Nietzsche and the State

By: David Gordon Nietzsche’s Great Politics. By Hugo Drochon. Princeton University Press, 2016. xv + 200 pages. In the nineteenth century, most classical liberals believed that the state had to provide protective services. Gustave de Molinari disagreed; in The Production of Security (1849), he argued that private companies could provide […]

Our Huge Hidden Tax: Government Regulations

By: Scott Powell On day one, President Trump surprised business leaders gathered at the White House, declaring US regulations “out of control” and “in need of 75% or more reduction.” A week later, he boldly signed an executive order requiring repeal of two old rules for every new one that […]

Emerging Markets Continue To Look Attractive In 2017

From Zacks: In recent days, emerging markets have garnered a major position in the global investment space. As per a recent report in The Wall Street Journal, developing-world assets have been among the biggest winners so far in 2017. This is in contrast to the general belief that the emerging […]

Ignore The Robotics Revolution At Your Own Risk

From Jon Markman: They have done it again. Boston Dynamics just released another terrifying video of a bipedal robot. Somebody really needs to tell the industrial robot designer the way to public hearts and minds in the new Gilded Age – and wider acceptance – is less Terminator and more […]

Why Are So Many Hedge Funds Bullish On Underperforming Oil?

From Brian Noble: In a recent edition of his widely-followed newsletter (The Gartman Letter, 7 February 2017), commodities king Dennis Gartman observed that, “As of mid-week last week, the hedge fund community was long nearly 1.0 billion barrels of crude while short only a bit more than 100 million barrels. […]

With Inflation Running Hot, Gold’s Fundamentals Strengthen

From Jordan Roy-Byrne: The January headline consumer price index (CPI) came in at 2.5%, which is near a 5-year high. What happened to deflation? As a result, real interest rates declined deeper into negative territory or in the case of the 10-year yield, went from positive to negative. No this […]

Healthcare Is Bouncing Back, And Medical Devices Are Leading The Way

From Taki Tsaklanos: The health care stock market sector is back in shape. The XLV ETF representing the healthcare sector was up 0.14 percent for the day and 2.2 percent for the week. We also wrote yesterday that the biotech and health care stock market sector is showing signs of […]

Long-End of US Yield Curve Is Flattening, Short-End Steepening

From Eric Bush: The spread between 30-year US treasuries and 10-year US treasuries has fallen to just 60 bps, which is the smallest spread in about 2 years. The spread between 30-year bonds and 7-year bonds is down to 79 basis points, again basically at 2-year lows. What is interesting […]

Red-Hot Bank ETFs Might Run Into Some Steep Resistance Soon

From Dana Lyons: The recent breakout in financials is occurring right into potential chart resistance. One of the big winners in the “Trump Rally” has been financials. In concert with the spike in bond yields, bank stocks jumped some 30% in the month following the election, as measured by the […]

Add Some Major Yield To Your Portfolio With These ETFs

From Contrarian Outlook: I get it – you want a diversified portfolio that lets you live off dividends alone. And you probably don’t want to spend most of your waking hours worrying about a million tickers either. Consider exchange-traded funds (ETFs) then, which provide your portfolio with instant diversification through […]

The Great Gatsby and the Fed

By: Louis Rouanet Even the most innocent novel can give its reader a fresh perspective on the economy during the author’s time. Economic writings and economic conditions often inspired great writers who, in turn, allowed us to contemplate either a glimpse or a detailed picture of economic reality. Stendhal was […]

Week in Review: February 18, 2017

By: Mises Institute This week, Janet Yellen was again before Congress to once again kick the can down the road. The position of Yellen and the Fed appears to be, yet again, that they’ll some day move back toward what might be called more “normal” monetary policy. For the foreseeable […]

Democracy, the God That's Failing

By: Jeff Deist When Professor Hans-Hermann Hoppe made his famous argument against democracy back in 2001, the notion that voting was a lousy way to organize society was still radical even among many libertarians. Virtually everyone raised in a western country over the past century grew up hearing “democracy” used […]

Michael Boldin: CalExit and Secession

By: Michael Boldin, Jeff Deist This weekend, we welcome back Michael Boldin, founder of the Tenth Amendment Center and fearless advocate for political decentralization. Michael joins us next weekend at our event in San Diego, so we decided to ask him about the burgeoning CalExit movement and the Left’s newfound […]

These High-Yield ETFs Might Be Treading On Thin Ice

From David Fabian: Love is in the air this Valentines week and many income investors are smitten with the returns of their high yield investments. The steady march higher in assets like junk bonds, preferred stocks, emerging market debt, and even leveraged closed-end funds has remunerated shareholders for their faith. […]

Updating Robert Higgs's “Gross Domestic Private Product”

By: Ryan McMaken In 2012, Robert Higgs analyzed the role of government purchases in the calculation of GDP and suggested that a more reliable reading of domestic product would exclude government purchases.  Higgs explained that — while government spending is fundamentally different from private-sector spending — the orthodox Keynesian notion […]

Despite Huge Price Growth, The Steel ETF (SLX) Isn’t Attracting Much Interest

One cannot mention the Coal industry without talking about Steel, since coal itself is an integral part of the iron and steel making process. Yesterday, we focused on the coal industry as it pertains to ETFs, specifically KOL (VanEck Vectors Coal, Expense Ratio 0.59%), and the sector itself has been […]

Traders Are Betting On Even More Upside In The Red-Hot XLF

Analyst Paul Weisbruch of Street One Financial brings us his daily fund flows update, which today focuses on VIX and financial fund news amid monthly options expiration. Today is of course February options expiration, which may explain some of the bizarre behavior and trading that we have seen in VIX. […]

BlackRock: Don’t Give Up On Value Funds Just Yet

From BlackRock: The rally in value stocks may have stalled, but Russ Koesterich discusses why the trend still has further to go. For much of the post-crisis period investors consistently craved growth stocks. They did so for the same reason they favored stocks with a healthy dividend: Both income and […]

A Chink of Light into London’s Gold Vaults?

Posted on 17 Feb 2017 by Ronan Manly   A chink of light may be about to shine on the gold bars held in the London Gold Market vaults. Both the Bank of England and London Bullion Market Association (LBMA) have announced that relatively soon, they will begin to publish […]