Author Archives: Antonius Aquinas

     

 

 

Bombs Away!

Two recent articles* have again demonstrated that the greatest “terrorist” entity on earth are not the bogymen – Russia, China, Iran, North Korea – so often portrayed by Western presstitutes and the American government, but the United States itself!

 

This is an old cartoon, but still a good one. It perfectly describes the trigger-happy Western political class and the depth of its “thinking”. By happenstance we recently reviewed the Libya intervention (Libya is the failed state in the Maghreb that used to be one of the most prosperous countries in Africa). The eccentric tinpot dictator Gadaffi was not necessarily likable, although he was certainly entertaining from afar. But everything we were told by the press about his actions and plans during the “Arab Spring” that was used by Western politicians as a justification for  bombing the country back into the stone age and making it a safe haven for jihadists and crazed warlords in which inter alia slave markets are thriving openly these days, was a lie. It was really nothing but lies from A to Z, essentially a repetition of the pre-Iraq war playbook. After a UK parliamentary report pointed all of this out after a comprehensive post mortem investigation (it included the evidence that was deliberately withheld in the run-up to the intervention), some apologists tried to argue that political leaders at the time were perhaps not sufficiently informed and made a few small but ultimately excusable “mistakes” in their eagerness to save innocent lives. Right – after all, they only had the most sophisticated surveillance and espionage systems in all of history at their disposal. Anyone interested in a bridge in Brooklyn? [PT]

 

Read the rest of this entry »

     

 

 

Redefined Terms and Absurd Targets

At one time, the Federal Reserve’s sole mandate was to maintain stable prices and to “fight inflation.”  To the Fed, the financial press, and most everyone else “inflation” means rising prices instead of its original and true definition as an increase in the money supply.  Rising prices are a consequence – a very painful consequence – of money printing.

 

Fed Chair Jerome Powell apparently does not see the pernicious effects of inflation (at least he seems to be looking around… [PT])

Photo credit: Andrew Harrer / Bloomberg

 

Read the rest of this entry »

     

 

 

Voting with their Feet

A couple of recent articles have once more made the case, at least implicitly, for political decentralization as the only viable path which will begin to solve the seemingly insurmountable political, economic, and social crises which the Western world now faces.

 

Fracture lines – tax and regulatory competition allows people to “vote with their feet” – and they certainly do. [PT]

 

Read the rest of this entry »

     

 

 

Contradictory Palaver

The recent hullabaloo among President Trump’s top monetary officials about the Administration’s “dollar policy” is just the start of what will likely be the first of many contradictory pronouncements and reversals which will take place in the coming months and years as the world’s reserve currency continues to be compromised.  So far, the Greenback has had its worst start since 1987, the year of a major stock market reset.

 

A modern-day reenactment of the famous “our currency, your problem” play that went over so extremely well in the 1970s… [PT]

 

Read the rest of this entry »

     

 

 

A Brief Outbreak of Sanity

After nearly a year of gaffes, provocations, threats, bombings, destabilizing arms deals, and, most recently, the disastrous decision to recognize Jerusalem as the capital of Israel, the sanest member of the Trump Administration, Secretary of State Rex Tillerson, appeared to have begun a new and promising diplomatic direction in relations with tiny, beleaguered North Korea.

 

Oil man and uranium man – will there be an exchange of binoculars soon? As regular readers know, after studying numerous official photographs of Kim, we have concluded that what he really wants is a pair or two of really spiffy new binoculars. International diplomacy is not exactly rocket science, one just needs to be a little observant. And giving him new field glasses would be a lot cheaper, less bloody, and less likely to generate unhealthy levels of radiation than waging war.  [PT]

Screenshot via nypost.com

 

Read the rest of this entry »

     

 

 

Rude Interruptions

As long as the US Empire can be funded and maintained on the backs of its taxpaying public, the chance of a deescalation of tensions not only on the Korean peninsula, but throughout the world are practically nil.  And as long as the nation’s current interventionist ideology holds sway, it will only be through a financial meltdown that the role of the US as global policeman will come to a much-needed end.

 

Hamhung, North Korea, June 30, 1950; an example of minor collateral damage suffered by North Korea during the behavior-modification police action of the early 1950s. Let us be clear that we have no sympathy for the hereditary Stalinist dynasty/junta oppressing the people of North Korea. Nevertheless, it should be crystal clear by now why military interventionism is problematic: it usually not only fails to achieve anything remotely resembling the desired result, in most cases it actually brings about the exact opposite. It bolsters popular support for even the vilest regimes, as the focus of the population’s anger is redirected at an external enemy; instead of destabilizing  autocrats and tyrants, it often ends up fortifying their position. Anything short of a complete victory will leave an implacable enemy in place, who as we can see in the example of North Korea can end up posing a major problem for decades. Past attempts to persuade the regime to abandon nuclear weapons (usually in exchange for economic concessions) often failed because the NK regime sabotaged them; all indications are that its decisions are driven by intense paranoia. In light of this, past agreements were often ill-conceived, as they inter alia involved the transfer of nuclear technology for supposedly “peaceful” purposes. The regime’s actions are mainly informed by a desire for self-preservation – its threats and posturing have to be seen in the context of this overarching goal. Given the deep scars left by the Korean war and the examples of tinpot dictators elsewhere who surrendered their WMD capabilities only to be hunted down and killed while their fiefdoms were bombed back into the stone age, it should not be too difficult to figure out why the NK regime wants to hang on to its nuclear weapons. [PT]

Photo credit: STR/AFP/Getty Images

 

Read the rest of this entry »

     

 

 

Expensive Politics

Instead of a demonstration of its overwhelming military might intended to intimidate tiny North Korea and pressure China to lean on its defiant communist neighbor, President Trump and the West should try to learn a few things from China.

 

President Trump meets President Xi. The POTUS reportedly had a very good time in China. [PT]

Photo credit: AP

 

Read the rest of this entry »

     

 

 

Communism: An Unmitigated Disaster

This October marks the centennial anniversary of the Bolshevik takeover of Russia and the establishment of Soviet-style Communism which tragically, for the Russian people, would last for some seventy interminable years.  Not only did the Soviet regime liquidate and imprison millions, but its idiotic system of central planning impoverished the country, turning it into an economic basket case, the effects of which reverberate to this day.

 

The communist monster – Vladimir Ulyanov, a.k.a. Lenin. The New York Times was brimming with apologias for communism on the occasion of the revolution’s centennial this year. Apparently word was given to the vast hordes of Marxists still infesting society that they were free to use the platform to publish editorials explaining why the whole thing wasn’t so bad after all. For instance, in one of these screeds we learned that Lenin was a “great environmentalist” because he decided that vast stretches of no-man’s land in the Soviet Union should be designated nature reserves. As one can easily determine by looking at a map of Russia, this is no great feat, since there are large areas with a population density reminiscent of the Sahara. Lenin’s legacy as an environmentalist certainly pales against his crimes (it was not mentioned if any “New Soviet Men” inhabited these regions and whether they were forcibly relocated or exterminated to preserve the pristine state of these areas). Lenin had second thoughts on the unworkable socialist economic system in his later years and introduced the so-called “New Economic Policy”, as the country was on the verge of suffering a famine. This concession to the superiority of capitalism was hastily reversed by Stalin at the cost of millions of lives by means of state-sponsored starvation. Food production crashed due to the coercive collectivization of all economic activity and the former “bread basket” Ukraine became the scene of one of the largest and most brutal democides in human history. But hey, Lenin was a great environmentalist! And didn’t he say that if you wanted to make an omelet, you had to break a few eggs? Stalin concluded that if you want to make a really big omelet, you have to break millions of eggs. [PT]

Photo credit: Imago

 

Read the rest of this entry »

     

 

 

Cryptic Pronouncements

If a world conflagration, God forbid, should break out during the Trump Administration, its genesis will not be too hard to discover: the thin-skinned, immature, shallow, doofus who currently resides in the Oval Office!

 

The commander-in-chief – a potential source of radiation?

 

Read the rest of this entry »

     

 

 

Misguided Enthusiasm

While not a jubilee year, last week marked the 230th anniversary of the US Constitution. Naturally, most of its devotees enthusiastically praised the document which by now is seen on a par with Holy Writ itself.

 

The constitutional convention in Philadelphia, anno 1787. Things have gone downhill ever since. Many – though not all – of those taking part in the convention were members of the moneyed elite, the land speculators who had instigated the war of independence when King George foolishly tried to keep them from expanding their speculative activities to the West with his ill-conceived edict of 1763. Having won the war, they were no longer constrained by the edict, but they couldn’t leave well enough alone… sitting on their laurels apparently just wasn’t their style. The constitution was the next logical step – a successful attempt to install a centralized Merchant State after the British model, only sans King George. As Albert Jay Nock points out in Our Enemy, the State: “The great majority of them, possibly as many as four-fifths, were public creditors; one-third were land-speculators; some were moneylenders; one-fifth were industrialists, traders, shippers; and many of them were lawyers.” Not exactly the first thing they tell pupils in public schools about, we would guess. Nock also reminds us, ibid: “Wherever economic exploitation has been for any reason either impracticable or unprofitable, the State has never come into existence; government has existed, but the State, never”. [PT]

 

Read the rest of this entry »

     

 

 

Improving the World, One Death at a Time

If anyone should have any questions about whether the United States of America is not the most aggressive, warlike, and terrorist nation on the face of the earth, its latest proposed action against the supposed rogue state of North Korea should allay any such doubts.

 

Throughout history, the problem with empires has always been the same: no matter how stable and invincible they appeared, eventually they ran into “imperial overstretch”. At some point, the exercise of maintaining an empire simply becomes unaffordable. The deterioration usually happens very gradually, so the ruling elites will always be reluctant to admit that something needs to change. Students of history always observe with astonishment that no-one seems to be learning from history, but one’s contemporaries are always driven by  the particular pressures and exigencies of the times they live in, and trapped in their own bubble of delusions. The first sign that things are beginning to go haywire is when the frequency with which the printing press is resorted to as a means to obtain funding increases noticeably (the functional equivalent of the surreptitious reduction of the precious metals content of coins used in the more distant past). [PT]

 

Read the rest of this entry »

     

 

 

Crazed Decision

The Los Angeles City Council’s recent, crazed decision* to replace Christopher Columbus Day with one celebrating “indigenous peoples” can be traced to the falsification of history and denigration of European man which began in earnest in the 1960s throughout the educational establishment (from grade school through the universities), book publishing, and the print and electronic media.

 

Christopher Columbus at the Court of the Catholic Monarchs (a painting by Juan Cordero).  Columbus was born in the Republic of Genoa in Italy, but made his exploration voyages (four in all) under the auspices of the Spanish crown. In 1492, just after Ferdinand and Isabella of Spain had reconquered the last Muslim outpost in Spain, they finally agreed to make a deal with Columbus and funded his voyages (the crown later partly reneged on the deal, particularly with respect to the degree of political power Columbus and his appointees were allowed to wield in the new territories –  descendants of Columbus were involved in litigation over the matter until 1790). Interestingly, no contemporary portrait of Columbus exists – we have actually no idea what he really looked like. All statues and paintings of the man were made posthumously. A previous attempt to rename Columbus Day ”Indigenous People Day” in Utah was voted down by the Utah Senate in 2016. [PT]

 

Read the rest of this entry »

Most read in the last 20 days:

  • Venezuela – An Economic Catastrophe in Charts
      The Final Stage of a Crack-Up Boom For economists the dire downward spiral of Venezuela's economy holds the same fascination black holes hold for physicists. Both illustrate what happens amid the most extreme conditions imaginable. It is thought that this may potentially provide clues of a more general nature. The remnants of massive imploded stars are inanimate and many light years distant; regardless of how violent conditions in their vicinity are, they cannot touch us. Unfortunately,...
  • The Degrading Facts of a Fake Money Hole in the Head
      Squishy Fact Finding Mission Today we begin with the facts.  But not just the facts; the facts of the facts.  We want to better understand just what it is that is provoking today’s ludicrous world. To clarify, we are not after the cold hard facts; those with no opinions, like the commutative property of addition. Rather, we are after the warm squishy facts; the type of facts that depend on what the meaning of ‘is’ is.   Fact-related pleas... [PT]   The facts,...
  • Thirteen Reckonings Hanging in the Balance
      A Fake Money World The NASDAQ slipped below 8,000 this week. But you can table your reservations.  The record bull market in U.S. stocks is still on. With a little imagination, and the assistance of crude chart projections, DOW 40,000 could be eclipsed by the end of the decade.  Remember, anything and everything’s possible with enough fake money.   Driven by a handful of big cap tech companies, the Nasdaq Composite has made new highs – but the broad market (here shown in...
  • Jayant Bhandari - The US Dollar vs. Other Currencies and Gold
      Maurice Jackson Speaks with Jayant Bhandari About Emerging Market Currencies, the Trade War, US Foreign Policy and More Maurice Jackson of Proven & Probable has recently conducted a new interview with our friend and occasional contributor to this site, Jayant Bhandari, who is inter alia the host of the annual Capitalism and Morality seminar.   Maurice Jackson (left) and Jayant Bhandari (right)   A wide range of topics is discussed, from the strong US dollar and...
  • Gold-Silver Ratio Message - Precious Metals Supply and Demand
      Fundamental Developments Last week the price of gold fell three bucks, and that of silver fell a quarter of a buck. But let us take a look at the supply and demand fundamentals of both metals. Also, we have an interesting development in the gold-silver ratio, a topic we have not addressed in a while. First, here is the chart of the prices of gold and silver.   Gold and silver priced in USD   Next, this is a graph of the gold price measured in silver, otherwise...
  • September – The Most Dangerous Month to Invest
      The Biggest Crashes in History Happened in September and October In the last installment of Seasonal Insights we wrote about the media sector – an industry that typically tends to perform very poorly in the month of August. Upon receiving positive feedback, we decided to build on this topic. This week we are are discussing several international markets that tend to be weak during September and will look at what drives this recurring pattern.   Mark Twain, a renowned...
  • US Equities – Approaching an Inflection Point
      A Lengthy Non-Confirmation As we have frequently pointed out in recent months, since beginning to rise from the lows of the sharp but brief downturn after the late January blow-off high, the US stock market is bereft of uniformity. Instead, an uncommonly lengthy non-confirmation between the the strongest indexes and the broad market has been established. The chart below illustrates the situation – it compares the performance of the DJIA (still no new high since January, although...
  • Gold-Silver Ratio Hits 10-Year High - Precious Metals Supply and Demand
      Fundamental Developments The price of gold dropped five bucks, and that of silver 40 cents last week. But let’s take a look at the supply and demand fundamentals of both metals. Also, we continue to follow the development in the gold-silver ratio.   One can buy a lot of silver for one's gold these days. Silver has become extraordinarily cheap, but keep in mind that it was even cheaper vs. gold in the early 1990s (see the section on silver further below for the details)....
  • Honest Work for Dishonest Pay
      Misadventures and Mishaps Over the past decade, in the wake of the 2008-09 debt crisis, the impossible has happened.  The sickness of too much debt has been seemingly cured with massive dosages of even more debt.  This, no doubt, is evidence that there are wonders and miracles above and beyond 24-hour home deliveries of Taco Bell via Door Dash.   The global debtberg: at the end of 2017, it had grown to USD 237 trillion. Obviously this is by now a slightly dated figure, as debt...
  • Corporate Credit – A Chasm Between Risk Perceptions and Actual Risk
      Shifts in Credit-Land: Repatriation Hurts Small Corporate Borrowers A recent Bloomberg article informs us that US companies with large cash hoards (such as AAPL and ORCL) were sizable players in corporate debt markets, supplying plenty of funds to borrowers in need of US dollars. Ever since US tax cuts have prompted repatriation flows, a “$300 billion-per-year hole” has been left in the market, as Bloomberg puts it. The chart below depicts the situation as of the end of August (not...
  • Dubious Prophecies & Perverse Incentives - Precious Metals Supply and Demand
      Suspect Predictions, Ill Wishes and Worthwhile Targets of Scorn This price of gold fell three bucks, and the price of silver fell ten cents last week. Perhaps because of the ongoing $150 price drop so far since April, we saw some doozy email subjects and article headlines this week.   Panic on the inflation Titanic. [PT]   One notable one, from the man who confidently asserted we will have hyperinflation by the end of the year — in 2009 — now says that the...

Support Acting Man

Item Guides

Austrian Theory and Investment

j9TJzzN

The Review Insider

Archive

Dog Blow

350x200

THE GOLD CARTEL: Government Intervention on Gold, the Mega Bubble in Paper and What This Means for Your Future

Realtime Charts

 

Gold in USD:

[Most Recent Quotes from www.kitco.com]

 


 

Gold in EUR:

[Most Recent Quotes from www.kitco.com]

 


 

Silver in USD:

[Most Recent Quotes from www.kitco.com]

 


 

Platinum in USD:

[Most Recent Quotes from www.kitco.com]

 


 

USD - Index:

[Most Recent USD from www.kitco.com]

 

Mish Talk

 
Buy Silver Now!
 
Buy Gold Now!
 

Oilprice.com