Currently viewing the tag: "Richard Nixon"
Cover of David A. Stockman's The Great Deformation

Book review: David A. Stockman – “The Great Deformation – The Corruption of Capitalism in America”

On April 30, 2013 By

David Stockman’s new book “The Great Deformation” is a brilliant, penetrating analysis of the present state of the US economy and the US political system, and a detailed account of how the nation got into this mess. The book will upset Democrats and Republicans alike, and quite a few other constituencies as well, which can, [...]

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Richard Nixon

The triumph of politics

On July 27, 2012 By

On August 15, 1971, President Richard Nixon declared that the United States would no longer honour its promise to exchange US dollars held by foreign central banks for gold at a fixed price of $35 an ounce. The innocuous term ‘Nixon closed the gold window’ that is now widely used to describe this act does [...]

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gold

Is gold in a bubble?

On June 1, 2012 By

To answer this question is not straightforward. As the gold-sceptics keep reminding us, gold pays no coupon and no dividend, it does not offer a running yield, so traditional measures of ‘fair value’ do not apply. But gold is money, and just as the paper ticket in your wallet does not pay interest, neither does [...]

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Communist Propaganda Poster

The second crisis of socialism

On October 10, 2011 By

 The world is facing the worst financial crisis since at least the 1930s “if not ever,” the Governor of the Bank of England said last week when he explained to an increasingly sceptical and weary public the Bank’s decision to print yet more fiat money and use it to buy yet more government bonds. I [...]

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federal reserve

Operation Twisted Logic – Why the Fed is the problem, not the solution

On September 23, 2011 By

I wrote the following essay yesterday for TheStreet.com. Yesterday the U.S. Federal Reserve delivered no real surprises. Its new policy was expected by the market and those members of the public who still follow the central bank’s every move with interest and, I can only assume, in the misguided belief that it has the answer [...]

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