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  • Energy Destruction and Portfolio Construction: 2015 Reflections

    On June 27, 2014, the price of Nymex WTI Crude Oil (per barrel) reached a high level for the year of $107.50. It began a slow, steady decline that, over the next three months, brought the price down to the $90 per barrel range by the end of September. The story of this white paper begins in October, where the […]

    Energy Destruction and Portfolio Construction: 2015 Reflections
  • Government Calls Private Money "Terrorism," Imprisons Issuer and Seizes His Gold

    Our Constitution sets forth –- and limits — the government’s powers. Under Article I, Section 8, Congress is authorized to “coin money and regulate the value thereof” and also to “provide for the punishment of counterfeiting of the securities and current coin of the United States.” Notice that no power is given for Congress to confer upon the government a […]

    Government Calls Private Money "Terrorism," Imprisons Issuer and Seizes His Gold
  • Is God a Libertarian?
    Ancient Israel Was A Nation Without a Congress

    The only branch of modern or ancient government that God included in Israel was the court system. The courts of ancient Israel settled disputes between citizens. Families and tribes enforced the decisions of the judges. The lower courts judged the most common disputes while the more difficult ones filtered up through the system to Moses. After the conquest of Canaan, […]

    Is God a Libertarian? Ancient Israel Was A Nation Without a Congress
  • Unemployment: Keynesians and Warmists Are Identical

    Science consists of theories that can be falsified (proved wrong) by evidence. In fact, a single inconsistent data point will (and should) invalidate even the most cherished and long-standing scientific theory. By this standard, both the current computer-model-based theory of global warming and Keynesian economics fall into the domain of religion, not science. The adherents of these theories cling to […]

    Unemployment: Keynesians and Warmists Are Identical
  • Why Wall Street and Governments Hate Gold

    Gold is hated more than ever by both governments and the financial services community. This is because it has now become imperative to keep the illusion of confidence in sovereign debt and paper currencies. To that end, a gentleman by the name of Willem Buiter, Citigroup's chief economist, shot into the media spotlight by writing a note on the day […]

    Willem Buiter, Chief Economist at Citigroup.

More Commentary

Energy Destruction and Portfolio Construction: 2015 Reflections

Energy Destruction and Portfolio Construction: 2015 Reflections

On June 27, 2014, the price of Nymex WTI Crude Oil (per barrel) reached a high level for the year of $107.50. It began a slow, steady decline that, over the next three months, brought the price down to the $90 per barrel range by the end of September. The story of this white paper begins in October, where the […]

Read more ›
Government Calls Private Money "Terrorism," Imprisons Issuer and Seizes His Gold

Government Calls Private Money "Terrorism," Imprisons Issuer and Seizes His Gold

Our Constitution sets forth –- and limits — the government’s powers. Under Article I, Section 8, Congress is authorized to “coin money and regulate the value thereof” and also to “provide for the punishment of counterfeiting of the securities and current coin of the United States.” Notice that no power is given for Congress to confer upon the government a […]

Read more ›

The Passive Management Bubble

We have happened upon that time in the investment cycle when investors vastly eschew active management of their assets in favor of a more passive management style. In fact, I read recently that 461 Hedge Funds, a hallmark of active investment management, shut their doors in the first half of this year alone. If liquidations continue at that rate, they'll […]

Read more ›
Is God a Libertarian? Ancient Israel Was A Nation Without a Congress

Is God a Libertarian?
Ancient Israel Was A Nation Without a Congress

The only branch of modern or ancient government that God included in Israel was the court system. The courts of ancient Israel settled disputes between citizens. Families and tribes enforced the decisions of the judges. The lower courts judged the most common disputes while the more difficult ones filtered up through the system to Moses. After the conquest of Canaan, […]

Read more ›
Unemployment: Keynesians and Warmists Are Identical

Unemployment: Keynesians and Warmists Are Identical

Science consists of theories that can be falsified (proved wrong) by evidence. In fact, a single inconsistent data point will (and should) invalidate even the most cherished and long-standing scientific theory. By this standard, both the current computer-model-based theory of global warming and Keynesian economics fall into the domain of religion, not science. The adherents of these theories cling to […]

Read more ›
Willem Buiter, Chief Economist at Citigroup.

Why Wall Street and Governments Hate Gold

Gold is hated more than ever by both governments and the financial services community. This is because it has now become imperative to keep the illusion of confidence in sovereign debt and paper currencies. To that end, a gentleman by the name of Willem Buiter, Citigroup's chief economist, shot into the media spotlight by writing a note on the day […]

Read more ›
Establishment Survey Stronger Than Household Survey

Establishment Survey Stronger Than Household Survey

Friday's Employment Situation report, published by the Bureau of Labor Statistics, gave the market a lift in the morning; but stocks gave back some of the gains by the end of the trading day. The headlines, which the media focused on, looked great on the surface. Once again,  however, the report was not so strong when you dug a little deeper. […]

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