The front pages of yesterday's newspapers were full of good news. A strong rebound in real estate prices, they said, meant a full recovery was in the bag. So you see, dear reader, everything is hunky-dory, copacetic and cool.But wait! What's this? In the face of all this good news, the US stock market fell and "disaster insurance" gold...
There are many theories to explain government. Most 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...
Today is the day set aside by the US federal government for us to remember our war dead. Here at the Diary of a Rogue Economist, we always do as we are told. So, today, we will turn our thoughts back to Vicksburg, Mississippi… which gave the country enough corpses to remember… and from where […]
Gold rose $24 per ounce yesterday. The Dow fell 12 points. The smart money is using this dip to buy gold. Why? Because the world’s major stock markets… currencies… and economies all depend on reckless measures by central banks. In the short run, the central banks can make things appear safe and stable. How? By […]
"The Battle of Vicksburg was the turning point of the war," explained the guide at the Old Court House Museum in Mississippi. "The whole economy of the South west of the Appalachians depended on the Mississippi River. That's how we got our food and cotton to market. We floated it down the river to New Orleans.
The Old South was bigoted, backward and dry. The New South is prosperous, progress oriented and open to suggestion. We can confirm the prosperous part. Everywhere you look, there are new cars on new roads going to new malls and buying new stuff. At least, everywhere within 50 miles of the new Nissan plant in Canton.
Unlike a machine, an economy was neither designed by anyone nor built in a factory. There are no plans... no owner's manual... no guide to troubleshooting problems... and no website where owners go to talk about the problems they've had and the tricks they've used to fix them.