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There is More to Wealth than Money

Taleb’s point is not a popular one. But it is a realistic one. The fiat money, leveraged finance Western financial system went global in the last twenty years, providing an epic rise in asset prices (and the debt used to purchase them). There’s no doubt that real goods and services have traded hands with world growth.

Dan Denning | July 3rd, 2009 | Continued

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House Prices Always Go Structurally Higher in Australia

What about housing? ANZ Bank published a report on the subject yesterday. Among other things, it declared that, “We expect dwelling prices to edge higher for much of the remainder of 2009 with upside risk presenting from intensification of strong fundamentals, a shift in price expectations and restoration of confidence.”

Dan Denning | July 2nd, 2009 | Continued

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China Has Stopped Stockpiling Metals

There are several components of demand. There’s real economic demand (you need the stuff to make other stuff). There is investment demand (you’re buying it in order to make a profit from what you think the price trend is. There is also pure speculation, and it’s possible that some middle-men were flat-out speculating by buying alongside China’s State Reserve Bureau (sort of like the banks and brokers in the U.S. buying Treasuries ahead of the Fed late last year to improve Q4 earnings).

Dan Denning | July 1st, 2009 | Continued

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U.S. House of Representatives Passes Climate Change Bill

If the Senate bill is different than the House bill (and it almost always is, given the different agendas in both bodies and the need for more bribes), the two bills go to “reconciliation.” That’s where a committee made of members from both houses settles on a final compromise version of the two bills and sends them back to their respective bodies to be voted on. Then it gets sent to the President to become the law of the land.

Dan Denning | June 30th, 2009 | Continued

About this Site

The Daily Reckoning offers an independent and critical perspective on the Australian and global investment markets. We do not propose to tell you what the news is. You can find that out anywhere for free.

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Austerity is Missing from the Financial Bailout Debate

Within the billions of sentences about the financial bailout there is one word notably absent, austerity. All talk is of payments, supports, subsidies, incurring more debt, stimulus packages.

3Jul2009 | Juan Enriquez | 0 comments | Continued
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Governor Mark Sanford Betrays Love

Inevitably, the conversation turned towards the sovereign state of South Carolina. The poor state has a jackass for a governor. Mark Sanford has become a laughingstock for the entire nation. Not because he had an illicit dalliance and lied about it – who can honestly say he hasn’t done that?

3Jul2009 | Bill Bonner | 0 comments | Continued
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The Business Bankruptcies and the Personal Bankruptcies

Yesterday’s issue of USA Today featured a report that said small businesses are going broke faster than expected. Small businesses are supposed to be the survivors. Like mammals in the Ice Age, they replace the dinosaurs.

3Jul2009 | Bill Bonner | 0 comments | Continued
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The Economy is Getting Worse Not Better

Even at the time, it was obvious that the hacks in the administration had no idea what was going on. They were just guessing about the economy and taking advantage of the situation to pass out more money that taxpayers hadn’t even earned yet.

3Jul2009 | Bill Bonner | 0 comments | Continued
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Never-Ending Government Lies About Markets

The purpose of government is for those who run it to plunder those who do not. Throughout history, governments have used violence, intimidation, coercion, and mass murder to enforce this system. But governments’ first line of “defense” is always a blizzard of lies…

2Jul2009 | Thomas DiLorenzo | 2 comments | Continued
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In 1930…as in 2009…the Average Fellow Thought the Crisis had Passed

“I see the publishers association has chosen a ’20s theme,” began the emcee. “What is wrong with you people? Don’t you know what came after the ’20s? The ’30s!”
It doesn’t seem like the ’30s…yet. Ask the man on the street and he will tell you what he’s heard on TV: the worst of the crisis is over.

2Jul2009 | Bill Bonner | 1 comment | Continued
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Citizens Easily Coerced into Using Government Currency

The best currency is the one that is most stable in value. Historically, the premier international currencies, whether the US dollar after World War II, the Dutch guilder in the seventeenth century, or the Athenian owl in the fourth century BC, were those reliably pegged to gold.

1Jul2009 | Nathan Lewis | 2 comments | Continued
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Kirchners Lose Election in Argentina

As we remarked above, we’re suckers for underdogs, die hards and scalawags. That is probably one of the reasons we like Argentina; it is all those things and more. It is a measure of the lost cause status of the pampas that news of the election was hard to find.

1Jul2009 | Bill Bonner | 1 comment | Continued
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