Ah yes, the Tea Party. Fifteen years after it was established by followers of Ron Paul, the so-called antiestablishment organization has been co-opted by establishment Republicans. Dale Steinreich is not surprised.
The Fed is winging it, but most on the FOMC believe only two more rate hikes are in the works, and then it's back to flooding the market with easy money.
John Maynard Keynes derided gold-based money as a "barbarous relic," yet it was gold that enabled a long regime of honest money -- and the advance of civilization.
For nearly two decades, business, academic, and political elites have spread the fiction that central banks can engineer prosperity by printing more money. Markets now are discrediting that fairy tale.
Beijing must be very happy. Thanks to the "price cap," the Asian giant will secure a long-term supply at al attractive price from Russia and sell refined products globally at higher margins.
