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In testimony before Congress in 1912, J.P. Morgan, the leading financier of his day, declared: “Money is gold, nothing else.” A century later a diametrically opposing view was taken by Wall Street legend Warren Buffett who proclaimed that gold “has no utility” and that “anyone watching from Mars would be scratching their head” trying toRead more

The US federal government spent $369 billion in August, but only received $179 billion in revenue. The resulting $190 billion deficit was a record for any August and the third highest monthly deficit in the current fiscal year, which ends on September 30th.

Congressman Ron Paul says that “central bankers are intellectually bankrupt”. This is actually the title of an excellent op-ed article he wrote last week for London’s Financial Times in which he clearly explains that controlling interest rates is a form of price fixing.

Back in 2009 when the Greek crisis was just starting to make headlines, I wrote an article concluding that sovereign debt defaults would bring the end of socialism. My premise was straightforward and based on financial reality.

In the first two months of the current fiscal year that began on October 1st, the US national debt has grown $320 billion. That is $21 billion more than the same 2-month period last year, which illustrates that the growth of the national debt continues to accelerate.