When Leverage Fails

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While it is playing out in slow motion, the demise of Ponzi finance continues.  I never imagined that the extend and pretend, delay and “prey”, smoke and mirrors efforts of central banks around the world would have worked into mid-2012. I have learned a lesson. I do not know when the true financial collapse will […]

Happy 40th, Fiat Dollar!

Exactly 40 years ago today, on August 15th 1971, the US dollar was released from the cruel tethers of an international gold standard. Today, we find notable monetary authorities seeking its return. In the middle of a lengthy ~2,500 word speech in which Nixon sought to stabilize prices by implementing price controls and stabilize foreign […]

Dread The Fed

Value of One Dollar From 1913

The beginning of the end for the United States economy started with the inception of the Federal Reserve, the United States Central Bank, some 98 years ago. The Fed as it’s called, is a private bank, separate from (and presumably not under the control of) the federal government. The Federal Reserve has the power to […]

Rome Is Burning

By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some…..Those to whom the system brings windfalls….become profiteers. -John Maynard Keynes People think currency, […]

It’s Greek To Me

“The farther backward you look, the farther forward you are likely to see.” – Winston  Churchill People think currency, such as the U.S. Dollar, is money. It is not. Historically money has an intrinsic value within itself. Think of gold and silver and other precious metals – they are money. Our paper and coins are […]