Gold prices closed on Obama's inauguration day at $857.25 per ounce. Exactly 12 months later on January 20th, 2010, gold had risen to $1,111.05/oz for a gain of nearly 30% in the first year after Obama’s inauguration.
It appears The New York Times' flip-flopping, hate-mongering, fact-twisting, Keynesian poster-boy Paul Krugman is not coping well with hearing "no" and being ignored, and his tirade last night in Twitter has us gravely concerned for his mental stability, which is ironic given how he began yesterday...
The rise of populism isn’t the politics of rejecting experts, it is the rejection of these “experts” – who quite frankly deserve more than voter disdain. Credentials have come to be seen by a very large and growing proportion of the global population to declare incompetence, having nothing at all to do with intellectual capacity apart from objectivity. It isn’t the denial of reasoned argument but rather the logical end of it.
"I know that many people are still trying to convince themselves that the incoming administration will govern normally, despite the obviously undemocratic instincts of the new commander in chief and the questionable legitimacy of the process that brought him to power... But let’s get real. Everything we know suggests that we’re entering an era of epic corruption and contempt for the rule of law, with no restraint whatsoever..."
"The detractors of Donald Trump failed to realize that, by advertising his episode of bankruptcy and his personal losses of close to a billion dollars, they removed the resentment one may have towards him. There is something respectable in losing a billion dollars, provided it is your own money... your 'skin in the game'."
Today we look at a list of 10 things that won't happen in 2017, courtesy of Lombard Street's chief Euro economist. As Perkins puts it, "2016 was weird. Could 2017 get even weirder" and in an attempt to answer, he shares the following, "humorous" (high conviction, non-consensus) take on the year ahead.
"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."