Article List



Fiat Currency in a Kondratieff Winter

June 15, 2012 – Nikolai Kondratieff (1892-1938) was a Russian economist who theorized that capitalist economies are subject to a repeating ...


“Central Bankers Are Intellectually Bankrupt”

May 11, 2012 – Congressman Ron Paul says that “central bankers are intellectually bankrupt”.  This is actually the title of an ...


From Government to ‘Robberment’

May 5, 2012 – Back in 2009 when the Greek crisis was just starting to make headlines, I wrote an article concluding that sovereign debt defaults ...


Something More Important than the Debt Limit

July 11, 2011 - Discussions by policymakers to increase the US debt limit are in the eleventh hour.  Sadly, so far the circus of intense ...


Does QE really stimulate economic activity?

November 16, 2010 – Earlier this month the Federal Reserve announced its latest round of quantitative easing, long ago dubbed QE, but it should ...


Banks are lending again

June 17, 2010 – Banks are lending again.  After many months of sitting on their hands while trying to repair their over-leveraged balance ...


A signal from the stock market

June 14, 2010 – The stock market is often acclaimed for its forecasting ability.  Stock prices peak long before the downturn in economic ...


Debtor Nation

March 22, 2010 – Only a few decades ago, the United States was the world’s largest creditor nation.  American capital spanned the ...


Don’t Count on the Consumer

March 20, 2010 – There is a prevailing view held by American policymakers that debt and resurgent consumer spending will lift the country from ...


The Outlook for 2010

January 2, 2010 – It is time to record my outlook for 2010, but before looking forward to the year ahead, I always like to first look back at ...


Will Sovereign Debt Defaults Bring the End of Socialism?

December 19, 2009 – Socialism has come to mean many different things to many people, but regardless how it is defined, in the months immediately ...


The Federal Reserve Becomes the ‘Buyer of Last Resort’

November 29, 2009 – While the debate continues whether inflation or deflation will be the dollar’s eventual fate, the Federal Reserve is ...


America’s “Jobless Recovery”

November 9, 2009 – The Labor Department on Friday reported that headline unemployment in the United States has now climbed to 10.2%, a ...


Federal Tax Receipts Tumble While Outlays and Debt Soar

August 26, 2009 - According to the National Bureau of Economic Research, the United States has been in an economic contraction since December ...


It's Still a Depression

August 10, 2009 - Given all the euphoria after the unemployment number was released on Friday, one would think that the economic contraction had ...


Employment in this Current Depression

July 13, 2009 - The chart below  presenting total US employment over the past twenty years was prepared by the Economic Policy Institute. The ...


Important Divergences

May 17, 2009 - Occasionally the stock market gives important clues about its future direction. One way a clue can appear is through a ...


Another Great Depression

January 12, 2009 - I don't like to start any new year on a gloomy note. I am by nature an optimist, but I am also a realist who readily faces facts. ...


GE Revisited

October 27, 2008 - To identify the primary trend of the stock market, I like to follow the trading pattern of the so-called 'bellwethers ', key ...


Price vs. Value in the Inflation/Deflation Debate

Aug 26, 2008 - A friend recently wrote to me saying that value is what you are offered when you want to sell something. I disagree. What is offered is ...


Is the US Government Insolvent?

August 4, 2008 - In my article on January 7th, I analyzed the federal government's financial position using its consolidated financial statements, ...


Do You Have A 'Last Plane Account'?

July 21, 2008 - I lived in South East Asia for most of the 1970's, working in the branch offices there for one of the large New York City banks. I was ...


Approaching My Longstanding Target

July 7, 2009 - The Commodity Research Bureau Continuing Commodity Index tracks the price of seventeen commodities. It made a new record this past ...


The Blame Game

May 26, 2008 - What a week this has been! As the oil price soared and gasoline prices at the pump touched $4 per gallon, the search for scapegoats ...


Inflation Fears & Food Shortages

April 28,2008 - There have been numerous media reports about food shortages around the globe and the resulting riots caused by empty store shelves. ...


The System Is Broken

April 28, 2008 - In the last letter I quoted Murray Rothbard to help explain how the practice of keeping only fractional reserves - where a bank's ...


What Kind of System Is It?

April 7, 2008 - "Crises are endemic to financial systems." So says The Economist in an April 3rd editorial about the present credit ...


'Inflate or Die'

March 3, 2008 - "Inflate or die." I'm not sure when Richard Russell, the editor of Dow Theory Letters (ww2.dowtheoryletters.com), first ...


My Forecasts for 2008

December 17, 2007 - One year ago in Letter No. 375 I provided my forecasts for 2007.  It’s time to repeat that task.  Hopefully my ...


My Fear Index Is Back

October 22, 2007 - On September 18th former Federal Reserve chairman Alan Greenspan appeared on the Jon Stewart Daily Show, where he made the ...


Another Look at the Inflation/Deflation Debate

October 1, 2007 - It has been a long-running debate. Most everyone recognizes that the US economy is unsustainable because of too many years of ...


As Financial Tremors Reverberate, Focus on Counterparty Risk

Aug 10, 2007 - A new but inevitable twist has emerged in the escalating subprime woes. Bank solvency is now being called into question. As a ...


Counterparty Risk

July 9, 2007 - Counterparty risk is often ignored and misunderstood. But it can only be ignored at one's peril, particularly now that the subprime ...


The Collapse of Brookstreet Securities

June 25, 2007 - The terse Reuters announcement this past Friday contained only 101 words. Brookstreet Securities Corp., an Irvine, California ...


The Battle for $700 Rages On

May 28, 2007 - I am writing this newsletter one week earlier than planned because several markets are at critical points. In short, there is simply ...


Another Factor Begins Impacting Gold

Feb 23, 2007 - A subtle change is taking place in the gold market. In addition to all of the reasons people already have to buy physical metal, ...


'Ominous Parallels'

January 29, 2007 - It seems clear to me that the US is following a monetary path that is leading to ever-growing rates of inflation that will over ...


A Flawed Global Order

January 8, 2007 - The above title is from a very insightful article about the international monetary system that appeared in the January 5th edition ...


Another Commodity Correction Is Behind Us

Dec 5, 2006 - The CRB Continuous Commodity Index closed at 408.79 on November 30th, an all-time record high. This new high means that the ...


The Good and Bad News for 2007

December 4, 2006 - This is the time of the year that I dust-off my crystal ball in order to look at the year ahead. I will share with you what I ...


What Is Happening to M3?

September 18, 2006 - In November 2005 the Federal Reserve announced that it would no longer compile and publicly report M3, which is the total ...


A Fear Index Revival?

August 7, 2006 - In November 2005 the Federal Reserve announced that it would no longer compile and report M3, which is the total quantity of dollars ...


A Commodity Bull Market Update

July 7, 2006 - I've been using the following chart of the Commodity Research Bureau Index for years as I have always viewed commodity prices to be an ...


An Ominous Picture

June 9, 2006 - Michael Hodges is the publisher of the Grandfather Economic Report. His very informative website http://mwhodges.home.att.net/ states ...


Some Interesting Questions

May 29, 2009 - I've received more than my usual share of emails over the past several weeks. Not all of them are a result of gold's climb to $700 and ...


Hold Gold, Not the Dow

May 15, 2006 - There has been a lot of bullish hype as the Dow Jones Industrials Average has approached the record high that marked the top of the ...


Mr Bernanke's First Crisis

May 8, 2006 - It was only two short months after Alan Greenspan was appointed chairman of the Federal Reserve that he faced his first crisis. The ...


When Will the Fed Stop?

April 17, 2006 - When will the Federal Reserve stop raising interest rates? It is the question everyone is asking these days. The federal funds ...


The End of M3 - Hiding the Truth About Inflation

March 28, 2006 - Each week the Federal Reserve reports various measures of the US dollar money supply. One of these, M3, is the total quantity of ...


Economic Suicide

March 15, 2006 - Anybody who has been lending money to the US federal government by buying T-Bills and its other debt instruments received a brutal ...


Dollar Interest Rates Jump

March 6, 2006 - Long-term US dollar interest rates rose again this past week, continuing the uptrend that began in mid-January. For example, the ...


The Dollar is Not the Story

February 6, 2006 - When you follow the markets with as much careful and continuous attention as I do, it’s inevitable that you end up hearing ...


Something to Worry About

January 9, 2006 - As we begin this new year, there is a lot to ponder over and worry about.  High on this list is the imminent departure of ...


My Response to Tim Wood

March 28, 2005 - Tim Wood is the founding editor of Resource Investor, (www.resourceinvestor.com) an online newsletter focusing on junior mining ...


The Outlook for 2005

January 10, 2005 - From time to time over the past couple of years I have been comparing our present circumstances to those prevailing in the ...


The Debt Bubble

May 10, 2004 - Catching up on my reading last week, I was very much taken by comments made recently by Congressman Ron Paul of Texas. From his ...


The Stock Market Cracks - Sort Of

July 1, 2002 - Over the past several weeks, the stock market has taken a severe pasting. The Dow Jones Industrial Average has declined six weeks ...


The Momentum of Truth Rapidly Approaches

April 29, 2002 - One of the most basic premises about which I have been writing for years is about to be tested. Will we get a flight from the dollar ...


The Gold Economy

April 9, 2001 - When I was still a young boy I remember hearing someone say that science fiction sooner or later becomes science fact. I was too small ...


An Old-Fashioned Bear Market

March 26, 2001 - Years ago an old stock market pro told me that sometimes the most difficult thing about markets is believing what you are seeing. It ...


A Crisis Is Brewing

March 5, 2001 - Every once in a while one can almost sense that something is wrong in the financial system. We are at one of those moments. The system ...


A Summer Rally? Or Bear Market Rally?

June 5, 2000 - A couple of weeks ago when the Dow Industrials were threatening to break below 10,000 and the NASDAQ looked ready to collapse through ...


The One-Year Outlook

January 27, 1997 - It has become a tradition of mine at this time of the year to share some of my thoughts about the various markets, and to make some ...

View All Articles >>

 

Subscribe to FGMR's Newsletter

Receive alerts, notices and timely articles.


Email:


Connect with us


Go to FGMR Twitter Page Go to YouTube Page Go to Flickr Page Go to FGMR Facebook Page