Ugly Prices
Stock prices are ‘mean reverting,’ which is to say that they always go back to a ‘normal’ range. And when they are extremely overvalued as they are today, they have a lot of ground to cover (losses!).
No Index
Who led the Oligarchic Revolt of 375 BC?
That is the essential insight of the classics – that there may be progress in man’s material world, but not in his intellectual world. Ideas come and go… and then come again.
Banana Republic Prices
The US has become a banana republic without the bananas. The practical importance: shouldn’t its capital assets — its stocks and bonds, primarily — be marked down to banana republic levels?
Beyond Reckoning
As an indicator of real wealth, happiness, or progress, GDP is worthless. All you have to do to raise GDP is to invite in more immigrants. As each one buses and schleps, total output goes up.
The Real Secret of Government
The murders got the world’s attention. Hardly noticed was the economy…because, after the communist takeover, it disappeared. You could not say ‘the economy declined.’ There was no economy.
Until the Pips Squeak
One major consequence of diddling rates to the downside is that debt builds up…which will eventually cause a debt crisis and make it impossible to pay for the free stuff politicians promised.
