By: Bill Bonner & The Daily Reckoning Crew - 11 August, 2006
-We don’t need to wait for terrorists to bring the economy to a grinding halt. A stock market crash would do that just as well. -Dr. Richebacher says, "Though we dislike admitting it, we have, in common with Mr. Bernanke, taken great interest in what went wrong in the United States during the 1920s that lead to the Great Depression." Read about the doctor’s magnum opus in the works. -Empires crumble from within. America seems unaccustomed to -- and unprepared for -- internal decay. And in so many ways… Full Story
By: Peter Schiff, Euro Pacific Capital, Inc. - 11 August, 2006
This week, as the Fed came through with its highly anticipated pause, it conspicuously left the door open to future rate hikes. Apparently the rhetorical vigilance took most currency traders by surprise, sending many scrambling to buy dollars. However, given that any weaker statement would have caused a stampede out of the dollar, how surprising should the tough talk have been? Full Story
By: Chris Mayer & The Daily Reckoning Crew - 10 August, 2006
-The Fed is caught between Scylla and Charybdis... The military is the one institution in the United States that citizens seem to trust... -Why people just don't like to think - it's too hard...A faith-based currency facing destruction...The latest report from Addison in Cannes... -Forbidden Words: An Irishman and a Lebanese woman share their thoughts on a Jewish conspiracy...Bill continues his gypsy wagon...A wine vacation...and more! Full Story
By: Bill Murphy, Le Metropole Cafe, Inc. - 10 August, 2006
Last evening I had the pleasure of having dinner with Rick Van Nieuwenhuyse, president and CEO of NovaGold Resources, Inc. (AMEX, TSX: NG) As most of you must know, NovaGold is suddenly fighting a hostile takeover bid from Barrick Gold. Full Story
Although the international goldbug community criticizes the handling of American economy, I feel we are somewhat unjustified in fixing all the blame on the American financial managers. Not because they are not to be blamed, but simply because they are not the only ones to be blamed. The fact is that almost every government in the world has mismanaged its economy. Here I will speak of India, because I live in the country, so I have a closer look at the mismanagement. Full Story
The stock market appeared, finally, to have taken notice yesterday of world events. Or did it? The Dow Industrials fell nearly 100 points, prompted, according to some observers, by news that Israel’s ground war in Lebanon had entered a new and greatly expanded phase. “Startling developments!” was how Fox sold this breaking story. Full Story
-A "Custer's Last Stand" for the 21st century...Who can compete with the Chinese? -The Fed decides to sit on both hands...A fine economic mantra or idiom: booms beget busts and riches beget rags...An opportunity for Tango... -From one old codger and one hillbilly redneck cometh: reader inquiries about writing etiquette and grammar...Bill's grands gestes d'auteur...and more! Full Story
The policies of Greenspan's FED were always inflationary, from the month he walked in until the week he walked out. That policy relentlessly forced up prices and postponed a much-needed reallocation of capital values and prices. Alan Greenspan spent his entire career at the FED warning against price inflation while pursuing a monetary policy that guaranteed price inflation. Full Story
By: Richard Daughty, The MOGAMBO GURU - 9 August, 2006
I had promised that I would be calm, no matter how big or small the change Total Fed Credit last week. All the firearms were locked away, and my wife had the only key, as far as she knew, and you can bet I wasn't going to tell her any different. Full Story
I can’t remember the first time I heard it, or who might have said it, but it’s a thought I’ve pondered for many years, namely, the question of how would you describe color to someone blind from birth? Or music to someone deaf? Just the notion of it brings about the perspective that we take many basic gifts for granted for which we should be profoundly grateful, and how our hearts go out to those deprived of life’s blessings. Full Story
August 22 may pass without event, and some will breathe a sigh of relief if it does. But please pardon me, dear readers, if I am unable to work up much of an appetite between now and then for playing a quick pop in Citi shares, or a head-fake in Beazer Homes. Such silly games seem rather beside the point right now, a distraction from real-world events that are probably too terrifying for most of us to contemplate. Full Story
By: Dr. Kurt Richebächer & The Daily Reckoning Crew - 8 August, 2006
-The star of this era's inimitable theatre: Money Supply...The new U.S. central banker: Britney Spears' acting talent crossed with Brad Pitt's skill as a heart-surgeon... -What will the Fed do? Raise rates or lower them?...China's economy will overtake the United States in this century... -Addison reports on his meeting with the good doctor: 'It's time for the United States to collapse'...Picking professionals in India...Bill hasn't lost his touch...and more! Full Story
Sellers were even meeker than usual yesterday, wary of setting themselves up for a goosing ahead of today’s Fed announcement. Futures markets were indicating a more-than-80 percent probability that the central bank won’t raise administered rates above their current 5.25%. If so, it would mark the end of a tightening cycle that has persisted through seventeen straight meetings of the Open Market Committee. Full Story
Chris Powell presents his case regarding gold price suppression - the collusion between central banks and the investment banking cartel. Chris reveals documentation including court case information to back up his research. He proves definatively that gold has been suppressed and that the manipulators are almost out of gold to continue with their illegal operations. You won't want to miss his explanation as to why there will not be enough zero's to put behind the gold price when it finally breaks free from their grasp.
Kal Gronvall shares his new inflation indicator. Kal was fed up with the government's bogus Consumer Price Index, or CPI numbers. So he took a novel approach to solving the government inflation reporting problem, resulting in what I refer to as the Kal Price Index or KPI.
Gary Kaltbaum, Remains bearish on stocks and offers his outlook on the markets. Next, Jack Chan and I discuss the market technicals and investigate various trading concepts. Jack added precious metals positions in his market letter this week and continues to think that the energy market is overbought. Plus, Bob Chapman answers listeners questions and we examine this weeks economic reports, noteworthy precious metals articles and events. Full Story
By: The Mogambo Guru & The Daily Reckoning Crew - 7 August, 2006
-Humbug for Everyone: Hilary set to run for president of the great state of absurdity... -Breaking News: There is a war in Lebanon - kind of...The English pound seems to be headed to the $2 barrier...Bill recalls the lively tones of a dead language... -Anecdotal evidence of a 'literary economist'...A chattel of comportment: A Bonner lamentation on the a priori joy of social events...and more! Full Story
By: Bob Chapman, The International Forecaster - 7 August, 2006
It looks like silver is the leader again, at least temporarily. It roared on Wednesday, up $0.51 to $12.17. We’ll feel better when we see it plow through $13.50. Gold was up strongly early on. They had it down to a plus $3, but it came back like a champion and held above $650 to close at $651.80, up $5.00. Gold and silver are the investments of a lifetime and interest stays flaccid. The dollar helped today by not staging a recovery rally and hanging at 84.83, unchanged. It won’t be long before we are at $730, and we can just short of guarantee you they won’t have another 500 tons for sale to smash the market with. Full Story
Eric LeMaire, our astute Parisian friend, whose politics peregrinate between libertarianism and anarchy, emailed the other day wondering why on Planet Earth Idaho’s contribution to the 50-state (“collect ’em all”) issue of ersatz quarter-fednote coins would be an offering of the likeness of a peregrine falcon on the reverse side. Each state, one recalls, gets to present its best side on the backside of these special-issue slugs stamped out by the government mint. Full Story
Okay lets assume Israel and the United States strike Iran as both countries strongly oppose a nuclear Iran. In our opinion such a strike will at best only delay the inevitable ( A Nuclear Iran) and at worst result in a huge surge in terrorist activity, total chaos in Iraq (as Iran has a very strong influence now that the Shiites are in charge) and it could even bring about a regime change in Pakistan. Full Story
By: John Mauldin, Millenium Wave Advisors - 7 August, 2006
Today we take another look at the energy picture and how it will change over the next decade. Just as the world switched from whale oil to kerosene and from coal to diesel, we will see a change in how we find and use energy. That is inevitable. But the transition will not necessarily be easy or smooth. And there are some surprises along the way. Full Story
Stocks finished slightly lower on Friday, a fact that could have satisfied neither bulls nor bears. Although each had a chance to carry the day, in the end only the canniest of opportunists could have come out ahead. Da Boyz raped buyers on the opening simply by stepping aside for the first fifteen minutes or so, letting stocks waft into bull-trap territory. Panicky shorts did all of the heavy lifting, scrambling to cover positions that gapped awry on weak payroll data. Is the Fed going to pause? Full Story
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