Periphery Watch




The Industrious Greeks Mystery

In the course of the Greek crisis, animosities between creditor countries like Germany and Greece didn’t take long to surface. They were fired up in the tabloid press, which was quick to revive various stereotypes. In Greece, Germans soon found themselves compared to their Nazi predecessors, while German tabloids inter alia complained sotto voce about those allegedly “lazy Southerners”.


lazy GreekThe stereotype of “lazy Greeks”


Read the rest of this entry »




Venezuela: Real Wages Collapse amid Continuing Crack-Up Boom

While the crack-up boom in Venezuela continues, real wages in the country have have utterly collapsed. The bolivar is still trading close to 700 to the US dollar on the black market, and the Caracas stock index keeps making new all time highs in nominal terms almost every day. Ironically, Venezuela’s currency is called the “bolivar fuerte” (VEF), i.e. “the strong bolivar” ever since it has been “reverse split” 1 for 1,000 in January 2008.


brain-drainImage via


Read the rest of this entry »




Greek Stocks Reopen with a Thud

The Greek stock market very likely represents an emerging opportunity, as many stocks are sporting extremely low valuations these days. However, when we last discussed the Greek market, we pointed out that there was probably no hurry and more importantly, that using ETFs to play the Greek market would pose a difficulty at the current juncture.


arquitectura-del-pasado-7161Greek ruins – emblematic for the country’s situation.

Photo credit:


Read the rest of this entry »




Spectacular Growth

We spent much of January on the beach at Rancho Santana in Nicaragua. The longer we stayed, the more we liked it. It was warm and dry on the Pacific coast… but we woke up to the sound of rain on the roof this morning.

“Lake Arenal has a different climate,” our overseas real estate scout, Ronan McMahon, explained. Ronan is a young Irishman with long dark hair, a sunny disposition and a thick County Cork accent. He also advises members of our family wealth advisory, Bonner & Partners Family Office, on where to find the best real estate deals.


na-lake-arenal-sunsetThe Arenal volcano near Lake Arenal in Costa Rica, an artificial lake at the bottom of which the two old towns of Arenal and Tonadora lie abandoned. The lake is surrounded by a rainforest that is home to an estimated 2,000 plant species, 300 bird species and 120 different mammals, including jaguars and tapirs.

Photo via


Read the rest of this entry »




Why Stock Markets Are Not an Indicator of the Economy

In a free unhampered market economy based on a sound monetary system – this is to say a market-chosen monetary system with a free banking industry and no central planning institution that is manipulating interest rates and determining the size of the money supply – the gains and losses of shares prices in the stock market will simply be a reflection of entrepreneurial profits achieved in the past, plus embedded expectations of profits likely to be achieved in the future.


MaduroNicolas Maduro, the hapless president of socialist Venezuela, here seen hung with all sorts of bling supposed to testify to his achievements.

Photo credit: Prensa Presidencial


Read the rest of this entry »




Damp Weather in England, Crashing Markets in China

London, England – Over the weekend… it rained!

As we predicted, the Greeks voted against their creditors’ conditions for further aid. When you ask a debtor if he’d prefer not to pay, what else would you expect?

And imagine what would happen if he had never gotten the money in the first place. When government elites borrow, the money rarely gets to the voters. Small wonder they don’t want to pay the bills.

So, Europe holds its breath, waiting to see what will happen next. We are sitting in the lounge at the Hilton Hotel in London, having just flown over from the U.S. An airport TV tells us “Markets Fall.”

And in China, the stock market has lost nearly 30% in the last three weeks – wiping out $3 trillion in “wealth” that never really existed.


Chaos_LogistikPrediction patch, based on the logistic equation  Xn+1 = k*(Xn  – Xn2) with k = 3.57 … 4.00. We have been able to make amazing predictions with this one, such as inter alia  “there will be damp weather in England”. There was.

Capture by PT


Read the rest of this entry »




Editor’s Note: As you know, Bill believes the U.S. is about to experience a violent monetary shock. So today, we’re sharing with you a classic from the archives. It’s Bill’s firsthand account of Argentina’s monetary crisis. But as an American, you may eventually experience a very similar situation …


Cash Only

One of the things that vexes just about everyone in Argentina is money. The value of the peso changes rapidly. There is the official rate. And there is the unofficial rate.

Nobody knows what a peso is worth. Many people – including your humble editor – have to do some pretty serious calculating. The parts of his brain that do math must be swelling from overexertion.




Read the rest of this entry »

Most read in the last 20 days:

  • testa-e-collo-di-cesareWhy Do We Let Other People Tell Us What to Do?
      Lame Theories of Government We have been disappointed with political ideas and theories of government. They are nothing but scams, justifications, and puffery. One tries to put something over on the common man… the other claims it was for his own good… and the third pretends that he’d be lost without it. Most are not really “theories” at all… but prescriptions, blueprints for creating the kind of government the “theorist” would like to have. Not surprisingly, it is a...
  • goldmine-700x360Gold and Gold Stocks – Back to Tricky, but Interesting Signals Emerge
      A Relentless Short Term Decline When we last discussed the gold sector, we noted that with gold approaching its 200 day moving average, a pullback had to be expected soon. In the meantime, a bit more than just a pullback has happened, as a severe sell-off started after the October FOMC announcement.   Photo via   However, as you will see below, this has most likely merely reset the clock a bit in terms of anticipating a medium term trend change (even if...
  • MponengGold and Gold Stocks – It Gets Even More Interesting
      Technical Backdrop If only we could get a dime for every bearish article on gold that has been published over the past two weeks...but one can't have everything. When a market is down 83% like the HUI gold mining index is, we are generally more interested in trying to find out when it might turn around, since it is a good bet that it is “oversold”. Of course, it if makes it to 90% down, it will still be a harrowing experience in the short term. We like these catastrophes because...
  • resultThe Greatest Racket of All Time
      The Successes of the Global War on Terror One would think that the so-called “Global War on Terror”, which has been given fresh impetus by the Paris attacks, must be going swimmingly. What else could explain the great enthusiasm with which it is pursued? It may be recalled that it started in earnest after the WTC attack – also a declaration of war, as it was put at the time. As is often the case when Islamist fundamentalists strike, the actual attackers immolated themselves on...
  • winterThe Long, Cold Winter Ahead
      Not Immune Cold winds of deflation gust across the autumn economic landscape.  Global trade languishes and commodities rust away like abandoned scrap metal with a visible dusting of frost.  The economic optimism that embellished markets heading into 2015 have cooled as the year moves through its final stretch.   Photo credit: David Byrne   If you recall, the popular storyline since late last year has been that the U.S. economy is moderately improving while the...
  • santaHow Do People Destroy Their Capital?
      There is no Santa Claus I have written previously about the interest rate, which is falling under the planning of the Federal Reserve. The flip side of falling interest rates is the rising price of bonds. Bonds are in an endless, ferocious bull market. Why do I call it ferocious? Perhaps voracious is a better word, as it is gobbling up capital like the Cookie Monster jamming tollhouses into his maw. There are several mechanisms by which this occurs, let’s look at one...
  • oil rigJunk Bonds Under Pressure
      While the Stock Market is Partying ... There are seemingly always “good reasons” why troubles in a sector of the credit markets are supposed to be ignored – or so people are telling us, every single time. Readers may recall how the developing problems in the sub-prime sector of the mortgage credit market were greeted by officials and countless market observers in the beginning in 2007.   Photo credit: Getty Images   At first it was assumed that the most highly...
  • Young-European-Jihadists-ChappatteAngry Belgian Muslims and the Price of Welfare Statism
      Ill-Tempered Mohammedans in the Socialist Paradise In the wake of recent revelations about the identities of the morons involved in the horrific Paris attacks (happily, most of them shuffled off the mortal coil as well, thereby improving the aggregate degree of moral clarity and intelligence in the world), a friend pointed us to an article at Unz Review that asks: “Why Does Belgium Have Such Angry Muslims?” Our instinctive, immediate reaction was to argue that the bland, boring...
  • Chart-intraday averageCan Investors Trust the New Gold Fixing?
      Statistical Analysis of the New Gold Fixing   Since 20 March 2015 a new gold price fixing organized by the London Bullion Market Association has been in operation. It has replaced the previous price determination process, which was in place for more than a century and became subject to criticism as it was highly vulnerable to manipulation. Has manipulation now ceased?   Gold fixing at N.M. Rothchild and Sons offices in London. The first fixing took place there on 12 September...
  • trudeau-harperIncumbents Swept from Office Around the World
      Election Trends in 2015 – No Incumbent is Safe In the political sphere, this year has started with a bang, when Syriza won the Greek parliamentary election. All of Europe's attention was focused on this outcome and its aftermath over the coming six months or so. As it turned out, it was a bad omen for political incumbents nearly everywhere. More recently, we have seen the government of Stephen Harper in Canada go down in flames, with its opponents winning an unexpected landslide...

Support Acting Man




Own physical gold and silver outside a bank

Realtime Charts


Gold in USD:

[Most Recent Quotes from]



Gold in EUR:

[Most Recent Quotes from]



Silver in USD:

[Most Recent Quotes from]



Platinum in USD:

[Most Recent Quotes from]



USD - Index:

[Most Recent USD from]


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

Buy Silver Now!
Buy Gold Now!