Posted on 06/14/2009 7:03:10 PM PDT by sickoflibs
If you realize both parties in Washington think our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus who is going to get elected in Washington and cut a few taxes and spend a few trillion and jump start the economy, and get our lost money back, this list is not for you.
You can read past posts by clicking on : schifflist , I try to tag all relevant threads with the keyword : schifflist.
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I always come back to this one: http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html
Not saying things are not screwed up because they are. Still, Mish took Schiff to the woodshed with this one.
bfl
bump to read later.
nobody who was anyone was surprised.
It is hard to pinpoint the moment when Argentina's currency peg became untenable in 2001, triggering the biggest sovereign default of modern times. The denouement sequence is worth rehearsing since it offers a crude guide for those with euro pegs in Eastern Europe, and ultimately perhaps for Club Med inside EMU. The explosive power of this broad group dwarfs Argentina.
[snip]
Our IOU is the military one - no other country is even close in capability.
bump
ping
I read this piece word for word and found it fascinating.
Long but a fun read. I like his presentation
This is the biggest issue of our time folks. Keynesian school Vs. Austrian school of economics.
The US must have an ideological shift from Keyenesian to Austrian to create a permanently sustainable true free market. This piece explains why politicians are 100% wrong for employing keyenesian interventionist methods.
Try Forwarding this to your representatives and your Senators.
Whenever you get the chance to ask a politician a question, make him discuss his economic ideology.
THIS is the change we need.
Bump for later
It may be the economically wrong but it's politically right, especially with the MSM egging us on to demand that they DO SOMETHING NOW! Plus, which gives them the most power?
Shedlock frequently writes articles at Minyanville.com, where other Minyans disagree with his deflationary, Japanese "L-shaped" nonrecovery scenario, but persist in believing that the elite audience will drive the Fed and other reserve bankers to an inflationary solution (with attendant risk of hyperinflation).
Their reasoning is simple: the banks can retain a sense of power and control by inflating, and inflation is congenial to some elite investment options; but disinflation and deflation are out-of-control, "truly-invisible-hand" processes that will turn the Fed into a spectator. That is intolerable to alpha personalities of the kind that can thrust their preferences on financial institutions, and so, these Minyans join Schiff in saying, we will have major inflation.
Shedlock ran a very puzzling (to me) piece in the Minyanville space a week or so ago (article is still archived there, I should think, under his name) in which he told readers that price increases are not inflation and vice versa, but inflation is a purely monetary phenomenon instead -- that the two are not directly linked. Which statement has had me scratching my head ever since. Like most older FReepers, I came to maturity under pipe-puffing Fedhead Arthur Burns and his big inflation of the Carter 70's, so perhaps my experience has miseducated me.
Keep in mind that the disagreement is profound, and profoundly affects what you might select as your investment option for riding out the storm.
Truth in advocacy: I have already had my shellacking with the rest of the dollar-hedgers. I was in foreign and precious metals mutual funds.
I wrote Shedlock a note this afternoon and asked him, how do you theoretize a politically-motivated market intervention like last summer's? It's the financial equivalent of a "slate-wiper" asteroid arriving from outer space and messing over your biosphere bigtime. Can you generalize about the viability of the decedent ecosystem, after an event like that, and somehow integrate the catastrophe as part of the "environmental parameters"?
If an Authority wakes up one day and changes the price of gold by coup de main or force majeure, how do you write that into your valuation model?!
W/O his reply at this time.
I started college under Carter so I remember. To be fair Johnson, Nixon, Ford and Carter all were part of the inflation problem (winning elections = sell out the future )and Carter was left with the single option of (Volker) increasing interest rates during an inflationary depression. Carter did much bad but I cant blame him solely for that mess.
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