America Has Become a “Parasitocracy”

The term Deep State is not original to us. It was first coined to describe anti-democratic elements within the military, the intelligence services, the judiciary, and the mafia that controlled the real levers of power in Kemalist Turkey.


Alan “Bubbles” Greenspan Returns to Gold

Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. […] The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to […]


Janet Yellen’s $200-Trillion Debt Problem

The U.S. stock market broke its losing streak yesterday. After five straight losing sessions, the Dow eked out a 92-point gain. The financial media didn’t know what to say about it. So, we ended up with the typical inanities, myths, and claptrap.


The Real Reason We Have a Welfare State

The Swiss voted against awarding all citizens a “universal basic income” of about $30,000 a year, regardless of whether they have work or not. But the idea is unlikely to go away. Two-thirds of British voters say they are in favor of the idea. And Canada’s Ontario province is set to try something similar. If you’ve been following these Diary entries, you know how and why we have a welfare state.


The Deep State Is Coming for Your Savings…

BALTIMORE – Is there really a “War on Cash”?  No. There’s a war on you.  We’ll come back to that in a minute… First, a quick roundup of last week’s action. Rig Plunge Friday brought more bad news for U.S. shale oil producers. (More on this below in today’s Market Insight.) Reports Bloomberg: The number […]


Bigger Than a Bear Market

But of that day and that hour knoweth no man, no, not the angels which are in heaven, neither the Son, but the Father. – Mark 13:32 BALTIMORE – Again, not much movement in the U.S. stock market. All eyes were on U.S. politics. The Ides of March came… and yea, went… with poor Marco […]


This Country Is So Screwed Up

First they ignore you. Then they laugh at you. Then they attack you. Then you win. – Quote Donald Trump misattributed to Mahatma Gandhi And then they realize what a dumb jerk you really are. – Addendum offered by Bill Bonner SOUTH CAROLINA- We’re still down here in South Carolina, where the sandy soil and […]