The War on Cash (2)

On February 16, 2016 the Washington Post published an op-ed piece by Larry Summers titled “It’s time to kill the $100 bill” in which he makes it clear that the war against paper money is only just starting. Not surprisingly, just like in Europe, he argues that killing Benjamins will help eradicate crime, saying that “a moratorium on printing new high denomination notes would make the world a better place.” Continue reading “The War on Cash (2)”

Gold Continues to Move from West to East

Gold has always been an opaque market, mostly because that’s how most owners of gold want it. Secrecy is highly prized by central banks, who continue to misreport their gold holdings as we will describe below. Private holders also value their privacy. However, in the past couple of years, more information has started to become available, thanks in large part to the work of analyst Koos Jansen. ( Continue reading “Gold Continues to Move from West to East”

The Real Story on the US Economy: Manufacturing Sales

US manufacturing sales on a seasonally-adjusted basis have fallen for 17 consecutive months and are now down more than 8% below the July 2014 peak. December 2016 manufacturing sales were at the same level as November 2011, obviously a story of stagnation rather than the economic recovery the Fed keeps yammering about. Total sales in 2015 were $258 billion less than 2014–$5.738 trillion vs. $5.996 trillion. That’s despite record car sales in 2015. And what’s worse, inventory at the manufacturing level continues to pile up despite declining production. Continue reading “The Real Story on the US Economy: Manufacturing Sales”