stock markets

Why Deficits ‘Don’t Matter’

Deficits used to draw down the nation’s savings. That’s because the feds had to borrow to fill in the hole. And when you borrowed, you borrowed what someone else had saved. No more. The new…

Time in or Timing the Market?

Perfect timing is impossible. No one knows when the inherent instability in an overpriced market will be exposed. The higher a market rises — on artificial earnings and higher PE multiples — the more dangerous…

Cycles Have Two Phases – Up AND Down

We have lived through an extraordinary ‘up’ phase of the cycle…and unfortunately, this sustained period of false prosperity has been mistaken for a permanent reality. Nothing could be further from the truth. The signs are…

Complacency Breeds Stupidity

As a society we’re ill-prepared for a sustained period of financial hardship. The good times — credit funded lifestyles we cannot afford — have gone on for so long that we consider this as normal.…

No Margin for Error

The wisdom of the old saying ‘banks give you an umbrella when the sun is shining and take it away when it’s raining’ is forgotten when greed — by all parties in the transaction —…

Which Central Banker Snaps First?

Most things you can learn from economics are wrong. Figuring out why they’re wrong has plenty of value though. It allows you to predict things that others don’t see. The neutrality of money is a great example. Most people who’ve studied economics believe that you can fiddle about with the supply of money without affecting … Read More

Markets & Money