"Inflation is always and everywhere a monetary phenomenon." ~ Milton Friedman
We can always make silver bullets.
Listening to even a small portion of Simple Janet’s incoherent babble makes very clear that the nation’s central bank is well and truly impaled on its own petard. According to the dictionary, the latter term refers to ...
... a small bomb used for blowing up gates and walls when breaching fortifications. It is of French origin and dates back to the 16th century. A typical petard was a conical or rectangular metal device containing 2–3 kg (5 or 6 pounds) of gunpowder, with a slow match for a fuse.
Maybe that’s what they have been doing all along — that is, waiting for their slow match monetary fuse to finally ignite the next financial conflagration.
After all, the Fed is now 87 months into its grand experiment with the lunacy of zero interest rates. If our monetary central planners still can’t see their way clear to more than 38 bps of normalization, then, apparently, they intend to keep the casino gamblers in free carry trade money until they finally blow themselves up — just like they have already done twice this century.
In fact, by Yellen’s own bumbling admission the inhabitants of the Keynesian puzzle palace — into which the Eccles Building has long since morphed — can’t see their way to much of anything. They couldn’t even decide if the risks to the outlook are balanced to the upside or downside. And that roundhouse kind of judgment isn’t even remotely measurable or exacting; it requires nothing more than a binary grunt.
As a practical matter, the joint has lapsed into a state of mental entropy — apparently under the risible assumption that they have abolished the business cycle and have limitless time to normalize. Yet we are already at month 81 of this so-called expansion, and the signs of approaching recession are cropping up daily.
This week, for example, we got another month of declining industrial production, which is now down nearly 2% from its recent peak and falling business sales, which are 5.1% lower than they were in mid-2014.
Today's price action is one of the things that I have been awaiting that many have said would be the sign that the system is losing it's grip. Although I expect to see some decline tomorrow, because that's what generally happens, we could just as easily be off to the races.
I've had numerous posts that were not allowed up in the first place. There's nothing vulgar, no hyperlinks, no outrageous comments, but the Yahoo censors, likely in Bernie's club, have not allowed them... one very important one I tried several times to put up.
It was shortly after that episode that I asked whether there was another place we could hang out.
Go back and read the "law". It specifically named persons, a euphemism for corporations, not people. There were quite a few Americans that did not turn in their gold. Remember, the system operates on the assumption that you know the law and intimately so. If you don't think so, tell me why those that hire lawyers to represent them are considered to be incompetent, i.e., wards of the court.
Gold will still be money when the fiat fad fades fortuitously fatally away.
Those convicted of victimless crimes shouldn't be there anyway.
Imagine, at least for a nanosecond, what sort of buffoon one must be to give you a thumbs down for this comment. Aren't they telling us that legitimacy and lawfulness are secondary considerations?
Your statement presupposes that the process is entirely legitimate and that there are no ways to pervert/subvert it. We all should know better than that. There's ample evidence to the contrary.
GSS is not profitable and is likely hanging on by the skin on it's teeth. Even fleas won't land on that dog.
It's amazing that gold has shown such strength in light of that.
I watched a video yesterday where every form of cancer they have been working with is susceptible to their immunotherapy treatments. One doctor said that soon immunotherapy will be the first line weapon against cancer displacing chemo.
Does anyone know for sure whether or not there is a Stellar connection?
I specifically posted the info about the piece because we have some Bolshevik slowcoaches here and they need the truth spoon fed them like pablum.