Bill Bonner's Diary


When the Feds Tell You Bend Over…

Dow up 70 yesterday. Gold down a little. Not much to draw our attention. So, today we conclude our reminiscences from our recent trip to Ireland to attend Kilkenomics, a festival of stand-up comedy mixed with economics. First, a clarification: Although some of it takes place in pubs and taverns around the charming city of Kilkenny… and although audiences...

Capitalism and Sex Slavery

We continue our report on our recent trip to Kilkenny… and on capitalism and sex slavery… below. But first, a peek at the markets. Not much action in stocks yesterday. But gold continues to lose ground. Traders are talking about tapering again. US unemployment numbers improved… bringing the Fed closer to its target. If the goal is reached, and...

Davos Without the Hookers (Part II)

Not much action in the markets on Veterans Day. So let’s go back to our story… At the Kilkenomics economics festival in Kilkenny, Ireland… We had just taken the first hit. It was an informal debate, in front of a crowd of drunken Irishmen. And our opponent was already way ahead. He had won over the audience with a...

Davos Without the Hookers

“Behind every great fortune there is a crime,” said Balzac. Before the age of capitalism – which gave people the means to build their fortunes without taking anything away from others – that was largely true. So, what lay behind the fortune which Anthony van Sallee used to buy up much of Long Island, New York, in the 17th...

Is QE Broken?

We’ve come to the charming city of Kilkenny in Ireland to speak at Europe’s first economics festival: Kilkenomics. What exactly an economics festival is we don’t know. But according to the man who runs Kilkenomics, Irish economist and author David McWilliams, it brings some of the world's leading economists, financial analysts and media commentators together with some of Ireland’s...

Aiming for Aristotle’s Head

Wowee! More highs in the stock market. The Dow rose 128 points yesterday. Is the US stock market headed for a bubble? Maybe… but what do we know? Our guess is that the people who are buying stocks today have a lot more confidence in the Fed than we have. As near as we can tell, today’s stock prices...

Repeat After Me: Economics Is NOT a Science

Dow off 20 points yesterday. Gold down $6 an ounce. No biggie. On Monday and Tuesday, we visited our youngest son, Edward, a sophomore at the University of Vermont. His roommate joined us for dinner. “Okay, let me explain it to you,” we said. The roommate was wondering if he should switch his major to economics. “Economics is a...