The Global Financial System is Ready to Blow

To understand the mess we are in, it’s important to know how we got here. We begin with the 40th anniversary of Richard Nixon’s announcement that America was suspending the convertibility of the dollar into gold. (at $35 an ounce.) With concerns in the late 60’s mounted over America’s rising trade deficit and the cost […]

What is in store for the US economy?

Between 2001 and 2005 an estimated $2.4 trillion in wealth was created from the refinancing of mortgages and home equity loans. This money was only available because of artificially escalating housing prices. And when this easy money spigot was shut off, a private debt crisis was created. Meanwhile, the Fed does everything it can to […]