Article List



Three things to watch in 2013

January 16, 2013 – The precious metals have been in a 2-year trading range. Though gold rose 10.2% in 2011 and 7.0% in 2012, these rates are ...


Something More Important than the Debt Limit

July 11, 2011 - Discussions by policymakers to increase the US debt limit are in the eleventh hour.  Sadly, so far the circus of intense ...


Does QE really stimulate economic activity?

November 16, 2010 – Earlier this month the Federal Reserve announced its latest round of quantitative easing, long ago dubbed QE, but it should ...


Debtor Nation

March 22, 2010 – Only a few decades ago, the United States was the world’s largest creditor nation.  American capital spanned the ...


US Government Debt is Not a Safe Haven

February 15, 2010 – As the debt crisis in Greece continued to unfold last week, the US dollar and US government debt instruments were being ...


The Outlook for 2010

January 2, 2010 – It is time to record my outlook for 2010, but before looking forward to the year ahead, I always like to first look back at ...


The Federal Reserve Needs More Money

December 30, 2009 – The Federal Reserve needs more money to continue purchasing US government debt, the aggregate amount of which is soaring ...


Will Sovereign Debt Defaults Bring the End of Socialism?

December 19, 2009 – Socialism has come to mean many different things to many people, but regardless how it is defined, in the months immediately ...


The Dollar Depends on Politicians Now

October 28, 2009 - It wasn’t too many decades ago that the dollar was, as the saying went, “as good as gold”.  It was a truism, ...


Federal Tax Receipts Tumble While Outlays and Debt Soar

August 26, 2009 - According to the National Bureau of Economic Research, the United States has been in an economic contraction since December ...


Full Faith and Credit

August 10, 2009 - I wrote the following 22 years ago this month. As the French say, Plus ça change, plus c'est la même chose! Nothing has changed ...


Yet Another Bailout

September 22, 2008 - In the last letter I commented on the bailout of Fannie Mae and Freddie Mac. My observation was: "This latest bailout of ...


Economic Suicide

March 15, 2006 - Anybody who has been lending money to the US federal government by buying T-Bills and its other debt instruments received a brutal ...


Window Dressing

October 27, 2003 - Because financial statements provide a snap-shot of a company's balance sheet for just one day, the opportunity exists for ...

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