A World in Transition June 2011 By Tom Cammack, CFA, CPA Author of INFLATION NATION "It should never be forgotten that the one decisive factor in the rise of totalitarianism on the Continent, which is yet absent in England and America, is the existence of a large, recently dispossessed middle class." The Road to Serfdom, Chapter 13, F.A. Hayek, 1944. This is Part I of a series that discusses long-term trends that should continue in 2011 and beyond. This article … [Read more...]
This Is Federal, Not State The simple explanation for the mystery is that Wisconsin's ability to balance its budgets in the recent past, and the looming fiscal catastrophe in the future, are both arguably primarily federal issues rather than state issues. Therefore, instead of looking to past and current governors, we must instead look to the President and Congress. We'll touch on a few highlights here that are covered in more detail in other articles, most particularly in "Hiding … [Read more...]
No Inflation—Really? The government (Bureau of Labor Statistics – BLS) reports consumer price changes every month for a basket of goods and services. The goal of this section of the website is to comment on the most recent month’s report. The headline CPI rate reported for January 2011 was 1.63% (year-over-year change). Most experts describe this level of inflation as being tame, or virtually non-existent. However, the overall headline rate can mask some important details. Here is … [Read more...]
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In this newsletter we will outline what is likely to be the devastating effect of the credit bubbles, government money printing and of the disastrous actions that governments are taking. Starting in the next 6 months and culminating in 2011-12 the world will experience a series of tumultuous events which will be life changing for most people in the world. But 2011-12 will not be the beginning of an upturn in the world economy but instead the start of a long period of economic, political … [Read more...]
Never has the American Federal Reserve been so challenged by Congress, or not for the past 50 years anyway, not since the Great Depression, actually. We've been following what we believe to be the unraveling of the Fed, and Bernanke's appearance on the Hill yesterday exposed the chairman and his organization to fairly withering criticism. Bernanke was asked about his authority to make US$500 billion in loans to overseas central banks, why he didn't believe an audit of the Fed was … [Read more...]
James has specialized in international banking, finance and investments since graduating in 1969 from George Washington University with a B.A. degree in International Economics. In 1980 he joined the private investment and trading company of a prominent precious metals trader. He moved to the United Arab Emirates in December 1983 to be appointed Manager of the Commodity Department of the Abu Dhabi Investment Authority, a position he held until resigning in 1987. James Turk has written … [Read more...]
