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A funny thing happened on the way to Wall Street. News about the economy was as dark as the ink it was printed with, and yet stock markets vaulted upward. The Federal Reserve had been teasing the stock markets with round three of quantitative easing (QE3), and the noses of the market bulls now flared […]
The US Federal Reserve for Dummies: What is the Federal Reserve System and What is the Gold Standard?
This is the story of a bank that is not a bank as well as a government regulatory agency that is not government. The following explanation of the Federal Reserve is simpler than more complete versions you can find all over the web, but that’s why I’m writing it. It’s hard to find a simple […]
The main reason this depression is being talked about now as a “second recession” is that the governments of this world propped up the initial phase of this global depression with all the cash they could manufacture — more cash than has ever been pumped into the U.S. economy at any time in history. Thus, […]
The fickleness of the stock market as a predictor of the economy versus just a responder to the economy played out clearly in the past week. On March 5th, CNN reported that the market had broken a five-day losing streak, bouncing off of twelve-year lows. “The markets opened higher and never looked back, following reports […]
Today begins the Chinese Year of the Ox. I wasn’t sure how much stock to put in the Chinese Year of the ___ stuff. (Right now I’m not buying stock in anything.) Then I had a brainstorm. I can easily see if there is anything to this Chinese New Year stuff by looking back at […]
In June of 2008, U.S. President George Bush taught us that “one of the things important about history is to remember the true history.” With that as our guide, and this being the final days of a truly historic presidency, I’d like to reflect on the wisdom of the previous year that got us where […]