Gold And The Oil Majors Revisited

The ‘gold bugs’ assert that at all times and in all circumstances gold remains money.  For some irrational reason the ‘paper bugs’ cling to their increasingly worthless colored coupons asserting their importance as currency.

The Great Credit Contraction has begun and in the macro sense there is no practical solution to the end of . . . → Read More: Gold And The Oil Majors Revisited

Went to a Garden Tea Party …

I dropped in on the St. Louis Tea Party event Saturday at Kiener Plaza in St. Louis. Typical sub-par cell phone photo with special glare augmentation A crowd photo by Julie Stone:

My guesstimate — and I’m not great at these things, so I could be way off — is 1,000-1,500 people attending . . . → Read More: Went to a Garden Tea Party …

Dubai’s Great Crash

Sheikh Makhtoum won’t go to debtor’s prison, but short of that, Dubai’s all-but-sovereign default is an epochal event in its story. I wrote a column in Financial Express titled Dubai’s great crash where I draw on this episode to think more clearly about (a) International financial centres and (b) Puffery. On this subject, also . . . → Read More: Dubai’s Great Crash

Holiday Retail: “Very Good Signs”

Retail executives were holding their breath on Friday, looking for indications that the recent recovery would extend into the holiday shopping season. Macy’s CEO Terry Lundgren went on the record with the Wall Street Journal Saturday to assert that early indications of both traffic and sales are pointing to “very good signs” for the . . . → Read More: Holiday Retail: “Very Good Signs”