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Disasters Can Happen

Is Fed Chair Nominee Jay Powell, Count Dracula?

by MN Gordon

Economic Prism

A Date with Dracula

The gray hue of dawn quickly slipped to a bright clear sky as we set out last Saturday morning.  The season’s autumn tinge abounded around us as the distant mountain peaks, and their mighty rifts, grew closer.  The nighttime chill stubbornly lingered in the crisp air.

Like Jonathan Harker’s journey to Transylvania roughly 120 years ago, we also traveled eastward.  Our route, however, did not take as through Vienna and Budapest.  Nor did it take us upward into the Carpathian Mountains.

Instead, we traversed along the foothills of the San Gabriel Mountains, passing from the Angeles National Forest to the San Bernardino National Forest.  Then (Read More....)

. . . → Read More: Is Fed Chair Nominee Jay Powell, Count Dracula?

How to Survive the Winter

by MN Gordon

Economic Prism

A Flawless Flock of Scoundrels

One of the fringe benefits of living in a country that’s in dire need of a political, financial, and cultural reset, is the twisted amusement that comes with bearing witness to its unraveling.  Day by day we’re greeted with escalating madness.  Indeed, the great fiasco must be taken lightly, so as not to be demoralized by its enormity.

Of particular note is the present cast of characters.  Could Bill Shakespeare himself have come up with a more flawless flock of scoundrels to take the plotless narrative from comedy to tragedy?

There’s President Trump, Hillary Clinton, Paul Ryan, Mitch McConnell, Maxine Waters, Chuck Schumer, Nancy Pelosi, Robert Mueller, the Podesta Brothers, all of Congress; the list of political actors goes on and on.  Moreover, it wouldn’t be complete if we (Read More....)

. . . → Read More: How to Survive the Winter

Why The US Federal Debt Isn’t Sexy Enough To Carry Interest With The Voter, And The Politicians Know It

by MN Gordon

Economic Prism

Best Case Scenario

“No one really cares about the U.S. federal debt,” remarked a colleague and Economic Prism reader earlier in the week.  “You keep writing about it as if anyone gives a lick.”

We could tell he was just warming up.  So, we settled back into our chair and made ourselves comfortable.

“The voters certainly don’t care about the federal debt,” he continued.  “They keep electing the same spendthrifts to office.

“And the politicians know the voters don’t care.  They also know that making more and more promises is the formula for getting reelected.

“Deep down, the aging masses know they need massive amounts of government debt to pay their social security, medicare, and disability checks.  On top of that, many of the so-called gainfully employed are really on corporate (Read More....)

. . . → Read More: Why The US Federal Debt Isn’t Sexy Enough To Carry Interest With The Voter, And The Politicians Know It

Fed Quack Treatments are Causing the Stagnation

by MN Gordon

Economic Prism

Bleeding the Patient to Health

There’s something alluring about cure-alls and quick fixes.  Who doesn’t want a magic panacea to make every illness or discomfort disappear?  Such a yearning once compelled the best and the brightest minds to believe the impossible for over two thousand years.

For example, from antiquity until the late-19th century, bloodletting was used to treat nearly every disease.  Reputable medical references recommended bloodletting as a cure for acne, asthma, cancer, epilepsy, gout, indigestion, insanity, leprosy, pneumonia, scurvy, tuberculosis, and everything in between.  Bloodletting was even used to treat hemorrhaging.

The practice was simple enough.  A surgeon, often a barber, would open a vein and drain blood from the patient.  Somehow, this was supposed to cure them of (Read More....)

. . . → Read More: Fed Quack Treatments are Causing the Stagnation

Congress’s Radical Plan to End Illegal Money

by MN Gordon

Economic Prism

Illegal Money

One of the many downfalls of being the United States Secretary of the Treasury is the requirement to place one’s autograph on the face of the Federal Reserve’s legal tender notes.  There, on public display, is an overt record of a critical defect.  A signature endorsement of a Federal Reserve note by the Treasury Secretary represents their personal ratification of unconstitutional money.

If you recall, Article I, Section 8, of the U.S. Constitution empowers Congress – not the Federal Reserve – to coin money and regulate its value.  What’s more, Article I, Section 10, specifies that money be coined of gold and silver and cannot be bills of credit – such as paper legal tender notes.

As far as we can tell, paper dollars are illegal money on two counts.  First, they’re issued by the Federal Reserve.  (Read More....)

. . . → Read More: Congress’s Radical Plan to End Illegal Money

The Three Headed Debt Monster That’s Going to Rampage the Economy

The Three Headed Debt Monster That’s Going to Rampage the Economy

by MN Gordon

Economic Prism

“The bank is something more than men, I tell you.  It’s the monster.  Men made it, but they can’t control it.” – John Steinbeck, The Grapes of Wrath

Mass Infusions of New Credit

Something strange and somewhat senseless happened this week.  On Tuesday, the price of gold jumped over $13 per ounce.  This, in itself, is nothing too remarkable.  However, at precisely the same time gold was jumping, the yield on the 10-Year Treasury note was slip sliding down to 2.15 percent.

In short, investors were simultaneously anticipating inflation and deflation.  Naturally, this is a gross oversimplification.  But it does make the point that something peculiar is going on with these markets.

Clear thinking and simple logic won’t make (Read More....)

. . . → Read More: The Three Headed Debt Monster That’s Going to Rampage the Economy

Monetary Madness and Rabbit Consumption

Picture Credit Flickr

Monetary Madness and Rabbit Consumption

by MN Gordon

Economic Prism

Down the Rabbit Hole

“The hurrier I go, the behinder I get,” is oft attributed to the White Rabbit from Lewis Carroll’s, Alice in Wonderland.  Where this axiom appears within the text of the story is a mystery.  But we suspect the White Rabbit must utter it about the time Alice follows him down the rabbit hole.

No doubt, today’s wage earner knows what it means to work harder, faster, and better, while slip sliding behind.  However, for many wage earners (Read More....)

. . . → Read More: Monetary Madness and Rabbit Consumption

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