I remember when Bitcoin was at $3.00. (Yes. Three.). I didn't have a good feeling about it then, and when it started to inflate - first gradually, then exponentially - I still had misgivings. The idea of "creating wealth through digital mining" sounded too much like the Federal Reserve, only practiced by civilian hucksters instead of government sanction hucksters.
It's back; bad news is good news. Retail sales went negative for May and the Atlanta Fed's GDPNOW model forecast tumbled to 0.0% for the second quarter. The S&P 500 up 1.46% and the Nasdaq up 2.50% for the day. Since wall street thinks we're in a technical recession they figure the FED will ease up on their interest rate increases while the recession gives us a temporary respite from the inflation.
Only economic illiterates will confuse this with capitalism. Its called Economic Fascism or Corporatism and its pure unadulterated Socialism. Did you catch this zinger from Jerome Powell “There is no sign of a broader slowdown in the economy that I can see.” Bill, I don't think Powell is stupid, I just think he's a liar :-)
So the Fed’s benchmark federal-funds rate has increased to a range between 1.5% and 1.75% and we may already be in a recession. Using the government wonk's inflation rate of 8.6% the Fed would need to increase their rate to 10.6% if they were serious about eradicating inflation. Powell's never gonna get there. Government intervention in the economy always ends in tears.
I think it's safe to say "Government intervention" in ANYTHING always ends in tears. Nothing is less inefficient or more corrupt. Which is why it needs to be maintained at the smallest size possible. Something that this "American Experiment" has failed to do and sadly, will be the death of it.
Bill, I've been avoiding many of your articles due to a frustration with your libertarian views on vaccines (views which I believe are in sum damaging to freedom). But reading today's letter, your prose and wit are as crisp as they were in 2000. The odd disagreement with you is worth reading you.
Not being a computer wiz and not receiving the notice of last night’s interview, I was left with no alternative but to miss it. Possibly some administrative person with Bonner & Co. could reach out to me for assistance. Anyone there?
I remember when Bitcoin was at $3.00. (Yes. Three.). I didn't have a good feeling about it then, and when it started to inflate - first gradually, then exponentially - I still had misgivings. The idea of "creating wealth through digital mining" sounded too much like the Federal Reserve, only practiced by civilian hucksters instead of government sanction hucksters.
I suspect we'll see $3 again. I wonder how many people actually bought there and held to 70k. Precious few I suspect.
It's back; bad news is good news. Retail sales went negative for May and the Atlanta Fed's GDPNOW model forecast tumbled to 0.0% for the second quarter. The S&P 500 up 1.46% and the Nasdaq up 2.50% for the day. Since wall street thinks we're in a technical recession they figure the FED will ease up on their interest rate increases while the recession gives us a temporary respite from the inflation.
Only economic illiterates will confuse this with capitalism. Its called Economic Fascism or Corporatism and its pure unadulterated Socialism. Did you catch this zinger from Jerome Powell “There is no sign of a broader slowdown in the economy that I can see.” Bill, I don't think Powell is stupid, I just think he's a liar :-)
So the Fed’s benchmark federal-funds rate has increased to a range between 1.5% and 1.75% and we may already be in a recession. Using the government wonk's inflation rate of 8.6% the Fed would need to increase their rate to 10.6% if they were serious about eradicating inflation. Powell's never gonna get there. Government intervention in the economy always ends in tears.
I think it's safe to say "Government intervention" in ANYTHING always ends in tears. Nothing is less inefficient or more corrupt. Which is why it needs to be maintained at the smallest size possible. Something that this "American Experiment" has failed to do and sadly, will be the death of it.
I say SPOT ON! I Remember Dutch' famous Eight Words You Never Want To Hear,: "I"M FROM THE GOVERNMENT, HERE TO HELP YOU!" Just Saying! Florida Jimmy.
I agree 100%. Well said!
Hi from the UK,
If it isn't broke don't try to fix it.
All good to me.
Thanks
John B.
What is so different about M. Saylor from what P. T. Barnum said years ago "There is a sucker born every day !"
This country is not about the elected officials , it is about the people that elected them !
So - how do you blame Biden when he is a puppet without a brain manipulated by a puppeteer !!
Bill, I've been avoiding many of your articles due to a frustration with your libertarian views on vaccines (views which I believe are in sum damaging to freedom). But reading today's letter, your prose and wit are as crisp as they were in 2000. The odd disagreement with you is worth reading you.
MSTR shorts are in 💩now. Terrible company and CEO per your note…but
Not being a computer wiz and not receiving the notice of last night’s interview, I was left with no alternative but to miss it. Possibly some administrative person with Bonner & Co. could reach out to me for assistance. Anyone there?
A recording and the transcript are available to subscribers on the website.
I'm hoping Gundlach (who I am not familiar with) includes Real Estate in his "hard assets" definition. That's where I am the longest.
Bill you almost sound gleeful, your skepticism from day one justified. Maybe it’s not done yet, and maybe the smart ones got out.