The reality of the economic catastrophe that has been created by 30 years of debt creation, laissez-faire globalization and upward redistribution of wealth, is gradually and steadily asserting itself. Our leaders have been doing everything they can think of to first deny, and then delay, delay, delay the inevitable, but big changes are beginning to […]

Only four months into 2011 and we’ve already had a decade’s worth of drama. The year began with the Arab uprising that continues to reshape the Middle East, followed by the earthquake and tsunami that devastated Japan, another war in Libya, and finally the killing of Osama bin Laden. Given that the global financial system […]

America is in trouble. Around the country, the nominations of Tea Party Republicans like Senate candidates Christine O’Donnell in Delaware, Sharon Angle in Nevada, Joe Miller in Alaska, Rand Paul in Kentucky and Ken Buck in Colorado are the canaries in the coal mine. A group of Rand Paul supporters assaulted and stomped a woman […]

I have been fortunate in obtaining an excellent set of notes from the November Urban Land Conference, which make up the bulk of this letter. The comments are wide ranging and very informative. First a few comments on markets and the political scene. There are signs that the see-saw battle between inflationary and deflationary forces […]

The massive intervention by our government to shore up the financial system has stabilized the situation, for now. Recent reports have shown a distinct lessening in the pace of destruction. The contraction in economic activity (GDP) was only 1% in the second quarter, compared to -6.4% in the first quarter. Stocks have put on an […]