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I'm very bearish on the U.S. dollar and have been for years. That's why I have so many of them. This sounds like a contradiction, but let me explain. The reason I have so many dollars, even though I think they're worth less and less, is because I don't hang on to them. In my mind, cash is trash. One of the reasons why we have this enormous gap between the world's haves and have-nots is because the have-nots value money -- they work for it, save it, cling to it, and lose it.A friend just bought a new SUV....

The prospect of further rises in interest rates in the eurozone unnerved both equity and bond markets on Thursday. ... The price of silver rose to a fresh 22-year high above $10 an ounce amid expectations that a silver exchange-traded fund would soon receive US regulatory approval.

In a shocking development, the Treasury Department website is openly stating that as of January 24, 2006 our national debt stood at $8,185.3 billion and on January 26th at $8,190.5 billion. http://www.publicdebt.treas.gov/opd/opdpenny.htm Yet the US national debt ‘ceiling’, the maximum amount of debt the US government may hold at any one time, stands at $8,184 billion – a full $5.5 billion less. Although called upon by John Snow, Congress has not yet passed an expansion of the debt ceiling and so the US government is now operating in technical default. You may recall that when last the debt ceiling was...

M-3 has been launched into outer space, up another $56.3 billion last week, up $92.4 billion over the past two. This is some real horsepower. Over six weeks, the meaningless figure, ahem, is up $177.8 billion. These annualized growth rates are 28.7 percent, 23.6 percent, and 15.3 percent respectively. Those are the seasonally adjusted figures. The raw, non-seasonally adjusted, figure is up $293.3 billion over the past 12 weeks, on a pace to add 1.2 trillion in money to the economy. Wow. There must be a need for this. Maybe the master Planners see a coming need to monetize our...

Part I of this series reviewed our stimulus driven, real estate-reliant, post-bubble economy. Part II looked at the cycles of bull and bear markets, and how history suggests trouble ahead for U.S. stocks -- despite the strong start to 2006. Today we focus on how it could all come together or, as the case may be, come apart. I'll detail how to get to my 2006 target of Dow 6800 -- the lowest (by far) in the Business Week survey -- and lay out a scenario for how the S&P 500 could take a 30% haircut this year. Before the...

Australian gold stocks continued to rally today as the gold price raced back towards a 24-year high. At 1245 AEDT the spot price of gold in Sydney was US$533.20 per fine ounce, up US$13.20 on last night's close. This comes on the back of a US$6 rise yesterday, with gold moving back towards the 24 year record high of US$540.90 set in December. Australia's biggest gold producer Newcrest Mining Ltd (ASX:NCM) led the pack in early trade today, racing up A$1.45 or 5.88 per cent to A$26.13 by 1240 AEDT. Papua New Guinea miner Lihir Gold Ltd (ASX:LHG) also shot...

Has anyone heard anything?

The price of gold passed $500 an ounce last week, its highest level since the late 1980s. This is either an ominous development—or it isn't... If you'd lived a century ago, gold would have been the basis of your money. Great Britain dominated the global gold standard; its currency, the pound, was freely convertible into gold... On April 5, 1933, President Franklin D. Roosevelt ordered Americans to surrender their gold coin; the country effectively went on a paper-money standard... Higher demand collides with constricted supplies; wham, prices rise... Gold is an unending mystery, because its value lies less in what...

As gold flirts with 20-year highs, we are hearing more from the "gold bugs" or, as they are sometimes appropriately called, the "doom-and-gloomers". Appropriately, because a gold bug's current outlook for the future of traditional financial assets such as stocks, bonds and currencies is not optimistic, particularly in the US. A gold bug traces today's financial problems back to the removal of gold backing from global currencies; without such backing, there is no limit to the amount of money that politicians and the banking system can create. Monetary inflation inevitably leads to price inflation, and creates asset bubbles and excess...

"All the perplexities, confusion and distresses in America arise not from defects in the Constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation." [1] Abstract Ignorantia juris non excusat (ignorance of the law does not excuse) is a well established principle dating back thousands of years. Roman and English law, precursors of the American system of jurisprudence, both recognized the maxim. Be it not forgotten – justice excuses not the law. The laws of the land are to be made in pursuance of the Constitution. The...

As the Fed continues its inflation campaign, most have yet to come to grips with the reality of America’s uniquely precarious situation. In an act of prestidigitation that would impress Harry Houdini, the Fed is now attempting to hide evidence of the most inflationary monetary policy in its history by no longer publishing data on the growth of M3, while mystifying the public with phony CPI statistics. However, the relentless rise in the price of gold is evidence that fewer people are being fooled by the Fed’s slight of hand. Gold’s recent rise to just under $500 per ounce, gaining...

On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. The Board will continue to publish institutional money market mutual funds as a memorandum item in this release. Measures of large-denomination time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks).

The October Newsletter The Leaves Won't Be The Only Thing To Fall! Enrico Orlandini Lasco Report 17 Oct, 2005 We're heading into that time of year where the word "crash" tends to command a bit more respect among market specialists, i.e., the months of October and/or November. Maybe it's just a coincidence, but I see an ominous cloud on the horizon. Actually, I see a large mass of clouds and they're as black as night. Anyone who's invested in the stock market over the last three or four years has little or nothing to show for it and, if you're...

For over four decades, observant and open-minded individuals have become deeply concerned about the future of our great nation. They refused to accept the rosy official and media testimony regarding our nation's fiscal and monetary integrity. Similarly, they did not believe the negative rhetoric directed towards gold. Just as these independent thinking and far-sighted people recognized that one plus one would always equal two they also knew that no one, nor no nation, could create something from nothing. Throughout this period they witnessed the U.S. government and the Federal Reserve banking system work together to create U.S. dollars from thin...

SAN FRANCISCO (AFX) -- Gold futures climbed to a high of $472.40 an ounce, a level not seen since 1988, according to monthly charts. December gold was last at $471.10, up $7.80, or 1.7%. Prices found support as rallying energy prices sparked worries over inflation This story was supplied by MarketWatch. For further information see www.marketwatch.com

America's coming economic crisis. A look back from the election of 2016 ***EXCERPT*** Or perhaps we should call it the first domino to fall, because what then happened had a kind of geometric inevitability. The next domino was a thousand miles across the Caribbean, in Venezuela. Hugo Chavez, originally elected as a crusading left-winger, was by then well into his role as an outright military dictator. For years our diplomats had grumbled that Chavez was "Castro with oil," but after the real Castro's death the comparison had new meaning. A right-wing militia of disgruntled Venezuelans, emboldened by the news that...

Wednesday, June 15, 2005, 5:07:00 PM EST TIC - A Technical Review Author: Dan Norcini (For Charts click on the article link beneath the title of the post--HUAC) This presentation in chart form (see below) is the percentage increase or decrease in Treasury holdings of the big three Asian customers, Japan, China and S. Korea on a 12 month trailing basis, and a comparison of the Trade Balance vs. Net Capital Flows data. As you can see, since the beginning of 2003, Net flows have proved to be sufficient to cover the trade deficit on a month-by-month basis with the...

Gloom permeates the gold community these days. The bull is bucking its members off like they were toddlers trying to ride a brahma. This is why, I suppose, so few ever make any money in the great secular bull markets of history. Too many "experts" succumb to the overwhelming negativity that comes with the nasty corrections. And their skittish readers stampede after them. What follows is a short essay on the big picture of gold and silver shares. It has evolved out of readings from a wide array of prescient analysts such as Richard Russell, Jim Sinclair, Steven Saville, Robert...

The Federal Reserve raised its short-term interest rate target by a quarter of a percentage point for the sixth time, and signaled little change in its plan to continue raising rates gradually in the months ahead. The rate change, which was expected, brings the target for the federal-funds rate, charged on overnight loans between banks, to 2.5% from 2.25%. It was 1% last June. The statement accompanying the rate change was almost identical to that issued after its last meeting on Dec. 14. Economic growth is "moderate," the jobs market is improving "gradually," and inflation is "well contained." It said...

Economist: China Loses in Dollar Stability Wednesday January 26, 3:47 pm ET By Edith M. Lederer, Associated Press Writer China Has Lost Faith in Stability of U.S. Dollar, Top Chinese Economist Says at World Forum DAVOS, Switzerland (AP) -- China has lost faith in the stability of the U.S. dollar and its first priority is to broaden the exchange rate for its currency from the dollar to a more flexible basket of currencies, a top Chinese economist said Wednesday at the World Economic Forum. At a standing-room only session focusing on the world's fastest-growing economy, Fan Gang, director of the...

Excerpt:"January 4 – Dow Jones (John Conner):  “The Federal Housing Administration has increased its single-family home mortgage limits… Effective Jan. 1, 2005, FHA will insure single-family home mortgages up to $172,632 in low-cost areas and up to $312,895 in high-cost areas, HUD said. Last year, the FHA loan limits were $160,176 in low-cost areas and $290,319 in high-cost areas.  HUD said the loan limits for two-, three, and four-unit dwellings also increased.  ‘These higher loan limits will help the FHA mortgage insurance program keep pace with the strong housing market while contributing to the Bush Administration’s commitment to create 5.5...

I spent 3 days of R & R at the Las Vegas Mandalay Bay last week, and thought it would be fun to spend a day driving around town doing some on the ground reconnaissance of the most expansive real estate bubble in the US. Based on my 8 hour survey of the Summerlin and Anthem suburbs of LV, I can say with 90% certainty that the bubble has burst and prices may spiral down for years to come. The latest finished phase of a Dell Webb development had over a hundred homes that had been completed back in August...

OK. This time they mean it, really. Economists in San Diego and around the country are saying the biggest housing boom in the region's history is slowing and may be finished by the end of 2005. "The phenomenon of doubling your money in three years is over for this cycle," said Jim Teak, a San Diego-based economist with Prudential Realty of California. A lot of people agree with Teak. The influential UCLA Anderson Forecast says in a report out today that 2005 could be the year that "reality and reason" finally cool off the housing market. Higher interest rates will...

For education and discussion only. Not for commercial use. OK, let´s suspend the bashing of President Bush and his Democratic presidential opponent John Kerry for their stupefyingly awful records and platforms on trade policy. Let´s turn instead to how their utter inability to understand America´s globalization challenges will sandbag other major policies they´re pitching. To date, there´s no better example than Bush´s goal of turning America into an “opportunity society.” Anyone who likes free markets and capitalism, will rightly love the concept of an ownership society; and it´s no wonder that the Republicans are making it a centerpiece of their...

The U.S. government's fiscal ills have spun wildly out of control and no longer are containable within the existing system. As detailed in this article, the actual annual shortfall in U.S. government operations for fiscal year 2003 (September 30) was $3.7 trillion. Put in perspective, that means if the U.S. Treasury had seized all wages and salaries in 2003 with a 100% income tax, there still would have been a deficit! The outlook for fiscal 2004 numbers is even worse. Considering that the popularly reported 2003 budget deficit was $374 billion, one-tenth the number cited above, this installment on government...

A big drop in bond yields offered little encouragement for a tired stock market. For the week, the Dow and S&P500 posted slight declines. The Utilities were about unchanged, while the “defensive” Morgan Stanley Consumer index added 1%. Economically sensitive issues gave up some ground, as the Transports dipped 2% and the Morgan Stanley Cyclical index declined 1%. The broader market reversed recent strong relative performance, with the small cap Russell 2000 declining 2%. The S&P400 Mid-cap index was unchanged. The technology sector suffered mild declines. The NASDAQ100, Morgan Stanley High Tech, and The Street.com Internet indices declined 2%....

Loss of Jobs in America Paul Craig Roberts Wednesday, Nov. 12, 2003 Are we being spun on jobs by the White House and the rah-rah Bush media like we are being spun on Iraq? Make up your own mind after considering the following. Only a few of the 116,000 private sector jobs created in October provide good incomes: 6,000 new positions in legal services and accounting – activities that reflect corporations gearing up to protect their top executives from Sarbanes-Oxley. The remainder of the 116,000 new jobs consist of temps, retail trade, telephone marketing, and fund raising, administrative and waste...

Big, ugly things are on the horizon Comstock Partners has concluded that real estate is almost certainly the place where the big popping of the bubble will begin, and for many important reasons, even though they hedge their bet a little, and allow that perhaps a collapse of the dollar may be the culprit, or maybe some big bankruptcy, or something. But probably real estate. But continuing with the real estate angle, they quoted the Richebächer Letter, and said "Since 1997, total housing values have soared from 8.8 trillion to about 14 trillion presently." Even though they left the dollar...

Dollar's drop and oil fears cause gold rush Bullion price hits seven year high Larry Elliott Friday September 26, 2003 The Guardian (UK) Fears of a prolonged slump in the value of the dollar sent gold prices to their highest level in seven years yesterday as investors sought a haven from the turbulence of the foreign exchanges. The price of gold rose by $5 to just over $390 an ounce in London trading amid speculation that the $400 barrier could be breached in the coming weeks. With the financial markets unsettled by the sharp drop in the dollar and by...

International Perspective, by Marshall Auerback China Tightens - The Beginning Of The End Of Global Reflation? September 2, 2003 There is much anecdotal and statistical evidence to support the notion of an incipient global recovery now underway, in marked contrast to last spring's dire talk about deflation.  Germany's IFO index (a leading indicator of business confidence) has now exceeded expectations 4 months' running, Canadian home sales are booming, the UK is still in the midst of a mortgage refi boom, and the economies of emerging Asia continue to upgrade their respective GDP growth estimates.  With American economic growth recently revised...

Home  l  Broadcast  l  WrapUp  l  Storm Watch  l  Perspectives  l  Sitemap  l  About Us Apocalypse This Way Comesby Nelson HultbergSeptember 2, 2003 A smattering of today's mainstream pundits is beginning to understand that what economically plagues us today is something quite different from the standard inflationary-recessionary cycles that have prevailed since World War II. But the great majority of talking heads and financial columnists remain clueless -- dutifully accepting the establishment line that depicts the nature of recessions from past models. The error in this view is that all recessions since World War II have been the result...

U.S. Aug nonfarm payrolls fell 93,000 Friday September 5, 8:28 am ET WASHINGTON, Sept 5 (Reuters) - U.S. Labor Department seasonally adjusted jobs data. In 1,000s, Change Aug July (Prev) June (Prev) in Nonfarm Payrolls -93 -49 -44 -83 -72 Jobless Rate (Pct) 6.1 6.2 6.2 6.4 6.4 Earnings, Hours of Private, Non-Farm Production workers: . Aug July (Prev) June (Prev) Avg Weekly Hours 33.6 33.6 33.6 33.7 33.7 Manufacturing Hours 40.1 40.1 40.1 40.3 40.3 Overtime Hours 4.1 4.0 4.0 4.0 4.0 Earnings/Hour (dlrs) 15.45 15.43 15.44 15.38 15.39 Pct change 0.1 0.3 0.3 0.2 0.3 Non-Farm Month-On-Month Payroll...

<p>August 24, 2003 -- When executives start unloading shares in their own companies, Wall Street is trained to worry.</p> <p>Conventional wisdom holds that insider trading is a good barometer of where the market is heading. If the top dogs who are in-the-know about their companies are selling a lot more than they're buying, there must be a reason.</p>