I have been writing about the inevitable consequences of our fiscal and political insanity since 2001, when those inevitable consequences were almost universally ignored. Since then, much of what I warned about has come to pass, the balance is looming on the horizon, and it has become de rigueur to be pessimistic about the future […]

Washington can be an ugly place even in the best of times, but the recent debt ceiling debacle was downright obscene. House Republicans, loud and proud in their ignorance and extremism, successfully took the nation hostage over the national debt ceiling. All their demands were met by our Compromiser-in-Chief. I am certainly not unsympathetic to […]

Egypt and Libya have been the most visible parts of a wave of popular revolt sweeping through the Arab world. Whether this is a miracle or a catastrophe only time will tell. Who will actually end up wielding power in these countries is the critical “unknown unknown” at this time. The one clear outcome of […]

There has been a lot of water under the dam since my last letter. Not much change of real substance; just gradual erosion across the board. The economy is still in a funk, markets have been gyrating in broad trading ranges, our political devolution proceeds unabated, and the global scene, especially the Middle East, is […]

Due to the flu I have been unable to complete this quarter’s newsletter.  It so happens that this week’s Thoughts From the Frontline, The Glide Path Option, by John Mauldin is the perfect substitute, summarizing the various economic policy options that remain open to us going forward and consequences of those various options. Mauldin’s letter […]