Debt
There Is No Recovery
For anyone foolish enough to believe there is a recovery underway, Business Insider provides a slide presentation by David Rosenberg that should disabuse you of any such notion. Mr. Rosenberg is one of the more astute analysts around. His take is that the Federal Reserve is doing all it can to save the economy but [...]
“This Time Is Different”
A good piece of advice is to be wary when you hear the hackneyed phrase “this time is different.” Just as one should never say “never,” one should never suggest something is unique enough to suggest it never happened before. Yet that is exactly what is claimed by Gordon T. Long and John Rubino in [...]
David Stockman Alienates Both Ends of The Political Spectrum
David Stockman wrote an intriguing article which appeared in the NY Times. That it appeared in the Times is noteworthy itself, for it contradicts so many liberal shibboleths the paper has supported (promoted) for many years. Its appearance is less likely to reflect the first steps to Damascus and may be a sign of financial [...]
Cyprus — The Good, The Bad, The Ugly
Three articles have appeared here recently on the situation in Cyprus. This tiny, almost negligible, country can have no impact on the financial crisis that is coming. At least in terms of its dollar impact, it cannot. Relative to the rest of the world, it is equivalent to a pimple on an elephant. Cyprus’ economic [...]
What A Brilliant Idea: Confiscate 10% of Bank Accounts
Reuters reported the following: In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece. The decision, announced on Saturday morning, [...]
Leviathan: “You Better Play Along If You Want To Survive”
Freedom is lost with every passing day. Government has become Leviathan, a ruthless master which serves only itself. It has become pure force, unanswerable to anyone. George Washington’s warning has taken on new meaning: Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful [...]
Why Things Must Get Worse — Much Worse!
Kyle Bass is one of the more insightful guys around. He saw most of the problems of the last five to ten years and profited greatly from his foresight. If you want to know what is coming, I highly recommend you watch this one-hour presentation by Mr. Bass.
Going Down The Toilet
Preaching/warning about the impossibility of honoring our obligations is getting tiring for me. I can only imagine how readers must feel. Obviously they would like to hear some good news, although that is not possible given where we are. Rather than me rant and rave, Mort Zuckerman can do so in my place. For those [...]
Living Beyond Your Means Ultimately Means Living Beneath Your Means
The deterioration of this nation’s economy is truly mind-boggling. What we experience today is an outgrowth of several decades of misguided economic policies. Current economic policy is even more misguided than those that led us to this point. So, too is the regime uncertainty that surrounds facing economic actors. Productive people have targets painted on [...]
david yard
RICHARD RALPH ROEHL
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