By: Bill Bonner & The Daily Reckoning Crew - 20 October, 2006
-Who wants s’mores?…everyday can’t be your lucky day… -The housing correction hasn’t even begun… How was the American consumer able to continue spending more and more money even while his income went nowhere? -Argentina’s big advantages…how to go broke in style…and more! Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 20 October, 2006
This week it was announced that both producer and consumer prices dropped by 1.3% and .5% respectively, while housing starts unexpectedly increased by 5.9%. Not surprisingly, Wall Street celebrated the apparent good news, sending the Dow Industrials into uncharted territory. As has been its recent tendency, the market is unconcerned with recent bad news, instead championing it as confirming the highly touted “soft-landing.” Full Story
We began our love affair with silver as money nearly a half-century ago, and turned rather grumpy when a banker friend admonished us, back in 1980, that, “It’s not money. It’s just another commodity.” He was half-right. In addition to being money, silver is indeed a commodity. But not “just another” commodity. It is quite likely the most remarkable and essential commodity of the 21st Century. And we have the sweetest smelling socks to prove it. Full Story
By: Rick Ackerman, Rick's Picks - 20 October, 2006
I've stayed on in New York City in order to attend the fall dinner of the CMRE – the Committee for Monetary Research and Education. Newmont Mining's president, Pierre Lassonde, is a featured speaker tonight, and I will duly report on his comments in Monday's edition. Others on the program include Weeden's Charles Maxwell, financial columnist Martin Mayer, guru Paul Van Eeden, and Bob Hoye, whose thoughts have been featured here many times. Full Story
By: Bill Bonner, Addison Wiggin, & The Daily Reckoning Crew - 19 October, 2006
-Do you feel lucky?…what do investors expect from the Dow? -Enjoy the low prices of crude oil while you can…oil shale is back on the radar screens in a big way… -report from the pampas…dead men tell no tales…and more! Full Story
Much adieu was made this week about the U.S. population crossing the 300 million mark on Tuesday, Oct. 17. The latest report from the U.S. Census Bureau sparked a flood of news articles on the population debate and not a few discussions on how our present standard of living has changed over the years. Full Story
Consider the effect of a practical joker who, late at night, switches a road sign that says "Detour" to one that says "70." If the police caught him, he would be given a jail sentence. Now consider the effect of Alan Greenspan’s policy of monetary expansion – in 1987, in 1995, and 2001. In each case, the interest rate was sending a signal: "Detour." In each case, he switched signs. Then he provided the liquidity necessary to legitimize the sign. Full Story
By: Rick Ackerman, Rick's Picks - 19 October, 2006
I'm not sure whether it was sent in jest, but I got a "say it-ain't-so-Joe" note from a friend yesterday bearing the following subject header: Ackerman, Last Bear, Capitulates? The answer depends on whether you've been following my forecast for the stock market, which has been very bullish, at least for the near-to-intermediate term; or my forecast for the economy, which is about as bearish as predictions get. But capitulate? Hardly. Full Story
By: James Turk & The Daily Reckoning Crew - 18 October, 2006
-For every thing, there is a season - and it may be the autumn of frugality…America’s hidden triplet… -Is it luck - or something more?...household deficits...it’s not ‘sho friends - it’s show business... -If all the kids were juggling dynamite, would you do the same?...when your wife warns “you don’t want to know,” watch out...and more! Full Story
By: Bob Chapman, The International Forecaster - 18 October, 2006
We are looking forward to a day when foreign financing of debt will end. The dollar will fall 35 to 50% and everyone will take their losses as the world is consumed again by deflation and depression. In order to offset that we will see ever stronger inflation over the next few years created by the Fed to try to keep the economy afloat. The effort will be unsuccessful and eventually we will slip into deflation. In inflationary times your funds should be in gold and silver related assets. In deflationary they should be in gold related assets. Full Story
By: Richard Daughty, The MOGAMBO GURU - 18 October, 2006
Total Fed Credit was up only $1.5 billion last week. The big action was in the banks, which were busily creating enough credit for themselves to use to choke down a whopping $42 billion in government debt. In one week! Loans and leases fell, but idiot Americans, at the apparent top of the housing bubble, racked up another hefty $21 billion in real estate loans last week, and the people that already had houses gorged themselves on another $16 billion in home equity loans! All in one week! Full Story
By: David N. Vaughn, Gold Letter, Inc. - 18 October, 2006
As I have said continually gold wants to climb higher and resume its upward trend. It always amazes me how folks will give every other market objectivity and patience except the precious metals and resource market. Yet, what better market to invest in than an area whose supply and product is finite and only guaranteed to ultimately climb higher as it is used up. Full Story
By: Rick Ackerman, Rick's Picks - 18 October, 2006
The "core" producer price index rose an ostensibly whopping 0.6 percent in September, but only an economic nincompoop could be truly concerned about it. We prefer simply to re-add it to the list of red herrings currently distracting investors from reality. We should also note that it is one of the most abysmally stupid popular myths to have survived the late, great asset boom. With that boom now starting to dry up as quickly as dew on a rattler's tail, inflation is the last thing we should be worried about. Full Story
By: James Turk & The Daily Reckoning Crew - 17 October, 2006
-Staying away from creative financing is a no-brainer – at least we thought so…the Spam of the lending industry… -A note from our small-cap superstar…a reversal of fortune… -The more the merrier – unless you are looking for a parking space…finally, we have granite countertops! How did we ever live without them?...and more! Full Story
By: Rick Ackerman, Rick's Picks - 17 October, 2006
Stocks marked time on Monday, allowing the purveyors of tired wisdom to rev up the silly notion that the avalanche of economic data due out this week will have some significance on the performance of shares over the near-term. We would argue otherwise -- that the Dow is in the throes of a thousand-point rally come hell or high water and that, furthermore, corporate earnings, no matter how bad, will not derail this prediction. We have strong evidence of this already, since investors evidently had little difficulty last week shrugging off disappointment earnings from industrial bellwether Alcoa. Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 16 October, 2006
-The five little gremlins that could spook the stock market...many marginal homeowners are hitting the tarmac without landing gear... -Gold's correction has just about run its course. Buy some.... -The empire is running out of fuel...staying out of stocks - and not looking back...and more! Full Story
In the first hour, this weeks market headlines and forecasts. Next, financial powerhouse, Bob Chapman presents his latest market findings and tackles more listeners questions. Plus, the trading superstars Jack Chan and Gary Kaltbaum return to the show. Jack warns investors not to chase the runaway stock market at these lofty levels. Conversely, Gary Kaltbaum has begrudgingly moved into the bull camp with one finger directly above the sell button. The first hour wraps up with another audio excerpts boraloge from Benjamin Graham's: The Intelligent Speculator. Hang in there folks, you've almost finished the entire text and this one can only help improve your investing results.
In the second hour, you may feel the urge to exclaim, "Eureka!" as Peter Eliades hypnotizes you with Archimedes like deductive powers. Don't miss Peter explain how all markets are comprised of a primary trend with a cyclical component. Next, he tells listeners how to determine the bull or bear market phases using technical analysis. Full Story
The understanding of legal tender is intrinsically bound up with the difference between the legal definition of money and the economic definition of money.
Money used according to its economic meaning refers to what society has agreed upon to be the common medium of exchange: that which is used to procure all other goods and services in the market place. Full Story
While I may be a bit premature about attaching a Halloween oriented motif to this piece, at the same time, it fits the situation better than any other in mind so we’ll just have to go with it. And to what does it refer, a witches brew perhaps? Well, in a way yes, that’s it in a nutshell all right. Of course alternatively one could just as easily characterize it as a ‘big mess’ in less dramatic terms. What mess is this to which we are referring? Why it’s the next asset bubble, in progress as we speak. Full Story
By: Bob Chapman, The International Forecaster - 15 October, 2006
Greenspan, Bernanke, George and the neocons and Henry Paulson and his Goldman Sachs gang have lost their way. The Treasury Department has become Goldman Sachs, South. When negotiations were held with China the Chinese government thought they were just dealing with Goldman, not a sovereign nation. The Chinese rolled them. They came back with absolutely zero. These meatballs are in a quandary. They do not know what to do. These people are high-priced thugs with suits on who have been allowed to cheat the American people and get away with it. They are so out of place they do not know who is on first base. The worst part is we get to pay for their mistakes. Full Story
By: John Mauldin, Millenium Wave Advisors - 15 October, 2006
Are we in for a soft or a hard landing? Did retail sales slow, as the data suggest, or is the underlying data quite bullish? We will look at the arguments, and then look at the most reliable of all economic indicators to see if we can get an idea as to which view is right. Full Story
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