Money should always be separated from politics. Germany learned this lesson the hard way, and the Allies wanted to make sure for everyone’s sake that history didn’t repeat.
The Grexit, or Greece’s exit from the euro, is becoming more likely, judging by how frequently it is mentioned these days. Unfortunately, preparing for it may be more difficult than many believe. Before addressing that point, I would like to first illustrate the extent of the problem.
Back in 2009 when the Greek crisis was just starting to make headlines, I wrote an article concluding that sovereign debt defaults would bring the end of socialism. My premise was straightforward and based on financial reality.
In the April edition of The Casey Report, Doug Casey tackles the matter of gold price manipulation. He does this in an excellent article comparing gold’s bull market today with the one in the 1970s, which both he and I remember well given that we are about the same age and both were active participants in it.
It has been said that book reviews are supposed to include something critical. Nevertheless, I have nothing negative to say about “Currency Wars”. It is a great book, and you will not be disappointed with it. But I do have one important thought to keep in mind as you read it.
September 19, 2011 – The Swiss National Bank finally gave up. For months it tried standing alone against all of the bad monetary policies being pursued by the ECB, the Federal Reserve, the Bank of England and indeed, nearly all of the central banks of the world, but it was a losing battle. So lastRead more
December 21, 2010 – Last week the British pound fell 3.0% against the US dollar. Some say it was because of UK bank exposure to Spain, which Moody’s warned could be downgraded. Others blamed the UK’s close economic link and heavy debt exposure to Ireland, which Moody’s did actually downgrade last week by 5-levels toRead more
September 22, 2010 – The US dollar is staring over the edge of the precipice and is ready to plummet. Rather than hand the dollar a lifeline, the FOMC in its announcement yesterday pushed the dollar further over the edge. The FOMC made clear that it is only a matter of time before the FederalRead more
From its 74.97 low in mid-October, the US Dollar Index has bounced 1.8%. Occasional swings of a percentage point or two are to be expected, as markets never move in a straight line. So this latest bounce is not significant and in fact is hardly noticeable on the following chart.
Beginning in April, the dollar fell pretty much in a straight line into early June. Since then the US Dollar Index has moved sideways on either side of 80, and it has clearly demonstrated an inability to rally, which is a sure sign of underlying weakness. It is also a good indication that the next major move for the dollar in all likelihood will be down.
Every bull market for each type of financial instrument has three phases:
Note: This article is based on my presentation to the Mines &
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