Stock analyst Eric Parnell recently wrote a column in Seeking Alpha, “Another Troubling Sign for Stocks.” He wrote, “U.S. stocks are increasingly traveling this upside path alone, as many other major global markets and asset classes that are highly correlated with U.S. stocks have either already ground to a halt if not turned lower beginning […]
“A virtuous and industrious people may be cheaply governed.” — Ben Franklin At this year’s FreedomFest, in memory of the 100th anniversary of the 16th Amendment (federal income tax), we had a panel on “What is the Ideal: Fair, Flat or No Tax?” and the consensus was that while a consumption tax may be the […]
“FreedomFest is where the best ideas and strategies are fleshed out. I attend all three days.” — Steve Forbes I just returned from my big show in Las Vegas, FreedomFest, “the world’s largest gathering of free minds,” and we had a record turnout of 2,500 attendees. Top speakers included Steve Forbes, Art Laffer, Jim Rogers… […]
Today, I awarded George Gilder the annual LEONARD E. READ BOOK AWARD. See photo below. July 11, 2013 FreedomFest, “the world’s largest gathering of free minds,” gave out the award at this morning’s opening ceremonies in honor of Gilder’s new work “Knowledge and Power” (published by Regnery). This annual award is granted to the “libertarian […]
“Gold isn’t such a hot inflation hedge.” — Alexander Green My friend Alex Green, investment director of the Oxford Club, recently made the bold statement that precious metals have been lousy inflation hedges. He wrote, “Gold hit a high of $875 an ounce in January 1980. And even though we experienced double-digit inflation that year, […]
“The world in 1913 was more modern than we remember, more similar to our own times than we expect, more globalized than ever before. The Gold Standard underpinned global flows of goods and money… Steamships and sub-sea cables encircled the earth, along with new technologies and new ideas, Ford’s first assembly line cranked to life […]
The markets — stocks, bonds, gold, and commodities — tumbled after Ben Bernanke gave his most explicit signal yet that the Fed plans to end its easy-money policy of quantitative easing as “soon” as late 2013. Long-term Treasury bond rates rose to 3.3% and the dollar advanced on the news, while stocks fell more than […]
The Federal Reserve controls interest rates, right? Not so fast. Ben Bernanke and Co. set the Discount Rate, the interest rate that banks pay to the Fed to borrow money short term. But they have a much harder time controlling long-term rates. Short-term rates are still low (less than 1%), but long-term rates recently have […]
“In the end, there was no money left to pay the army, build forts or ships, or protect the frontier. The barbarian invasions were the final blow to the Roman state in the fifth century, [caused] by three centuries of deterioration in fiscal capacity…” — Bruce Barlett, “How Excessive Government Killed Ancient Rome,” Cato Journal […]
“The solution to our problems is found in business, outside of government.” — Tony Blair, Milken conference 2013 “There is much revenue in economy.” — Ben Franklin SPECIAL ANNOUNCEMENT: At 9 p.m. EDT tonight, I appear on John Stossel’s Fox Business (check local listings) show “Stossel” to discuss the growing debate “Austerity vs. Stimulus: Which […]
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