This is what makes me think that gold may yet have a chance. But I agree with Robert's critique of the myths.
    Apr 15 02:33 PM | Likes Like |Link to Comment
  • Rumors Of The Revival Of Retail May Have Been Greatly Exaggerated [View article]
    What is the definition of a "job created"? If I fire a worker and then hire one, do I "create a job" ?
    Apr 5 03:07 PM | Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    And they also ate their hearts and livers. Where did you read this rubbish?
    Mar 19 10:25 AM | Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Make it 50% for Russian crooks!
    Mar 18 08:59 AM | 3 Likes Like |Link to Comment
  • Cash Hoards On The Sidelines And The Great Rotation: Old Myths Meet A New Reality [View article]
    The author is correct saying that the aggregate amount of "cash" never leaves "the sidelines." What changes though is the ratio between the amount of sidelined "cash," i.e. the financial capital not invested in productive spheres of economy, and that of the fictitious capital represented in stocks. That is the existing "cash" (capital) is exchanged for the future "cash" (yet non-existing, but expected capital). So what we have at every given moment of this exchange process is a pile of the "sideline cash" and and the pile of "fictitious cash" staring at each other as two poker junkies. Just 2c from an amateur poker player.
    Feb 20 09:57 AM | 2 Likes Like |Link to Comment
  • Merry Monday: The True Meaning Of Christmas [View article]
    Perhaps, it's also a good time to recall these hopeful words for the world where fear and greed rule.

    I see us free, therefore, to return to some of the most sure and certain principles of religion and traditional virtue – that avarice is a vice, that the exaction of usury is a misdemeanour, and the love of money is detestable, that those walk most truly in the paths of virtue and sane wisdom who take least thought for the morrow. We shall once more value ends above means and prefer the good to the useful. We shall honour those who can teach us how to pluck the hour and the day virtuously and well, the delightful people who are capable of taking direct enjoyment in things, the lilies of the field who toil not, neither do they spin.

    But beware! The time for all this is not yet. For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still. For only they can lead us out of the tunnel of economic necessity into daylight.

    This was said in 1930.
    Dec 24 10:10 PM | 2 Likes Like |Link to Comment
  • Fall Down Friday: Cliff Diving Special [View article]
    That old German bookkeeper who said that workers had no fatherland was dead wrong. By and large workers are chained to their homelands, have little material and cultural means to roam the world. It is capitalists who form a truly cosmopolitan class of global nomads. In part, this was made possible by the global reach of US military-political might which has made the world a much safer place for capitalists than it was just 20-30 years ago. This is why raising the 15% exit tax on the growing droves of wealthy Americans who renounce their citizenship should be on our democratic agenda. This nation bears hugely disproportional burden of policing the world, primarily for the benefit of our own and foreign capitalists. So when a Zuckerberg or a Rich decides to save on taxes, leaving our middle class and the poor to pay for his protection worldwide, we should charge them to the hilt for this service.
    Dec 21 09:51 PM | 3 Likes Like |Link to Comment
  • Fall Down Friday: Cliff Diving Special [View article]
    Now Bonehead has no choice but to work with the Dems against the Neanderthal part of his parteigenosse. The sensible Reps will explain this to him, they know what expects them in 2014 otherwise.
    Dec 21 03:25 PM | Likes Like |Link to Comment
  • Fiscal Thursday: To Cliff Or Not To Cliff - That Is The Question [View article]
    As I said, we're in the top 1% - this is great for us. We'll be BUYBUYBUYing these companies that you get shaken out of and we will be hedging ourselves against the inevitable inflation that will wipe out the rest of your savings later this decade but yes, we'd like to see the system change and become more fair - but if you people in the bottom 99% can't see the need for change and keep supporting these economic criminals - then we can't help you.>>>

    As one of the bottom 99%, I have zero level of trust in the benevolent minority of the One Percent, represented in SA by the lonely voice of Mr. Davis. What we really need is the end of any illusions about the possibility of a "fairer" capitalism in this country without some serious organizing for a systemic change of its political and economic foundations. And I observe a sea of change in people's thinking on these matters. I mean regular people who think that butterflies are day-flying insects having nothing in common with bulls and bears.
    Dec 20 02:16 PM | Likes Like |Link to Comment
  • Japan Is Turning Into The United States [View article]
    In historical perspective, Japan is a toast. Ditto UK.
    Dec 17 05:23 PM | Likes Like |Link to Comment
  • The Biggest Threat To Stocks, Bonds, And GDP Growth [View article]
    The argument that low R&D expenditures impairs competitiveness is too abstract and must be qualified. We need to keep in mind that R&D is not the only way to produce more for less. Capitalist A can cut his R&D and still increase the productivity of his company by slashing his labor force and making the remaining workers work harder for the same, or better, diminished wages. He'd have a competitive advantage over capitalist B who does the same but increases his R&D expenditures or keeps them at the pre-crisis level as long as higher than average unemployment continues. The lower the cost of labor relative to constant capital the less incentive capitalist must have to invest in R&D. It would be interesting to compare R&D rates across different sectors and check if past crises showed similar declines in R&D. By the same logic, the rate of R&D expenditures must be on the rise in those parts of the world economy where the cost of labor is rising as in China.
    Dec 13 06:46 PM | 1 Like Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    How about this explanation from common sense? The "conservative revolution" allowed capitalists to roam the world freely in search of dirt cheap labor. Why to pay $100K to an engineer or middle-level management in the US if I can pay $20K for the same work elsewhere?
    Dec 13 09:02 AM | 6 Likes Like |Link to Comment
  • Stimulus Kings: Coronation Day For Gold And Silver This Week [View article]
    Speaking of Mr. Bernanke "money-printing." Can the author explain how Fed buying MBS translates into more buyers for gold. How exactly will this newly printed money find its way to the pockets of gold lovers? Thank you.
    Dec 11 04:12 PM | Likes Like |Link to Comment
  • Historical Tax Rates Provide Clarity [View article]
    It is difficult to argue that this increase was not a significant contributor and cause of the economic downturn in 1932.>>

    Does Tilton provide a better proof of his point than this rhetorical construction?
    Dec 11 09:28 AM | 2 Likes Like |Link to Comment
  • Freeport-McMoRan: Sell-Off Is Justified; Acquisitions Have Little Strategic Rationale [View article]
    Well, I can easily imagine that FCX BOD are crooks. It's much harder to believe JPM is that stupid to waste 9 billion for a deal that even six-months babies aka "investors" right away saw as a dud?
    Dec 6 03:58 PM | Likes Like |Link to Comment