By: Bill Bonner & The Daily Reckoning Crew - 30 June, 2006
-Omens that the end is near...sellers get skunked... -The worldwide tragedy of dirty water...and how you can ride the "blue gold" profit boom... -The older you get, the more dead people you know...remarkable emphasis on the future...and more! Full Story
By: Dr. Ron Paul, U.S. Congressman - 30 June, 2006
Yes Mr. Speaker, there is a lot of anger in this country. Much of it is justified; some of it is totally unnecessary and misdirected. The only thing that can lessen this anger is an informed public, a better understanding of economic principles, a rejection of foreign intervention, and a strict adherence to the constitutional rule of law. This will be difficult to achieve, but it’s not impossible and well worth the effort. Full Story
There is a new movie that everyone must see. It’s called AMERICA: FREEDOM TO FASCISM. This gripping, revealing documentary is produced and directed by Aaron Russo, who I am both pleased and honored to say is someone I have known for fifteen years. This movie is guaranteed to shake things up, and rightly so. The US today is far from the Republic created by the framers of the Constitution, and the trends are not encouraging. The country is on the wrong path – foreign wars, soaring debts, and debased currency are just a few of the problems. But the most alarming trend is the decline in the rule of law. Full Story
I had to peek at the Wall Street Journal’s market round-up to find out what allegedly caused yesterday’s wilding spree on the nation’s bourses. Here’s the answer: “Dovish overtones in the Fed’s rate announcement.” No kidding? Well, I guess if the U.S. Supreme Court can operate within a “penumbra” of subtle inferences, then so can the Federal Reserve’s open market committee. But I’m still not sure how dovish the Fed intended to be. Full Story
By: Chris Mayer & The Daily Reckoning Crew - 29 June, 2006
-Big, new words camouflaging old and common ideas...Goldman's threatening the Speculation Nation... -ARMaggedon...here's an interesting fact: the average CEO is paid 821 times more than the cashier at 7-11... -Diminishing national identity...one reader expresses concern over Bill's fragile emotional state...and more! Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 29 June, 2006
Now that the Fed has raised rates to 5.25%, and has left the door open for future increases, the overriding concern is that over-tightening will tip the economy into recession. However, given the state of our imbalanced economy, a recession is not only inevitable, but absolutely necessary, and will occur no matter what the Fed does. Furthermore, the coming recession will not come about because the Fed went too far, but because it did not go far enough. Full Story
Well, of course we’ll start at the beginning—from where else should we begin? Would it be at the end or in the middle? Actually, if we were to somehow be cognizant of an ending or the ending, it actually might be a good place to start. We could then work our way back to the beginning much as a good mystery writer might present a story in reverse. We know the ending but have limited knowledge as to how we got there. We would of course be offered tantalizing clues along the way back so as to learn all the particulars of the story. Eventually it would all come together. If only life were so simplistic. Full Story
By: Bob Chapman, The International Forecaster - 29 June, 2006
The privately owned Federal Reserve continues to print money and issue credit as interest rates rise. What subterfuge, one neutralizes the other. Interestingly no one on Wall Street or in government wants to give a balanced view of what the Fed is doing. They have a new excuse; the Fed in its enlightenment has terminated M3. Irrespective the beat goes on. The Fed continues to create money and credit out of thin air monetizing some of it as they go along. Its no wonder inflation is over 10%. We have a fractional banking system under which our money supply and credit have simply gone wild. Every day money is created out of thin air to keep a failing monetary system from collapsing. The risks created are beyond insanity. There are little or no reserves to back such creation, yet the madness continues. Full Story
MarketWatch’s David Weidner aspired to write a piece on Warren Buffett’s altruism today. He suggested that we avoid constructing a hagiography for the man from Omaha He is perhaps on track with this point. Buffett is not perfect as I am certain he himself would state. Serious analysis can not rest on the backs of sycophants. Full Story
You know it’s a dull week when the dangers of second-hand smoke get top billing on the evening news. On Wall Street the usual “jitters” set in a day before the Fed was to announce its seventeenth rate hike in two years. To say that investors have been “jittery” about this implies only that they have been reluctant to push stocks one way or the other for more than a few hours. Yesterday was a case in point – a day that began with moderate weakness and ended with moderate strength. What it suggests is that the 25-basis-point rate hike that most observers expect is likely to happen, and no surprises. Full Story
By: Byron King & The Daily Reckoning Crew - 28 June, 2006
-With so many dollars around, the odor of money is overpowering...using the war to get something for nothing... -Wealth Without Work...you never know what's waiting around the corner... -Don't get caught up in the inflation worries - what we might have is the recipe for deflation...and more! Full Story
The invisible tax of inflation is politically acceptable. Other tax increases are far less acceptable to voters. I think the politicians are boxed in. Full Story
By: Richard Daughty, The MOGAMBO GURU - 28 June, 2006
I creep out from behind the couch and nervously peek between the tightly-drawn curtains in the living room. I darkly note that, ominously, things are getting really spooky out there, and I am not a happy dude when I am spooked. Dangerous and homicidal maybe, but not happy. Perhaps even a marked tendency towards loud, hysterical outrage, but definitely not happy. Full Story
By: David N. Vaughn, Gold Letter, Inc. - 28 June, 2006
Have you noticed housing interest rates climbing this past week? The Fed continues to lose control. The word is that rates will continue to climb until “inflation” can be contained. That is a joke. As if with a flick of a switch the effects of rising energy costs, rising health care costs and every other cost rising can be made to go away with a brush of a magic wand. Maybe Greenspan accomplished magic in days of long ago, but those days are over and never to return again in our generation. Full Story
So much for my “double-bagger” scenario, which had the Fed raising interest rates 50 basis points on Thursday instead of the widely expected 25. This would have flashed a clear signal that the tightening cycle begun two years ago was over, giving Wall Street, with its addiction to loose money, reason to celebrate, even if only briefly. But if things were actually about to play out that way, we should not have expected to see the stock market fall as sharply as it did yesterday. Full Story
By: Byron King & The Daily Reckoning Crew - 27 June, 2006
-How serious are the central bankers about fighting inflation?...Every great Public Spectacle must start with a great lie... -If investors were always right, who would we be amused by?...Two of the world's richest men pick their own pockets... -All wealth comes back from where it came from...A run-in with an urban cowboy...and more! Full Story
By: Nick Barisheff, Bullion Marketing Services Inc. - 27 June, 2006
While some investors view precious metals as a short-term cyclical speculation, there are actually three important reasons for including precious metals in every investment portfolio. These are: strategic asset allocation, hedging and tactical asset allocation. Full Story
Do investors smell a 50-basis-point rate hike coming later this week? I wrote here yesterday that a “double-bagger” would be quite bullish for stocks, since it would mark a decisive end to a tightening cycle that has pushed the federal funds rate from a low of one percent exactly two years ago to a current five percent. Futures traders apparently expect the next boost to be just 25 basis points, just like the last 16, and they have priced fed-funds futures to reflect just a 12 percent likelihood of anything greater than that. Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 26 June, 2006
-It's the final countdown for inflation...Find out whose head Bernanke is pointing a gun at... -Bill is slowly becoming a polyglot...Learn what Bill's daughter thinks of his career as an international businessman...More of Doug Casey's thoughts on that yellow metal... -Remember Weebles? They wobble, but they never fall down - let's see how long the same holds true for consumer confidence...and more! Full Story
To us, there seems to be a consensus forming (is this a good thing?) that gold, silver and the mining stocks will move basically sideways to down over the next several weeks with the consolidation ending by late August. If correct; investors are advised to exercise patience (damn this is difficult) while continuing to seek opportunities for the coming (is there any question?) up-leg. Full Story
By: David Chapman, Union Securities - 25 June, 2006
Looking down the road is always a good idea if you want to know where you are going and avoid any problems. And you can look in a rear view mirror to see where you have come from and, more importantly, what dangers may lurk behind you. Trying to look down the road for direction in markets is of course different then driving a car. But many analysts try, including me, because being able to anticipate or analyse dangers that may lie ahead is important for everyone’s financial health. Full Story
Merrill Lynch’s David Rosenberg thinks it would make sense for the Fed to go for a double-bagger next week, raising administered rates by 50 basis points rather than the expected 25. I’d need three-to-one odds to take his side of the bet, but not because the idea itself sounds the least bit implausible. Actually, Rosenberg makes a pretty good case. He thinks it would be a good way for the Fed to clear the air, signaling an end to tightening and setting the stage for…well, another cycle of easing. Full Story
By: Bob Chapman, The International Forecaster - 25 June, 2006
The economic recovery is fading and house prices have generally lost appreciation and in some of the hot areas, they are falling. Spending is still rising as is debt and savings are non-existent except among the rich. We already see near record political disaffection and it will get lots worse before the election. The social fabric is already stretching as income increases only come to the top 15% of earners and the wealthy. This is accompanied by the tempestuous issues of Iraq and illegal immigration. Wait until the public finds out our elitist masters want to merge us with Canada and Mexico into a North American Union, which will relieve us of our sovereignty. This will be the next big issue and it’s already upon us. Full Story
By: John Mauldin, Millenium Wave Advisors - 25 June, 2006
This week we will venture into the always hazardous area of making my semi-annual forecast. I make some non-consensus projections as to the economic climate for the next six months, and of course look at Fed policy. We will also quickly review my beginning of the year (2006) forecast and see what changes should be made. I also point you to a solid resource on gold and gold stocks at the end of the letter. It will be a very interesting letter, I think. Full Story
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