A bunch of turkeys have hijacked our monetary system and all they know is how to print money. Rather than let the market clear itself out, central banks continue to use taxpayers’ money to bail out insolvent institutions. This brilliant strategy has NEVER worked in the past and it will not work this time around. Instead of robbing innocent people of their savings, the establishment must allow the weak banks to go bust…
February 26th, 2009 | Puru Saxena | 3 comments | ContinuedAll Posts Tagged With: "print up money"
Where is the Committee to Save the World?
Greenspan’s successor wants to get his picture on the cover of TIME just as much as his former boss did. He’s determined to beat the bust. If he can do it, TIME will probably give him the Man of the Year award. If he can’t, he’ll probably get the ‘Schmuck of the Year’ award from us…
February 23rd, 2009 | Bill Bonner | 1 comment | Continued
Bad News for Bond Prices
The big news yesterday was the sell-off in the bond market. “All eyes on sudden spike in US Treasury yields,” says the headline in the Financial Times. The yield on the U.S. 10-year note rose above 3% for the first time in three months. The two-year note, meanwhile, moved above 1% yield. What does it mean? We are bearish on U.S. government paper – in all its forms…
February 11th, 2009 | Bill Bonner | 8 comments | Continued
In Gono We Trust
We have it from our usually unreliable source in Washington that Gideon Gono, now head of the Zimbabwean central bank, has been called in to aid the Obama Administration. In secret talks, Gono has agreed to replace the out-going Ben Bernanke, who is said to be going to work as a helicopter pilot. Gono will take over the Fed. And a new bill has already been designed – our source was able to sneak out a copy of the new note – for 1 million U.S. dollars. That’s Gideon Gono’s picture on it…
February 4th, 2009 | Bill Bonner | 6 comments | Continued
Patching Up The World With Golden Glue
It was in the Wall Street Journal, in their “Best of WSJ.Com’s Money Blogs” where I got the news that “As any private banker will tell you, the wealthy have become gold bugs. They are buying futures, gold bars, just about anything made from the shiny stuff.” Personally, this was surprising, since I didn’t know how or why bankers would know what the wealthy are doing, especially as concerns gold, but maybe this is because my relationships with my bankers are always frosty for one reason or another…
January 27th, 2009 | Mogambo Guru | 0 comments | Continued
Wall Street Snubs Obama
The man who got the warmest welcome ever from the press and the public got the rudest brush off from Wall Street. It was the worst sell-off for an Inauguration Day in history. The Dow fell 332 points. Oil traded around $40. The dollar strengthened…to $1.28 per euro. O! Bama! Where is thy bounce? Perhaps it is already over…
January 22nd, 2009 | Bill Bonner | 4 comments | Continued
Organic Contraction at BHP
BHP announced yesterday it was cutting six thousand jobs globally. It will shut down the nickel operation at the Ravensthorpe mine indefinitely and reducing production at the Mt. Keith Nickel mine. What’s more, it will reduce coking coal production by 15% in Queensland and lay off 1,000 workers. BHP is the world’s largest producer of coking coal, so this tell you how much the global demand for steel has fallen off…
January 22nd, 2009 | Dan Denning | 1 comment | Continued
Ask Not What Your Banks Can Do For You…
Everyone believes the banks need more money. Obama is likely to give them more. How? Using the “quantitative easing” technique…otherwise known as printing up money. The banks, of course, will not lend…and people will not borrow. They’re not fools. So, then, the Obama administration will begin pumping harder…like they do in Zimbabwe…
January 21st, 2009 | Bill Bonner | 1 comment | Continued
Said the Joker to the Thief
And now we face a grim task; for now we have to reckon with the year ahead. Stocks are no longer absurdly over-priced. Nor is oil. Nor is anything else – with one major exception – U.S. Treasury debt. Should you buy stocks…or sell them? Should you buy more gold now…or wait for the first signs of inflation? Is it time to buy the oil producers…or the gold miners? Will the world economy sink into a Japan-like slump…or will the feds cause a Zimbabwe-like catastrophe?…
January 12th, 2009 | Bill Bonner | 1 comment | Continued