Mad Statists

Bill Bonner: Argentina’s monetary and economic mismanagement

"It is always a pleasure to visit Argentina. It is a country where economic disaster stories are daily life....where economists' daffy theories are government policy...and where everyday citizens have to figure out how to deal with a monetary system that is half-mad...and half merely incompetent. When we are here, we need to spend pesos...especially out in the country, where people's math skills are not as well developed as they are in Buenos Aires. But any serious purchase - say, if you're buying an apartment - requires dollars...either on top of the table or underneath it. So, you have to be prepared." Continue reading →

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The Government Steals Raisins

"Why does the federal government steal one-third to one-half of the raisin crop every year? Why aren’t the farmers paid for the stolen crop? Why does the government then sell the stolen raisins to foreigners at below-market prices? Why has this been going on ever since 1948? There are at least 29 other programs just like it. How many government employees spend their entire careers enforcing laws like this one? No one knows. Congress does not care. A story like this never makes it into high school civics textbooks. Stories like this one make the federal government sound like a loony bin." Continue reading →

Continue ReadingThe Government Steals Raisins

The Government Steals Raisins

"Why does the federal government steal one-third to one-half of the raisin crop every year? Why aren’t the farmers paid for the stolen crop? Why does the government then sell the stolen raisins to foreigners at below-market prices? Why has this been going on ever since 1948? There are at least 29 other programs just like it. How many government employees spend their entire careers enforcing laws like this one? No one knows. Congress does not care. A story like this never makes it into high school civics textbooks. Stories like this one make the federal government sound like a loony bin." Continue reading →

Continue ReadingThe Government Steals Raisins

The Government Steals Raisins

"Why does the federal government steal one-third to one-half of the raisin crop every year? Why aren’t the farmers paid for the stolen crop? Why does the government then sell the stolen raisins to foreigners at below-market prices? Why has this been going on ever since 1948? There are at least 29 other programs just like it. How many government employees spend their entire careers enforcing laws like this one? No one knows. Congress does not care. A story like this never makes it into high school civics textbooks. Stories like this one make the federal government sound like a loony bin." Continue reading →

Continue ReadingThe Government Steals Raisins

Ex-Soros Advisor Sells Japan Holdings, Shorts Bonds; Sees Crash, Default, Hyperinflation

"Fujimaki said he recently bought put options for Japanese government bonds of various maturities, without elaborating. He continues to hold real estate in Japan and options granting the right to sell the yen against the greenback expiring in less than five years. He also holds assets in U.S. dollars and currencies of other developed nations. 'Japan’s finance is sinking into the ocean,' Fujimaki said. 'There’s no escape from a market crash in the future when you have such enormous debt. By expanding the monetary base to 270 trillion yen, the BOJ is making a huge bet which I think it will ultimately lose,' Fujimaki said in an interview in Tokyo on April 11." Continue reading →

Continue ReadingEx-Soros Advisor Sells Japan Holdings, Shorts Bonds; Sees Crash, Default, Hyperinflation

Don’t Sell Your Gold!

"You would be crazy to look upon the current events in the gold market and presume the golden age is over. It won’t end until America has a credible plan for dealing honestly with our country’s debt and Washington’s financial diarrhea. That isn’t likely for many more years yet. As I told attendees at the Global Currency Expo earlier this month, I don’t care if gold goes to $2,000 or $500, I don’t sell. I don’t cancel my homeowners insurance just because I don’t expect a fire at my house this year. Why would I cancel my lifestyle insurance just because some investors are bailing on gold?" Continue reading →

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Peter Schiff: Gold in the Crosshairs

"While the vast majority of economists see gold as the 'barbarous relic' described by Keynes, the sentiment has not stopped many central bankers from holding huge quantities as currency reserves. It is a curious phenomenon that the countries with the most daunting debt problems have the highest percentage of gold in their foreign exchange reserves. Many of these countries were formerly prosperous, and at various points in their histories had gold-backed currencies that required large reserves. These legacy assets now account for the bulk of their reserve wealth." Continue reading →

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Is the Boston Bombing the “Moral Equivalent” of Drone Strikes?

"While Obama demands justice in the Boston bombing, he is silent about his own role in setting off bombs in overseas countries. If the U.S. drones have killed about 4,700 people abroad, then we are talking about something that dwarfs the horror of what happened at Boston. I am not speaking of tit-for-tat. However, I am sure that the horror that people in Muslim countries experience at a drone strike is every bit as awful as what people experienced in Boston yesterday. I do not believe that we are free to denounce the evil at Boston and cheer on the evil our government perpetrates overseas. We must denounce both or risk being the worst hypocrites on the planet." Continue reading →

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North Korea Is Like a Misbehaving Child—Ignore It

"Although at the official level, ignoring North Korean blustering, while taking adequate measures to defend the United States—not South Korea—from the future limited threat that North Korea might pose, the U.S. government should not discourage or have disdain for visits by private citizens, such as Dennis Rodman. These private visits help break the isolation that the Kim regime needs to survive and that U.S. government regularly haplessly provides with economic sanctions and counter bluster. Let’s show the publicity-hungry Kim Jong-un that his words and actions are a lot less important to the United States than he thinks." Continue reading →

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