News Commentary

Jeffrey Tucker: The Triumph of Scrooge McDuck

"CNBC says, 'According to research from American Express Publishing and Harrison Group, the savings rate of the wealthiest 1% in the second quarter rose to 37%. That’s up from 34% in the second quarter of 2012 — and more than three times their savings rate in 2007.' In other words, their saving is actually increasing, even given the evidence that the everlasting recession has abated in some ways, which suggests that this class has little confidence that the high stock market and seemingly good news that trickles out are really sustainable. They are preparing for the next crisis in ways they wish they had prepared for the last one." Continue reading →

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What’s in the Vault?

"The request represented less than 5% of all the gold that the Fed officially holds in its New York vaults. (Interestingly, an earlier request by Germany to inspect its assets was denied by the Fed). Despite the relatively small request (relative to the total holdings), repatriation is expected by 2020. Perhaps for fear that she may be 'persuaded' to accept being 'cash-settled' with U.S. dollars in lieu of gold, Germany dared not complain. The letter issued on April 1, 2013 by Dutch State-owned ABN-AMRO bank to holders of paper claims to gold and silver held in its vaults advised that any physical metal custodied at the bank would in the future be 'cash-settled'." Continue reading →

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Bill Bonner: What does money represent?

"Higher wages do not get you anywhere if prices rise too. What you really need is higher productivity. How do you get that? You need to save money (rather than spend it) and invest in things that produce more...thus providing the profits necessary to pay more to the people who produce it. Really. Is that so difficult to understand? For the last 42 years, the feds have encouraged Americans to spend their money, rather than save it. And they've encouraged people to buy things made by foreigners, rather than make things themselves. This was the consequence (perhaps unintended) of Richard Nixon's pure paper money system." Continue reading →

Continue ReadingBill Bonner: What does money represent?

This Could Shake Muni Bonds to the Core

"Detroit went bankrupt, but so what? Its own decades-long gross political mismanagement, corruption and incompetence pushed the city over the cliff into bankruptcy. Why should we care? The largest Chapter 9 filing in U.S. history will reverberate well beyond this once- bustling city and its creditors. What's most threatening to muni bond investors, and in fact all investors, is whether the city's general obligation bonds are secured or unsecured issues. General obligation bonds, backed by a city's ability to levy taxes to pay interest and principal, are thought to be the safest of all munis. Detroit is putting this to the test." Continue reading →

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NEW Spying Scandal — Is This One the Last Straw?

"The DEA unit responsible for this program is a secret organization. It cannot be investigated by defense attorneys or called into court. Even the location of the Special Operations Division is classified. Now Your so-called 'representatives' promised you that the NSA only spies on those associated with foreign terrorists. They’ve insisted that there is no domestic aspect to this spying. You now know this to be untrue. It’s just one more lie. So let me ask you ... When will enough be enough ? At what point does our so-called government cease to be legitimate? At what point do we declare it to be a criminal entity?" Continue reading →

Continue ReadingNEW Spying Scandal — Is This One the Last Straw?

Amazon.com Creates 5,000 Jobs, Destroys 25,000 in the Process?

"Amazon has managed to grow to its current level with just about 89,000 employees, or almost exactly half of TJX’s workforce. To do that yet pull down 150% more revenue makes Amazon about five times more efficient than TJX, measured by retail sales per staffer. Amazon is able to do so because the number of shoppers who can be served per warehouse employee is much higher than at a typical retail location—especially the smaller stores that TJX mostly uses. One IT guy can take the midnight shift and keep a few thousand servers up and running, but one janitor cannot clean the floors at two locations, let alone 400." Continue reading →

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Is America Going to Hell in a Handbasket?

"While there is very little chance that an Islamic terrorist will ever have any effect on your life, there is a much greater chance that your life will be abused, molested, robbed, assaulted, terrorized or murdered by an American government official. And you 'progressives' out there are just as responsible for turning America into the current police state as are the conservatives and neocons, by the way. But the truth is still difficult for many people to handle. So, as America has reached Hell in a handbasket, people still would rather believe the myth that government is a 'necessary evil,' or that when it gets very, very bad, it can be 'reformed.'" Continue reading →

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Jacob Hornberger: More Judicial Deference on National-Security State Murder

"Continuing the long tradition of deference to the national-security state by the U.S. federal judiciary, a federal judge recently dismissed a lawsuit by the sons of a man named Frank Olson seeking damages for the CIA’s murder of their father. The excuses that the judge used to dismiss the case were the statute of limitations and a previous settlement that had been entered into regarding the case. The CIA confessed to its LSD experiment on Olson, but the confession, along with all the remorse and regret, were nothing more than a highly sophisticated way to cover up the fact that the CIA had actually murdered Olson by pushing him out of that high-rise New York City hotel room." Continue reading →

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Should insider trading be legal? Insiders say yes

"Perhaps the folks at hedge fund SAP Capital Advisors, who have recently pleaded guilty to insider-trading charges, should have run for Congress. Last week, the Securities and Exchange Commission served the firm with a criminal indictment and continues pressing civil charges against its founder Steven Cohen. The agency hasn’t done much about accounting fraud, or other shenanigans that lead to the 2008 financial crisis, but insider trading remains a priority. Over the past three years, the SEC boasts of filing 168 insider trading cases, more than any three-year period in the agency’s history." Continue reading →

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Walter Williams: Black Self-Sabotage

"The poverty rate among blacks is 36 percent. Most black poverty is found in female-headed households. Among black married couples it has been in single digits since 1994 and is about 8 percent today. The black illegitimacy rate is 75 percent, and in some cities, it's 90 percent. But if that's a legacy of slavery, it must have skipped several generations, because in the 1940s, unwed births hovered around 14 percent. Though blacks are 13 percent of the nation's population, they account for more than 50 percent of homicide victims. Nationally, the black homicide victimization rate is six times that of whites, and in some cities, it's 22 times that of whites." Continue reading →

Continue ReadingWalter Williams: Black Self-Sabotage