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Fools, Traitors and America…

A nation can survive its fools, it is said — but not its traitors. Yet we begin to suspect the opposite… That is, a nation can survive its traitors — but not its fools. That is because a nation’s fools infinitely outnumber a nation’s traitors. Answer this question: How many ...

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Economy Won’t Recover Until 2023…

I’ve argued that we’re in a new depression. The depth of the new depression is clear. What is unclear to most observers are the nature and timing of the recovery. The answer is that high unemployment will persist for years, the U.S. will not regain 2019 output levels until 2022 ...

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Monetary and Fiscal Policy Won’t Help…

Monetary and fiscal policy won’t lift us out of the new depression. Let’s first take a look at monetary policy. Fed money printing is an exhibition of monetarism, an economic theory most closely associated with Milton Friedman, winner of the Nobel Memorial Prize in economics in 1976. Its basic idea ...

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“A Revolution Not Made But Prevented”…

The Daily Reckoning trampled sacred ground this Independence Day… and profaned the national religion of America. For we posted grave heresies about the American Revolution. This is the question we raised, leadingly, provocatively, heretically: “Was the American Revolution a mistake?” We may as well have declared Benedict Arnold a hero… ...

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Depression and the Great American Exodus…

Is the worst of the economic collapse over? Not really. The economy is off the bottom, but that’s only to be expected after the historic collapse of March–May and the stock market crash in March and April. The question now is not whether we’re growing again. We are. The questions ...

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Will Trump Win Reelection?…

For another month, America has proceeded almost as if there is no presidential election this year. Of course, there is a presidential election on Nov. 3, just four months away. Normally a coming election would dominate the headlines and conversation. We’d be discussing the coming conventions, the choice for vice ...

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“Great Job Numbers”…

“Great job numbers.” Here the president refers to June’s unemployment report, out this morning. The United States economy took on 4.8 million nonfarm jobs last month — a record number. We are further informed that the unemployment rate has fallen to 11.1%. As is custom, a Dow Jones survey of ...

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Investing in a World Gone “Covidious”…

How do you invest in a world gone covidiously cuckoo? In Agora founder Bill Bonner’s take: wandering through life facelessly suspended “between six feet apart and six feet under?” In a country that locks down its healthy and productive citizens, while refusing even to bother, let alone lock up, crazed ...

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Was the American Revolution a Mistake?…

I did not celebrate the Fourth of July today. This goes back to a term paper I wrote in graduate school. It was on Colonial taxation in the British North American Colonies in 1775. Not counting local taxation, I discovered that the total burden of British imperial taxation was about ...

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Investors Feel Bulletproof Again…

Investors are ignoring the worst economic and earnings data since 2008. They’ve piled into risky assets in the hope that conditions will soon be back to normal. But as much as we all hope for restoration to pre-coronavirus economic conditions, there are many reasons why the environment for stocks won’t ...

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