Last weekend several polls emerged that shockingly forecast Scottish independence from Great Britain is within the realm of political possibilities.
The ramifications of Scottish independence go far beyond national pride and historical score settling. Watchers of the global economy should be aware of the potentially serious follow-on results.
Unlike Iraq, the Ukraine threatens major power conflict which could hurt badly the EU, the dollar, and the slowing global economy. Meanwhile, thin financial markets, fed by central banks with cheap easy money, continue to climb. Investors may ponder for how long.
In light of the increasing evidence that Keynesian monetary stimulation is failing to ignite meaningful improvement in the broad economy, central banks may be tempted to create even more synthetic money.
On August 28th while the geographical area formerly known as Iraq descended further into chaos, President Obama announced to the world "We don't have a strategy, yet." A few days later, another brave American journalist was brutally beheaded...
The current stock market is earning a deserved reputation as being coated in Teflon. Bad or disappointing news just doesn't appear to stick, and has done nothing to slow the market's upward trajectory.
The current situation in Iraq is a modern tragedy. But in more practical terms it is a very stark illustration of the folly of central planning and the limits of state power in the face of entrenched traditions and proven history.
On June 5th, Mario Draghi, President of the European Central Bank (ECB), announced a package of measures, including a policy of negative interest rates, aimed at encouraging or even forcing Eurozone banks to increase their lending to businesses.
By concluding that capitalism, even if it is confined to just a few countries, will lead to increasing poverty among the masses around the world, many cynical observers may conclude that Piketty is laying out a carefully planned case towards global socialism.
The French economist Thomas Piketty has achieved worldwide fame by promoting a thesis that capitalism is the cause of growing economic inequality. Unfortunately, he is partially right.
At 35 percent, the U.S. has the highest corporate tax rate in the developed world. But this doesn't even factor in the additional taxes heaped on by many of the states.
When the former Soviet Union collapsed almost 25 years ago, most global strategic forecasters assumed that the U.S. would adapt pragmatically to her new status of sole world superpower.
For decades many of us in the hard money world have speculated that cloak and dagger activity by large financial interests has played a large role in determining performance in the gold market.
For those investors who have grown used to the relatively minor geo-political crises of the past few years, the developing situation in the Ukraine and the Crimea must come as an unexpected communiqué from the early 20th Century.
Ever since President Nixon broke the US dollar's last link to gold, the world has been set adrift on a sea of fiat currencies that have been increasingly debased, serving the interests of governments and financial elites.
Although the U.S. stock market continues to hit new nominal highs on a nearly daily basis, the U.S. economy bumps along at a lackluster pace. This disconnect has been achieved by a massive Fed experiment in monetary stimulation.
Last month, Americans were transfixed by the amateur theatrics undertaken by the Washington political establishment in connection with the debt ceiling crisis. The bad faith, poor tactics and wholesale avoidance of reality were offered by all players in very large doses.
In recent months economic commentators and financial markets have focused almost excessively on the Federal Reserve's quantitative easing ("QE") policy as the market's main driver. However, last month two senior economists at the Federal Reserve called this devotion into question.
In late September Germans will go to the polls for a national election to determine the makeup of their national parliament, the Bundestag. Some believe that Chancellor Merkel's ruling coalition may be vulnerable.
In short, the policies of central banks, combined with those of overbearing government, are crushing the middle class and with them the single most important bastion of democracy.
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