Issuing lies and pursuing willful blindness is not leadership: it’s failure on a grand scale. Rather than issue predictions for 2015, this week I’ll cover themes that I believe will be consequential in the year ahead. The first theme is the dominant psychological dynamic of global leadership, which can be distilled down to a toxic brew of Hubris, Willful Blindness and Desperation. Examples [...]
Tag: financial collapse
Gold Held In NY Fed Vault Drops To Lowest In 21st Century After Biggest Monthly Withdrawal Since 2001
Exactly one month ago we observed that, as expected in the aftermath of the Netherlands' shocking and still not fully-explained gold repatriation from the NY Fed, the amount of foreign earmarked gold on deposit with the Fed had just experienced a 42 ton withdrawal: the single largest outflow of gold held at the NY Fed in over a decade, going back all the way to 2001. This had brought the total[...]
Same Currency War, New Battle Phase
By James Rickards The current global currency war started in 2010. My book, Currency Wars, came out a little bit after that. One of the points that I made in the book is that the world is not always in a currency war. But when we are, they can last for a very long time. They can last for five, 10 or 15 years, sometimes longer. And so it’s really not a surprise that here we are in 2014 talking [...]
Bankers Want Your Savings As Part of Their Next Bail-Out
Keep a close eye on what savings you have left. The financial honchos have plans for your money. Ellen Brown, who writes at The Web of Debt is the only blogger that I am aware of who writes about the neoliberal machinations related to preparing for the next giant bank crashes. In a recent post she describes the latest plan adopted by the G20 nations. I believe this is crucial information for[...]
Savings Accounts are at Risk as Long as JP Morgan CEO Gets Everything He Wants
The CEO of America’s biggest bank, JP Morgan, appears to have Washington at his beck and call but is his push to repeal a key financial safeguard a step too far? COMMON SENSE ACTION - OWN PHYSICAL PRECIOUS METALS HELD IN A NON-BANK DEPOSITORY...AWAY FROM THE WALL STREET PLUNDERERS. If you want to understand what’s wrong with the US financial system, start by asking this question: why does[...]
The Devastation Of America’s Working Class
After years of exposing, month after month, the truth about the US labor market - its conversion into a part-time (in 2010!), low-paying job market where Millennials refuse to work (as the job market reality is gruesome so instead they opt to load up on record amount of student loans) and where older Americans, instead of enjoying retirement are forced right back into the labor force leading to[...]
Duck And Cover —- The Lull Is Breaking, The Storm Is Nigh
By David Stockman September 15, 2008 is the day that Lehman died and the moment that the world’s central banks led by the Fed went all-in. As it has turned out, that was an epochal leap into the most dangerous monetary deformation that the world has ever known. It needn’t have been. What was really happening at this pregnant moment was that the remnants of honest capital markets were[...]
Welcome to the New Depression
By James Rickards The United States is living through an economic depression that began in 2007. It’s part of a larger global depression, the first since the 1930s. This New Depression will continue indefinitely unless policy changes are made in the years ahead. The present path and future course of this depression have profound implications for you as an investor. If you don’t grasp this[...]
China: Turning Away From the Dollar – Only the US Investor Remains Oblivious
By James Kynge and Josh Noble Questions remain over the global economic impact of Beijing’s efforts to reduce its financial reliance on the US When an economic theme goes global, Hollywood is never far behind. In the futuristic thriller Looper, retired hit man Bruce Willis travels back in time from the year 2074. Upon meeting his younger self, he advises him to stop learning French and[...]
This Time Is The Same: Like The Housing Bubble, The Fed Is Ignoring The Shale Bubble In Plain Sight
by David Stockman • December 8, 2014 We are now far advanced into the third central bank generated bubble of the last two decades, but our monetary politburo has taken no notice whatsoever of its self-evident leading wave. Namely, the massive malinvestments and debt mania in the shale patch. Call them monetary bourbons. It is no exaggeration to say that inhabitants of the Eccles Building[...]