Funding Gap

The Disturbing Trend That Will End In A Full-Fledged Pension Crisis

"Right now, millions of Americans are hard at work believing their pensions will be their saving grace for retirement. But the predicament pension funds across the United States find themselves in does not just spell trouble for the distant future... The crisis is happening as we speak."

The Next Step In Europe's Negative-Interest-Rate Experiment

"Paper money appears at first sight to be a great saving, or rather that it costs nothing; but it is the dearest money there is." This is the uncomfortable truth of the euro currency experience. As it seems, people in the euro area about to learn an old lesson: namely that unbacked paper money - which is what the euro represents - cannot be trusted.

The Dallas Pension Fiasco Is Just The Beginning

The recent blow-up of the Dallas Police and Fire Pension System was entirely predictable. The combination of overpriced financial markets, inadequate contributions and overly generous pension promises mean dozens of US local and state government pension plans will end up in the same situation.

Here Are The "Costanza Trades" Of 2017

Ask yourself; what are the trades that make complete sense and all your instincts say are right, and then do the opposite.  Basically what you end up constructing is an out of consensus portfolio and we all know how consensus trades work out in this market.

The Federal Reserve And The Destruction Of The American Dream

President-elect Trump, consider this to be an open letter..."The time has come to quit placating the masses with subprime this and that to still their spirits. Please fulfill your promises to represent them and their children with integrity, knowing the road ahead will be anything but easy, and that the temptation to allow business as usual to continue at the Fed will be enormous."

Frontrunning: October 31

  • FBI in Internal Feud Over Clinton Probe (WSJ)
  • As Clinton struggles, Trump tries to raise doubts (Reuters)
  • Dollar shakes off Clinton FBI scare, global stocks stay spooked (Reuters)
  • Mark Carney stands ready to serve 8-year term at Bank of England (FT)
  • Clinton Team Questions FBI Director’s Motive (WSJ)
  • OPEC Splits Prevent Deal With Other Producers to Curb Supply (BBG)

The Coming Bond Market Crash - An Interview With Eric Hadik

"I believe 2017--2021 will represent the end and reversal of that multi-decade trend - as the debt bubble bursts and bond markets begin to crash... Each phase was a desperate battle between centralized, governmental control of currency versus universal, hard-asset based currency. And each phase saw the acceleration and intensification of that battle take hold in the ‘7’ year."