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Why Do Stocks Keep Rising?
This week has most certainly been a risk-off week. Money flowed into stocks and commodities and the speculative Bitcoin while flowing out of safe havens of gold and Treasuries. All the talk about AI, which I’m personally finding very interesting, is no doubt a momentum play that is sucking a lot of naive investors in toward the end of this long-term equity bull market. BofA’s Hartnett said, “It would be so ‘on-brand’ for stocks to melt-up into recession, suck them all in right before the hard landing.” If you are wondering why stocks continue to rise even as rates are…
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Picking Bullish Stocks in this Bear Market
Tavi Costa, Kevin Smith and Quinton Hennigh of Crescat Capital return. After many generations of Keynesian fiscal and monetary policies, the leading capitalist nation in the world is now heading toward bankruptcy. That’s not because capitalism has failed. Rather it’s because politicians following Keynesian economists have done their level best to destroy capitalism. While policy makers pass laws that generate votes from an uneducated populace and to line their own pockets, China and modern-day Russia have proven Marx wrong in thinking capitalism will inevitably give way to a socialist utopia. Both countries in some ways portray economic systems more akin…
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Someone Put An End To This Bad Drama, Please!
A Pfennig For Your Thoughts ay 22, 2023 * Currencies & metals had a very long ugly week… * Debts, defaults, Collapse, what else can go wrong? Good Day… And a Marvelous Monday to you! What a fabulous weekend, weather-wise here in the middle of the country! Friday, was rainy and cold, but Sat & Sun were Chamber of Commerce Days… We celebrated grandson, Braden’s 12th birthday yesterday… I don’t know where the time goes… When I was a young man, days seemed to last forever, and now that I’m old, the days fly by… Last Thursday night, my beloved Cardinals hit…
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Thanks to Sanctions, The US Is Losing Its Grip on the Middle East
On Friday, members of the Arab League welcomed the Syrian regime back to the organization. Representatives from several Arab member states shook Syrian leader Assad’s hand and gave him, a “warm” reception according to several news outlets. Syria was suspended from the league in 2011, but on May 7 in Cairo the league agreed to reinstate the Assad regime. This represents a reversal from years of isolation placed on the regime, and a break with US policy which remains staunchly opposed to Assad. Indeed, the League’s rapprochement with Assad should be seen as a repudiation of US policy, and especially as a…
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2023: Echoes of 1973
So what’s changed? Everything, but mostly beneath the surface churn of circus and theater. 2023 is echoing 1973 in potentially consequential ways.. It’s not just one year, of course; the entire era from 2019 echoes the era that started in 1969, when the second-order effects of postwar policies finally started kicking in. Consider these similarities / echoes: 1. Major shifts in global capital and trade flows that attracted little notice start to matter in terms of currency valuations, inflation, monetary and fiscal policy and geopolitics: check. 2. After decades of modest inflation, inflation not only rises but is sticky rather…
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Government Redistribution Is the REAL Trickle-Down Economics
On April 6, 2023, President Joe Biden’s Twitter account sent the following message: “Trickle-down economics doesn’t work.” Trickle-down economics is a phrase that is often thrown around negatively to ridicule those who believe that the free-market system is the best way to regulate the economy. “Trickle-down theory” was never coined by economists, and the term has two possible origins, both of which were meant to discredit those who wanted less government involvement in the economy. It’s an ironic term as well because those who shout that “trickle-down economics doesn’t work” seem to be zealots in the belief that higher taxes…
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A Voluntaryist’s Addition to the State Capitalist Tradition
By: Kyle Stephens State capitalism is typically viewed as anathema to the voluntaryist tradition. However, there are takeaways from the idea that might prove useful for our tradition. Particularly, I am concerned with our inability to counter certain critiques coming from the “libertarian” left. In this article, I am proposing a new system of governance that would address these critiques. Well, first let us start with what critiques need discarding. Among those to discard, parents who sell their young into labor and being underpaid or worked overtime. We should not dignify these questions; they detract from one major critique- that…
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Remembering the Contributions of Lucas and Alchian | Robert P. Murphy, Brian Albrecht
Bob originally invited Brian Albrecht (Chief Economist of the International Center for Law & Economics) to discuss the work of Armen Alchian, but on the day of recording, Robert Lucas happened to die. Bob and Brian discuss rational expectations, real business cycle theory, and how Alchian cracked the military’s top secrets. Brian on Alchian’s famous “Costs and Outputs” paper: Mises.org/HAP396a Powered by WPeMatico
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Libertarian Law by Democratic Means: The Power of Ideologies and Public Opinion | Fabricio Terán
Fabricio Terán Fabricio Terán is the Spanish translator for mises.org and founder of the Mises Center for Philosophy, Politics and Economics (Hispanic Mises Institute). He is a PhD candidate in economics at Universidad Rey Juan Carlos, and he holds a master in Austrian economics from the same university. He is also a lawyer certified in alternative dispute resolution. Powered by WPeMatico
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Bank of England Economist: Britons Need to Accept That They’re Poorer | J.R. MacLeod
Speaking on a Columbia University Law School podcast, the chief economist of the Bank of England, Huw Pill, said Britons “need to accept” that they have been made poorer by the inflation perpetrated by the central bank. Price inflation today is a result of the record money creation by central banks, especially in the West, from 2020 onward. This was rationalized and justified by the mainstream narrative on covid. The following are choice comments from the podcast. If the cost of what you’re buying has gone up compared to what you’re selling, you’re going to be worse off. So somehow in the…
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Waiting For The Good Witch…
A Pfennig For Your Thoughts May 18, 2023 * Currencies & metals get whacked this week… * What’s up with Copper? I’m glad you asked! Good Day… And a Tub Thumpin’ Thursday to one and all! Well, it was a fairly nice evening last night, so I sat outside to watch my beloved Cardinals play the Brewers. I was joined by good friends Duane and Paul, and we rooted the Cardinals on to a victory. The Cardinals seem to have turned the corner, and it couldn’t have come at a better time! The Big Bad, Big Spending, Dodgers come to town…
