The Asset They Love to Hate …

Back in the 1960s, Alan Greenspan wrote a well-known essay that to this day is an essential read for anyone who wants to understand the present-day monetary and economic system (which is a kind of “fascism lite” type of statism, masquerading as capitalism) and especially the almost visceral hate etatistes harbor toward gold. Greenspan’s essay is entitled “Gold and Economic Freedom”, and as the title already suggests, the two are intimately connected.


Alan GreenspanAlan Greenspan in the mid 1970s – although he later turned out to be a sell-out, his understanding of economics undoubtedly dwarfed that of his successors at the Fed (and we are not just saying this based on the essay discussed here).

Photo credit: Charles Kelly / AP Photo


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What’s Really Killing Capitalism

VANCOUVER, Canada – Hillary is taking the bull by the horns… and putting the knife between her teeth. She is a “take-charge” candidate and aims to let us know.

Yes, earlier his week, she promised to improve capitalism. Now, it’s the climate of planet Earth that has her attention. She’s going to make it better by decreasing carbon emissions – by force, of course.


ClintonSaints preserve us! Now she wants to “save the planet” too. Ironically not even the reds and professional scaremongers are happy with her “climate change” contortions (as seen in the Guardian, a hotbed of climate alarmism and a preferred medium of assorted limousine socialists).

Photo credit: Pablo Martinez Monsivais / AP


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The British Referendum Looms

For the last couple of months (and years, for that matter) Greece has become synonymous with trouble in the euro zone and the European Union. As we’ve previously mentioned, in the absence of an extraordinary event, the risks in connection with Greece are limited.

The country contributes less than 2% to the European Union’s GDP and state institutions or institutions backed by the state now hold over 80% of the Greek debt. A debt restructuring or even a Grexit would pose neither a risk to the financial system, nor to the European economy.


britain and europeDavid Cameron and Nigel Farage, as seen by Steve Bell


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Diehards and Last-Ditch Campaigns

TORONTO – “This is the worst I’ve seen in 30 years.”

The scene was the recent Sprott-Stansberry Natural Resource Symposium in Vancouver. The subject was mining equities. And the opinion was becoming familiar …



Golden pet rock as found in nature … the Camel Gold Nugget – 9,3 kg

Photo credit: Arthur Lukyanov


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Austria’s Constitutional Court Decides to Uphold Property Rights

To everybody’s vast surprise, Austria’s constitutional court has decided not to side with the government in the infamous Hypo Alpe Adria (HAA) case. The bank went belly-up after the 2008 crisis and slowly but surely it emerged that it represented a financial catastrophe of truly stunning proportions.

Incompetence on a rarely seen scale, but probably also fraud (although that angle has yet to be pursued by the judiciary) ultimately produced the biggest de facto (if not de iure, yet) insolvency in Austria’s history.


Hypo_Centar_7_downloadHypo Alpe Adria – a giant house of cards that imploded in the course of the financial crisis.

Photo credit:


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Taxpayer-Funded Garbage

The Federal Reserve recently released a research article titled “How Sensitive Is Housing Demand to Down Payment Requirements and Mortgage Rates?


ben-bernankeFormerly ruling over rooms full of really smart guys: ex-Fed chairman Ben Bernanke

Photo credit: Karen Bleier / AFP


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Greece’s Citizens Know More than Paul Krugman

One of the interesting dynamics in Greece is the continued attachment of the Greek population to the Euro. All the polls show 60-70% majorities for staying in the euro zone, notwithstanding the ravages of austerity. But there is a very simple explanation for this paradox. As much as the Greeks blame the rest of Europe, and especially the Germans, for their problems, they understand very well that nothing is worse than their home-grown politicians.


091926b1-b5eb-4886-ba1a-cf61b07e64eb-2060x1236We generally don’t make the mistake of overestimating the competence of Paul Krugman on this site (PT) …

Photo credit: David Levene


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Easy Money … Hard Times

VANCOUVER, Canada – What would the world do without well-intentioned, earnest, and intelligent public servants like Hillary Clinton? We don’t know. But we’d like to find out!


Billary“And this afternoon, right after I’ve saved the planet from catastrophic anthropogenic global warming, I will save capitalism too…” What would capitalism do without Hillary Clinton?

Photo credit: Becker / AP


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Equity Risk Is Increasingly Non-Existent… By The Numbers

The concept of risk for hedge fund managers is a constant concern. The internal monologue goes something like this…what’s my downside if I initiate this position…how much can I lose if I am not right?”

The real answer is that you really have no idea…despite best efforts…even with stop losses [which I abhor]. The true, measurable risk of any position is only exactly known after you liquidate the position. Plus, risk management is more capital management than single stock management.


Beer-StierLittle did he know how it would all end …

Cartoon via


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No Trend Uniformity

As John Hussman points out in his most recent weekly missive, the stock market currently reflects all the characteristics observed near previous major market peaks. Apart from the more obvious ones, such as overvaluation and lopsidedly bullish sentiment which have been with us for some time, the market’s internals continue to deteriorate. This makes the current situation especially dangerous. As Hussman notes:


When extreme valuations and lopsided bullish sentiment are joined by deterioration in market internals, one faces an environment that couples compressed risk premiums with increasing risk aversion. Throughout history, severe market losses and crashes have nearly always been the result of an upward spike in previously compressed risk premiums.”


(emphasis added)


trader_1963744bPhoto credit: Alamy


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