The Ultimate Asset Bubble Is Gold.

We Are Trying To Make The World A Better Place, But That Is Not Necessarily What We Accomplish. Many Of The Problems Which Preoccupy Us Are Basically Insoluble.

Short Term Volatility Is Greatest At Turning Points And Diminishes As A Trend Becomes Established

This Is The Joint Responsibility Of Everyone Who Was Involved In The Introduction Of The Euro Without Understanding The Consequences. When The Euro Was Introduced, The Regulators Allowed Banks To Buy Unlimited Amounts Of Government Bonds Without Setting Aside Any Equity Capital. And The European Central Bank Discounted All Government Bonds On Equal Terms. So Commercial Banks Found It Advantageous To Accumulate The Bonds Of The Weaker Countries To Earn A Few Extra Basis Points.

The Us Needs A Cap And Trade System With Auctioning Of Licenses For Emissions Rights. The Revenues From These Auctions Can Be Used To Launch A New, Environmentally Friendly Energy Policy. That Would Be Yet Another Federal Program That Could Help Us To Overcome The Stagnation.

The Bureaucratic Method Of Building An Integrated Europe Has Exhausted Its Potential.