1. Update 03/26/2020

    As I am watching the financial game shows today I am seeing headlines that “Wall Street Shakes Off Record Jobless Claims”. How much more misleading could a headline be? There are actually no markets anymore at all. If there were, the “markets” would have crashed long ago and this unemploymen…Read More

  2. Weekly Article 03/24/2020

    I have written many times that we have likely been in a depression (forget recession) since 2008 and possibly since the year 2000. My thesis has been that with all of the “printing and buying” schemes by central banks, banks and hedge funds, this has masked the underlying weakness in the economy…Read More

  3. Update 03/19/2020

    As I am watching the world’s central banks flood the economy with more stimulus I am noticing that the same playbook from 2008 is being deployed. This time, however, will have to be exponentially bigger because the same situation (insolvency) exists as it did then but it will take a lot more to pr…Read More

  4. Update 03/18/2020

    In watching the central banks throw everything at these “markets” it is obvious that they are fighting the last war. The last time there was a solvency problem that they solved with liquidity. (They conjured up trillions of dollars, yen, euros, etc. and more than doubled national debts and other…Read More

  5. Weekly Article 03/17/2020

    I have been getting many calls about the action in the gold markets. While gold has held up better than stocks recently, many are disappointed by the recent action. I was not at all surprised by the fall that took place up to last Thursday as it appears that gold was sold along with everything else …Read More

  6. Update 03/12/2020

    Yesterday, I saw the CEOs of our major banks with President Trump. These are mostly the same guys we bailed out in 2008 and are doing again right now with the REPO operations that are growing at an alarming pace. Of course, they assured us that this is not a financial crisis- which to me means that …Read More

  7. Weekly Article 03/12/2020

    Just as I was wondering what to write about this week I just got an alert on my phone that the Fed is now raising the overnight repo- for the second time this week to $175 BILLION PER DAY. So far, the 2 week loans are staying at $45 billion twice a week and the $60 billion in treasury purchases have…Read More

  8. Weekly Article 03/05/2020

    There are many people watching Treasury yields collapse and are believing that this is showing a large underlying weakness in our economy and financial system. Others will say that since the Fed is manipulating the rates that yield curve inversions and other metrics should not be looked at. My own b…Read More

  9. Update 03/03/2020

    It appears to me that what I have been warning about for quite some time is finally coming to pass. They can blame it on whatever they want but the main driver of this pullback is DEBT. Nothing was fixed after 2008 and only the piling on of massive debt has given the illusion of a solution. It appea…Read More

  10. Update 02/28/2020

    There is plenty of fear to go around out there today and indeed throughout this whole week. Many in my business will be telling clients- don’t worry you’re in it for the long haul, the market always goes up, don’t worry- the Fed has our backs, etc. The financial game shows will also undoubtedl…Read More