Yearly Archives: 2013

Sitka Pacific Capital Management Client Letter, May 2013

"In many respects, the market action over the past 2 years — in stocks and gold — seems to reflect a misunderstanding of how periods of monetary expansion affect consumer prices and asset prices. In the pages that follow we’ll highlight a few of these monetary expansion/inflation misunderstandings, and we’ll explain why equity investors should be growing more pessimistic — not optimistic — in light of current market valuations and the Fed’s continued quantitative easing." Continue reading →

Continue ReadingSitka Pacific Capital Management Client Letter, May 2013

Donald Trump: Extradition Process Is Too Slow; Just Kill Edward Snowden

"You know, spies in the old days used to be executed. This guy is becoming a hero in some circles. Now, I will say, with the passage of time, even people that were sort of liking him and were trying to go on his side are maybe dropping out… We have to get him back and we have to get him back fast. It could take months or it could take years, and that would be pathetic. This guy’s a bad guy and, you know, there’s still a thing called execution. You really have to take a strong… You have thousands of people with access to material like this. We’re not going to have a country any longer." Continue reading →

Continue ReadingDonald Trump: Extradition Process Is Too Slow; Just Kill Edward Snowden

Don’t Fall Victim to Hoarding

"Thanks to the courageous Edward Snowden, America now knows the NSA has, for seven years, collected data on many millions of our phone calls, emails and other communications, even when its top officials have testified that it had not. And things look like they are going to get even worse. Hot on the heels of the NSA revelations, now the habitually anti-tax haven and pro-tax Organization for Economic and Community Development (OECD) wants in on the action, by forcing all countries into useless data-hoarding of private information in a very big way." Continue reading →

Continue ReadingDon’t Fall Victim to Hoarding

BIS Demands Global Depression?

"There is no avoiding what the Bank for International Settlements has just demanded. The top men at that august institution are demanding a global depression. And just to ensure that people especially in the West are thoroughly confused as they slip into starvation and despair, Austrian economics has been brought back into the argument. Free-market proponents didn't cause this disaster. Central bankers did, with their insistence on price fixing and monetary expansion. Determined to control all the elements of globalism, and keep them in place, they printed tens of trillions to stop a meltdown that must inevitably occur. By stretching it out, they prolong the agony for billions." Continue reading →

Continue ReadingBIS Demands Global Depression?

Bill Bonner: The Bear Market in Bonds

"Get out now. You can ask all the questions you want later. Everyone saw (or still sees) a turn in the bond market coming. Bonds have been going up for 33 years. They can't go up forever. What can't last forever has to stop sometime. This seems like as good a time as any. But everyone cannot get out of their bond investments at the same time in a calm, orderly way. Some will hesitate... wait too long... and then, every bounce will encourage them to wait longer, hoping to recover their losses. Others will stumble and be crushed underfoot, selling their bonds at panic prices. Is the panic happening already? No. We've only smelled the first faint whiffs of fear." Continue reading →

Continue ReadingBill Bonner: The Bear Market in Bonds

Crisis and Opportunity in the Junior Miners

"While it's true that junior miners routinely rise and fall like a roller coaster, the opportunity that today's dirt-cheap prices present is far from normal.To put it in perspective, remember when Lehman Brothers, Merrill Lynch, and Bear Stearns all succumbed to the subprime crisis? When the financial system itself seemed to be crumbling, and panicked investors were selling everything they could catch a bid on? Well, junior mining companies are as cheap now as they were then. Even if you go all the way back to 2002 – before the gold bull really got running, and gold was going for just $315 an ounce – junior miners still weren't as cheap as they are today." Continue reading →

Continue ReadingCrisis and Opportunity in the Junior Miners

McCain: We’ll make border with Mexico look like ‘the Berlin Wall’

"Sen. John McCain (R-AZ) said Tuesday that the Senate should include an amendment for increased border security in its new bipartisan immigration reform bill. In video featured by Talking Points Memo, McCain said that the amendment, proposed by Sens. Bob Corker (R-TN) and John Hoeven (R-ND) would make the border between Mexico and the U.S. into 'most militarized border since the fall of the Berlin Wall.'" Continue reading →

Continue ReadingMcCain: We’ll make border with Mexico look like ‘the Berlin Wall’

Pardon Me? It isn’t Snowden Who Needs Clemency

"It isn’t Snowden who needs clemency. It’s Barack Obama, his co-conspirators and his accessories before and after the fact. Nor is it Snowden alone before whom the crooks should be made to grovel for mercy. The fate of the Obama Spy Ring rightfully belongs in the hands of ALL its victims. Will these telecom voyeurs, these data burglars — and their bosses — be made to truly pay for their crimes? It seems unlikely, as they are made members of the world’s most powerful organized crime syndicate, the government of the United States." Continue reading →

Continue ReadingPardon Me? It isn’t Snowden Who Needs Clemency

The Trick is to Suspend the Constitution Without Admitting It

"The executive branch has routinely invoked the so-called PATRIOT act, and the Authorization for Use of Military Force to supposedly permit the President and his subordinates to wage war anywhere on the face of the earth, carry out all-encompassing electronic surveillance of the entire population, and even carry out summary executions of anyone – including U.S. citizens – deemed to be enemies of the state. Pakistan endured a similar period of executive rule under the reign of military dictator Pervez Musharraf between 1999 and 2008. The Pakistani government is preparing to put Musharraf on trial for treason for suspending that country’s constitution." Continue reading →

Continue ReadingThe Trick is to Suspend the Constitution Without Admitting It