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  • The Keynesian Counterfactual is Japan

    We heard the "surprising" news last week that the Japanese economy shrank at an alarming 6.8 percent annualized rate in the three months through June, its biggest quarterly contraction since the 2011 earth quake and tsunami. This proved that Japan's greatest national disaster, Abenomics, has failed and the Japanese economy has fallen victim to the scam called Keynesian economics; defined […]

    Photo by Kazuhiro Nogi / Getty Images
  • The Recent Rise in Volatility Could Be Lasting

    It’s been an exciting three weeks in the stock market. Prior to Friday’s rally, the major averages were down about 4% from their mid-July highs. At the same time, the S&P 500 Volatility Index (VIX) surged 51%. I’ve written at length about the remarkable degree of complacency in the markets, but things have changed. Ironically, investors have become more nervous […]

    Photo by Getty Images
  • Russia Sanctions: “Biting” or Toothless?

    Background: • The US sanctions of July 16th primarily targeted the ability of Russian companies to raise capital denominated in US dollars. Targeted companies will not have access to US capital markets for loans with 90-day or longer maturities. • The American sanctions do not completely forbid American firms from doing business with targeted Russian counterparts, and President Obama stated that […]

    Photo by Mikhail Klimentyev/Getty Images
  • How Early American Pastors Learned To Embrace Capitalism By (Eventually) Listening To Their Members

    Anybody who has spent much time in Church or Synagogue knows that the default approach is that clergy teach laity, not just in faith and morals, but quite often in matters pertaining to business and economics. But the problem is that clergy seldom have remotely the same amount of experience and expertise in financial matters as their members. Often men […]

    How Early American Pastors Learned To Embrace Capitalism By (Eventually) Listening To Their Members
  • The Fed-Induced EPS Fairy Tale

    The stock market has advanced sharply over the past five years no matter what geopolitical situation has blown up or how tenuous the economic foundation may be. This is because investors have simply been forced to throw money at the market with a reckless disregard of logic due to the lack of interest provided through the holding of cash. But […]

    Photo by Getty Images

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Photo by Kazuhiro Nogi / Getty Images

The Keynesian Counterfactual is Japan

We heard the "surprising" news last week that the Japanese economy shrank at an alarming 6.8 percent annualized rate in the three months through June, its biggest quarterly contraction since the 2011 earth quake and tsunami. This proved that Japan's greatest national disaster, Abenomics, has failed and the Japanese economy has fallen victim to the scam called Keynesian economics; defined […]

Read more ›
Photo by Getty Images

The Recent Rise in Volatility Could Be Lasting

It’s been an exciting three weeks in the stock market. Prior to Friday’s rally, the major averages were down about 4% from their mid-July highs. At the same time, the S&P 500 Volatility Index (VIX) surged 51%. I’ve written at length about the remarkable degree of complacency in the markets, but things have changed. Ironically, investors have become more nervous […]

Read more ›
Photo by Mikhail Klimentyev/Getty Images

Russia Sanctions: “Biting” or Toothless?

Background: • The US sanctions of July 16th primarily targeted the ability of Russian companies to raise capital denominated in US dollars. Targeted companies will not have access to US capital markets for loans with 90-day or longer maturities. • The American sanctions do not completely forbid American firms from doing business with targeted Russian counterparts, and President Obama stated that […]

Read more ›
How Early American Pastors Learned To Embrace Capitalism By (Eventually) Listening To Their Members

How Early American Pastors Learned To Embrace Capitalism By (Eventually) Listening To Their Members

Anybody who has spent much time in Church or Synagogue knows that the default approach is that clergy teach laity, not just in faith and morals, but quite often in matters pertaining to business and economics. But the problem is that clergy seldom have remotely the same amount of experience and expertise in financial matters as their members. Often men […]

Read more ›
Photo by Getty Images

The Fed-Induced EPS Fairy Tale

The stock market has advanced sharply over the past five years no matter what geopolitical situation has blown up or how tenuous the economic foundation may be. This is because investors have simply been forced to throw money at the market with a reckless disregard of logic due to the lack of interest provided through the holding of cash. But […]

Read more ›
Photo by Getty Images

It's Déjà Vu Recovery Disappointment All Over Again

Baseball great Yogi Berra had a saying: "It's déjà vu all over again." And every year around this time, I am reminded of those words. As we have once again, happened upon that magical time of year I call 'recovery summer déjà vu'. It's the time of year when Wall Street and Washington apologists trot out their dog and pony […]

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How Samuel Huntington Predicted Ukraine

How Samuel Huntington Predicted Ukraine

The civil war in Ukraine, the civil war in Iraq, and the relaxation of US sanctions against Iran have demonstrated that political instability is now a very serious factor for international markets. US decline has given the various great powers of the world a larger share of global military and economic power, and these great powers often act in ways […]

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