insolvent

Hope Has Changed — It Died

Hope is dying in the US. The performance of financial markets affects everyone. For savers and investors, these markets represent the means to an improved life, at least as they define it. Savings and wealth provide options and opportunities, the quintessential aspect of being an American. These options and opportunities differentiated an American from someone who was born and destined to die in [...]

IS LIBERALISM DOOMED?

Is liberalism doomed? That is a question posed by John Hinderaker in a Powerline article (reprinted below). There is little new in his article that has not been said here before, however Mr. Hinderaker brings some style and additional credence to the topic. My resounding answer to his question is "Of course!" Liberalism is based on feeling, not reason. Unbounded compassion in [...]

Bank Runs?

In March of 2010, I discussed the possibility of another bank holiday. We had one during the Great Depression where banks were ordered to close: One of the first New Deal legislative acts was the closing of the banks, known as a national banking holiday. Banks were closed for about a week. Neither deposits nor withdrawals were allowed. The nature [...]

House of Cards Around The World

The video below is probably the best reporting I have seen on CNBC for a long time. It puts the financial system of the world in perspective. The rating agency, Egan-Jones, is not beholden to the US or any other government. It works solely for clients with the purpose of protecting them and their assets. The European and US situations [...]

Welcome To The End of The Age Of Paper

John Rubino comments on the woeful state of the world: This was inevitable because “extend and pretend” is by definition a temporary strategy. It works for a while but only for a while. And now it’s ending everywhere, all at once. We’ve entered a new phase of the global financial collapse that began in 2000. Any one of these capitulations [...]

The Ryan Budget is More Game-Playing

Bob Murphy discusses Paul Ryan’s proposed budget. According to Lew Rockwell’s test for judging budget seriousness, it is woefully inadequate: The politically painful budget slashing is deferred to the future. As Lew Rockwell has said of any would-be budget hawks, tell me how much you want to cut spending this year — not ten years from now when someone else [...]

Our Weekend at Bernie’s Banking System

The festering cesspool that is our banking system (and the world’s) has not passed the danger point. Massive bailouts have not saved the banks or the financial system. The banking system is a facade, a Hollywood set with nothing behind the fake buildings and scenery. There has been no escape from the financial crisis. For the banks, it is still [...]

“Alarm Bells Should Be Ringing in Washington, DC”

Niall Ferguson provides a talk in which he states that “Alarm Bells Should Be Ringing in Washington, DC.” If you want to get a comprehensive view of where we are, especially in the context of history, this is a MUST WATCH! In the context of the decline of empires, Ferguson provides warnings about what is about to happen in the [...]

Dollar Going Down

In my next investing article, the continued weakness, if not the collapse of the dollar will be a crucial element. If you believe that is a likely outcome, then you should begin to think in terms of protecting yourself against it. Hat Tip to the Freeman for the following post: The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, [...]

Some See Apocalypse

There are some pretty smart people that are getting awfully scared about our economic situation. Most of these folks did not become successful by being “kooks.” All excerpts below come from a column written by Max Abelson. Asked about the biggest risks to Liberty, his media conglomerate, Mr. Malone said his concern was this country’s survival. “We have a retreat [...]

Why No Economic Correction

From the Daily Reckoning on why this correction is not an ordinary one. Nor is it like anything ever before seen: A Great Correction is what you get when a great many things need to be corrected at the same time. When the crisis of ’07-’09 came, economists immediately began talking about a ‘recovery.’ But there was no way the economy [...]

The Inmates are in Charge of the Asylum

We are totally lost with leadership like this. Everyone of these fools should be voted out (or tarred and feathered). It is time to wake up and realize that we are insolvent and that the welfare state has failed. It must be (and will be) rolled back and the entire notion of entitlements must be rejected. We are little different [...]