Merrill

Merrill

Why Australia's Economy Is A House Of Cards

"For over a quarter of a century our economy mostly grew because of dumb luck... As a whole, the Australian economy has grown through a property bubble inflating on top of a mining bubble, built on top of a commodities bubble, driven by a China bubble....Unfortunately for Australia, that “lucky” free ride is just about to end..."

It's A 'Turkey' Market

"You can try and fool yourself that weak earnings growth, low interest rates and high-valuations are somehow are justified. The reality is, like Turkeys, we will ultimately be sadly mistaken and learn a costly lesson..."

Federal Prosecutors Are Running Amok

"...when former FBI chief Robert Mueller first was appointed as a special prosecutor to look into the allegations that the Trump campaign conspired with Russia the tilt the election to Trump’s favor, I feared his investigation would turn out to be an assault on the Constitution – and Mueller has done nothing to dispel those fears."

Bitcoin, Blockchain, And Bank Of America

"The growing pile of public debt in the US is why price stability will never be part of the mix... and is why dollar-alternatives like bitcoin, imperfect and even fraudulent as they may be, will continue to capture the attention of those seeking to escape the economic tyranny of fiat paper money..."

Frontrunning: October 23

  • Trump Backs GOP Incumbents, Hinting at Bannon Conflict (WSJ)
  • Japan's Abe to push pacifist constitution reform after strong election win (Reuters)
  • Yellen Says Fed May Need to Use Unconventional Policy Again Some Day (WSJ)
  • Big money shies from booming bitcoin (Reuters)
  • This Big Tax Cut for ‘High Fliers’ Shows Why an Overhaul Is So Hard (BBG)

Robert Shiller: 1987 Could Happen Again

"Oct. 19, 1987, was one of the worst days in stock market history. Thirty years later, it would be comforting to believe it couldn’t happen again. We are still at risk, however: That kind of panic can certainly happen again."