Prices are an intersection of human expectations, actions, hopes and fears. I like to ask audiences, “How much can the price of an asset change?” My proposed answer: “More than you think.”
More than sixty years ago, Mao launched the disastrous Great Leap Forward. Progressive elites today are trying to force GLF II in the form of the Great Reset. If implemented, it will be even more disastrous than Mao's original folly.
By all measures, the economic downturn that began in 1920 was worse than what occurred in 1930, yet the economy recovered quickly in 1921. Why the difference?
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.
