The depression is alive and well, thank you.
The Dow rose 91 points yesterday. Gold fell $6.
Officially, the crisis is over. Everyone says so. Central bankers and Treasury officials have been congratulating themselves. It’s been a year now since the end of the world didn’t happen. These fellows take credit for it.
Bernanke said yesterday that he’ll [...]
“China’s lending curb sparks a rush for safety.”
That’s how The Financial Times describes what happened yesterday. Investors were more moved by fear than by greed. Dow sold off 112 points. Gold dropped $27. The dollar and bonds were up.
The first thing we note is that investors are idiots. They’re looking for safety in the wrong [...]
The stock market fell 100 points on the Dow index on Friday. We hope Daily Reckoning readers are out of US stocks. Sooner or later this jig is going to be up. You don’t want to be heavily invested when it does.
Right now, the market is dilly-dallying. Investors are enjoying a picnic. Alas, they’ve spread [...]
Daily Reckoning contributor, New York Times bestselling author, and economic historian Tom Woods explains how there was nearly a Depression in 1920… but, it never happened because the government didn’t interfere.
A few highlights according to The Money Game…
“* The first year of the 1920 Depression was worse than that of 1929. Conditions were horrible.
* Yet [...]
