The Daily Reckoning Archives... The Daily Reckoning archives include issues from:
1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, and 2008 July 2008 - Present <<Prev 08/19/08 - The Worst is to Come
by Bill Bonner "Sometimes it’s nice to hear things laid out bluntly - and long time sufferers know that we aim to do that at The Daily Reckoning, as well. Former chief economist of the IMF, Professor Kenneth Rogoff is not one to sugarcoat or mince words."
- Guest Essay by James Howard Kunstler: Reality Bites Again 08/18/08 - The Word on the Street
by Bill Bonner "Along with 'jingle mail,' 'exploding ARMs' and 'liars’ loans,' it came into the popular language recently...and now everyone uses the term 'subprime' to describe anything that is cheap, low down, or deceitful...says the ADS."
- Guest Essay by The Mogambo Guru: Unemployment Survival Guide 08/15/08 - Sugar Daddy God
by Bill Bonner "Evangelicals preach the word of God from a pulpit made of pocketbooks...and lately, it seems like a lot of people are buying. Of course, this might be just another part of the baroque spectacle that makes America such an amusing place." 08/14/08 - The Plot Thickens...
by Bill Bonner "The storyline seems solid enough. The facts seem to fit more or less. But we have a strong feeling that there are more twists and turns in this plot...and that, when the show is over, the story will turn out be very different."
- Guest Essay by Jeff Clark: How to Calculate Your Own Gold Price Projection 08/13/08 - The Big "What If?"
by Bill Bonner "Would it make sense...maybe...if our ‘what if’ turned out to be correct? A worldwide slump would take the inflationary pressure off commodities and gold."
- Guest Essay by Chris Mayer: Blue Water Energy - The Offshore Oil Boom 08/12/08 - Inflation on the Run
by Bill Bonner "What is the reason for this stunning defeat of inflation? How come the central banks and financial authorities aren’t better at what they do best? The latest numbers we have show them trying hard."
- Guest Essay by Puru Saxena: End of an Era? 08/11/08 - Can You Spell "Sound Money"?
by Bill Bonner "As to the dollar/euro exchange rate, we have no prediction to make. It’s like a spelling Bee where both contestants are dyslexics. Neither the euro’s masters nor Ben Benanke can spell 'sound money.'"
- Guest Essay by The Mogambo Guru: The Pension Plan Cookie Thief 08/08/08 - Homage to Jacques Rueff
by Bill Bonner "In a free market, wages eventually ease their way down to levels that allow capitalists to exploit workers again. Always have. But for some reason, in Britain in the 1920s, this didn't happen." 08/07/08 - The Absent-Minded Credit Cycle
by Bill Bonner "One generation is convinced that interest rates always go up. The next is sure they always go down. One thinks credit gets easier and easier. The next knows it will never be able to borrow another dime – and doesn’t want to. One generation forgets what the generation before it just learned. That’s the credit cycle."
- Guest Essay by Marin Katusa: The War for Oil 08/06/08 - Financial Correction Center
by Bill Bonner "Initially, the correction was centered on housing and subprime mortgage finance. Then, it hit stock markets – doing most damage in the go-go markets of the emerging economies. And now, it is leaking into the rest of the financial industry."
- Guest Essay by Dr. Marc Faber: Very Modest Good News 08/05/08 - The Wind from Wall Street's Sails
by Bill Bonner "The correction has taken the wind out of Wall Street’s sales. But, so far, it has done very limited damage to U.S. stocks. Most likely, more pain lies ahead...before another upswing."
- Guest Essay by Kevin Kerr: First, Kill All the Speculators 08/04/08 - Decoupling in the Land of the Dead
by Bill Bonner "Here at The Daily Reckoning, we were always skeptical of the ‘decoupling’ concept. Coupling has been going on for a long time; it didn’t seem likely to us that it should suddenly go out of style."
- Guest Essay by The Mogambo Guru: The Half and Half in Your Economic Coffee 08/01/08 - Cartoon Capitalism
by Bill Bonner "The 'consumer economy' was always a mockery. The more people consumed, the more GDP went up. Of course, GDP measures output, not wealth creation; but in a cartoon economy, who can tell the difference?" 07/31/08 - The Pin in the Monetary Hand Grenade
by Bill Bonner "Here is a case where many, many people did dumb things. Homeowners bought houses they couldn’t afford. Lenders lent them the money to do it. And then investors bought the loans as if they were good investments. Naturally, the whole thing blew up."
- Guest Essay by Greg Guenthner: Coal Keeps the Lights on in America - Can We Make it Cleaner? 07/30/08 - Every Party Has a Pooper...
by Bill Bonner "What would cause seasoned businessmen to go so wrong? For once, the president of the United States of America seemed to have it right. He said Wall Street had gotten 'drunk.' The party got a little out of hand, he might have added."
- Guest Essay by Byron King: What Makes the Wheels on the Bus Go 'Round and 'Round 07/29/08 - Is Inflation the Clear Winner?
by Bill Bonner "Could it be that inflation has topped out? Could it be that the ‘civil war’ between inflation and deflation is finally reaching a conclusion...with deflation the clear winner?"
- Guest Essay by Chris Mayer: Market Cycles Never Cease 07/28/08 - Dead Cat Bounce
by Bill Bonner "As they say on Wall Street, even dead cats bounce. But it will be a very long time before the big banks enjoy the kind of profits they made back in 2003-2007 - when they made billions by lending to people who couldn't afford to pay it back."
- Guest Essay by The Mogambo Guru: Confessions of a Silver Optimist 07/25/08 - Lovable Moronic Capitalists
by Bill Bonner "Modern economists are more like auto mechanics. They think they can control the economy with a screwdriver. And to some extent they're right. Which is why the world economy is in such a mess; they turned the wrong screws." 07/24/08 - A Looney Tunes United States
by Bill Bonner "And the ‘civil war’ between inflation and deflation? How will it end? With a bang of hyper-inflation? Or a whimper of falling prices, bankruptcies and recession?"
- Guest Essay by Byron King: View from the Peak 07/23/08 - Nationalization at its Finest
by Kate Incontrera "As Milton Friedman once said, 'If you let the government run the Sahara Desert, soon there will be a shortage of sand.' And in the U.S., we have Fannie and Freddie, who represent a huge nationalization event in the United States."
- Guest Essay by Chris Mayer: The Innovator, the Imitator and the Idiot 07/22/08 - A Hank and a Hurricane Affect the Oil Price
by Kate Incontrera "Tropical Storm Dolly is not expected to have as much of an effect in the Gulf of Mexico as experts had previously thought. What was mainly dragging the price of oil down were comments from Hank Paulson on the need for Congress to bail out Fannie Mae and Freddie Mac."
- Guest Essay by Porter Stansberry: How to Make Your Net Worth Soar in the Midst of a Historic Financial Collapse 07/21/08 - Cracks in the Monetary Facade
by Kate Incontrera "The dark twins of the mortgage market have foreign investors nervously chewing their fingernails, as one out of 10 American mortgages are, in essence, owned by institutions and governments in other countries."
- Guest Essay by The Mogambo Guru: The Power of the Chinese Credit Card 07/18/08 - Fannie and Freddie: Playing With a Stacked Deck
by Bill Bonner "Much of what goes on in public finance is fraudulent. The rest is nonsense. The hardest part of our métier is just figuring out which is which." 07/17/08 - Has Oil Topped Out?
by Bill Bonner "Where will the price of oil go? We wish we could tell you. It might very well sink below $100. But it will never sink as low as a busted dot.com or a crushed tulip bulb."
- Guest Essay by Ed Bugos: The New Gold Rally 07/16/08 - Visitors from the Planet Thrift
by Bill Bonner "Why didn’t he just come right out and explain that Americans have been living beyond their means...and now they’re being forced to cut back? That’s what yesterday’s retail sales figures showed…but the news struck economists and financial reporters like a UFO sighting – they didn’t know what to make of it."
- Guest Essay by Kevin Kerr: Shock to the System 07/15/08 - God, Guns and Gold
by Bill Bonner "Henry Paulson said a strong dollar was in America’s interest...and that there would be no more hanky panky going on with the greenback. Honest. Cross my heart and hope to die."
- Guest Essay by James Howard Kunstler: Event Horizon 07/14/08 - The Dark Twins of Mortgage Finance
by Bill Bonner "Yes, the dark twins of mortgage finance dominated the news over the weekend. Every financial page covered the story. One story reported that the government was mounting a rescue operation."
- Guest Essay by The Mogambo Guru: A Better Use for Your 401(k) 07/11/08 - The Biggest Transfer of Wealth in History
by Bill Bonner "With the advent of such enormous amounts of debt and credit, all of the heads on Wall Street seem to be rocking towards the East. Why? Because they’ve got all of our money." 07/10/08 - The End of the Boomland Economy
by Bill Bonner "The world as we know it...Boomland...the world of constantly expanding credit and rising asset prices...is finished, we think. Does it end with a bang or a whimper? Does it end with the bang of inflation? Or the whimper of dying prices?"
- Guest Essay by David Galland: Scorched Earth Economy 07/09/08 - Casualties of Financial Friendly Fire
by Bill Bonner "The United States has ten times more retail space per person than France. When people spend less, much of this space will cease to be commercially viable. Soon, abandoned shopping malls will follow abandoned houses."
- Guest Essay by Pierre Lemieux: The Idea of America, Part II 07/08/08 - Huge, Stupid, and Probably Fatal
by Bill Bonner "Freddie Mac and Fannie Mae are to America’s great empire what the East India Company was to the British Empire in the 19th century...and the Louisiana Company was to France in the 18th. Huge, stupid, and probably fatal."
- Guest Essay by Pierre Lemieux: The Idea of America, Part I 07/07/08 - A Supersized Transfer of Wealth
by Bill Bonner "Now Americans are getting their supersized desserts. Not because they haven’t been nice. But because they haven’t been good. That’s how free enterprise really works; it rewards virtue – hard work, saving, investing, learning, taking risks, etc. As for those who spend too much and save too little – it kicks them in the derriere."
- Guest Essay by The Mogambo Guru: A World Without Inflation 07/04/08 - Land of the Free
by Bill Bonner "Today is the day we celebrate the unique American experience with ‘pomp and parade, with shows, games, sports, guns, bells and illuminations.’ But, in this DR Classique, first published on the Fourth of July, 2003, Bill Bonner can't help but notice that America has changed quite a bit since the Declaration of Independence was signed..." 07/03/08 - The Worldwide Consumer Shellacking
by Bill Bonner "Consumers are getting shellacked all over the world. So are investors. Europe’s stock markets are down nearly twice as much as Wall Street. And many foreign markets are down twice as much."
- Guest Essay by Lew Rockwell: Grand Theft Society 07/02/08 - The Limited Shelf Life of Dollar Fruit
by Bill Bonner "In the vaults of various central banks around the world lies $4.8 trillion worth of foreign currency reserves – the fruit of selling oil and widgets, mainly to U.S. consumers. And like oranges or papayas...these dollars have a limited shelf life."
- Guest Essay by Nathan Lewis: The Volcker Myth 07/01/08 - The Magical Debt-Free Sweet Spot
by Bill Bonner "People think there’s some magic, sweet spot in the universe where the old rules no longer apply. Many seem to think they will never have to pay back what they’ve borrowed. They think the government will bail them out."
- Guest Essay by Doug Casey: The Greater Depression and What You Should Do About It <<Prev
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