While some individuals amass wealth through honest efforts, others take advantage of their fellow citizens. If you secured a loan from a bank between 2005 and 2009 for a house, vehicle, education, or even used a credit card during this period, there’s a strong possibility you fell victim to a collusive price manipulation scheme devised by major banks.
This revelation is undoubtedly shocking. In essence, it indicates that virtually everyone, including businesses and investors who accessed credit from 2005 to 2009, was significantly deceived.
“This dwarfs by orders of magnitude any financial scams in the history of markets,” remarks Andrew Lo, a finance professor at the Massachusetts Institute of Technology.
Figures like Charles Ponzi, Bernie Madoff, Kenneth Lay, Bernie Ebbers, and Dennis Kozlowski pale in comparison to the price-fixing operation orchestrated by big banks. Whereas Ponzi and others primarily swindled their direct clientele, the big banks effectively deceived the entire populace.
Regrettably, this is no exaggeration. Below is a concise overview of this egregious scheme… Continue reading
Unwavering independence and boundless personal freedom were once fundamental components of the American spirit. Although popular folklore suggests they remain so, we harbor some skepticism.
Indeed, America was once the land of the free. However, that era has long passed, overshadowed by the fact that 46.4 million citizens now rely on Electronic Benefit Transfer (EBT) cards for their daily sustenance. Similarly, gone are the days when you could sell the milk from your cow without being greeted by U.S. marshals at dawn.
Today’s reality is that the principles that ignited America’s War of Independence have largely become mere abstractions. Limited governance and personal freedoms were sacrificed for the sake of expansive government and collectivism. The ability to earn a livelihood without drawing the ire of the IRS has faded away, as has the innocence of a child selling lemonade on the sidewalk, now usually met with bureaucratic intervention for lacking an official permit. Continue reading
I left my heart in San Francisco
High on a hill, it beckons to me
To be where little cable cars ascend halfway to the stars
The morning fog may chill the air, but I don’t mind.
My love awaits me in San Francisco
Above the blue and windy sea
When I return to you, San Francisco
Your golden sun will shine for me.
— Frank Sinatra
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Today, we find ourselves in San Francisco, engaged in work, observation, and reflection, taking moments to ride cable cars along Powell Street, explore diverse neighborhoods such as Chinatown, North Beach, SoMa, and Fisherman’s Wharf, and indulge in fresh crab and pasta. Herein lies a medley of thoughts on the City’s rich history, gold, Jack London, and much more…
The First Day of the California Gold Rush
On January 24, 1848, James W. Marshall emerged from Sutter’s Mill and gazed down at the American River in Coloma, California. In the distance, he spotted a glimmer along the riverbank that sparkled back at him. What could it be? Continue reading
How Does Gold Perform During Hyperinflationary Periods?
By Jeff Clark, Casey Research
Inflation frequently arises as a result of lax governmental monetary policies. When these policies become excessively loose, hyperinflation may follow. As gold investors, we are keen to understand if precious metals can maintain their value during such extreme conditions.
Hyperinflation is characterized by an incredibly swift increase in prices, but at what point does manageable inflation spiral into uncontrollable hyperinflation? Philip Cagan, a pioneer in this area of research, defines hyperinflation as “an inflation rate of 50% or more in a single month,” an occurrence that may seem unimaginable to the average investor.
Although multiple factors can contribute to inflation, hyperinflation typically has a singular root: an excessive money supply. When debts and deficits reach unsustainable levels, policymakers often resort to diluting the currency to cover their expenditures. A tipping point is then reached, leading to a loss of confidence among investors.
“Confidence” is the crucial term here. Fiat currency retains its purchasing power largely through the belief that it is stable and will continue to maintain that power over time. Continue reading
