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12/30/2004 - Market Misconceptions

By Marc Faber "Chinese demand for natural resources is driving the commodities markets wild…and there is no end in sight. Over the past two years, commodities have done more than eight times better than traditional stocks…"

12/29/2004 - Science - Shaken, Not Stirred

By Carl Waynberg "If you listened closely, you could hear the rumblings. Not those of the devastating earthquake and ensuing tsunami in Southeast Asia, but of the thousands of mice on wheels inside the brains of Wall Street's delicate geniuses…"

12/28/2004 - Economic Nightmares and Financial Monsters

By The Mogambo Guru "In preparing to read Doug Noland's Credit Bulletin column at PrudentBear.com, I thought I had prepared myself, and had gotten lots of sleep and water, had taken special care with my diet…"

12/25/2004 - Christmas Turkeys

By Addison Wiggin and Tom Dyson "It's Christmas. We're in New York. The feet are elevated, the wine's fortified and for the first time in 8 weeks, the food hasn't been fried. And other than the credit rating of Fannie's preferred stock…"

12/24/2004 - Over The Top

By Bill Bonner "No, today's Scrooges are of a different ilk all together. They drive fancy cars…live in oversized houses…and save nothing. They worship at a strange new altar - an altar of things…things measured in paper dollars."

12/23/2004 - Myths And Misdemeanors

By Carl Waynberg "Small cap wizard Carl Waynberg targets young companies of solid value trading in America's overlooked small cap exchanges. Fifteen of the companies Carl zeroed in on last year made the "jump" to a major exchange…"

12/22/2004 - Canary in a Coalmine

By John Mauldin "John Mauldin is the creative force behind the Millennium Wave investment theory and author of the weekly economic e-mail Thoughts from the Frontline. As well as being a frequent contributor to The Daily Reckoning."

12/21/2004 - The Spectre of Deflation

By John Calverley "John P. Calverley is Chief Economist and Strategist at American Express Bank in London. A regular guest on CNN and the BBC, Mr Calverley has been analyzing and writing on economics and the investment markets…"

12/20/2004 - Don't Do Us Any More Favors

By The Mogambo Guru "Apparently I am not the only guy who is upset by the privatization of Social Security thing, and for proof of that, I proudly present Llewellyn Rockwell, Jr., president of Ludwig von Mises Institute…"

12/18/2004 - The Rape of Nanking

By Bill Bonner "But no cameras recorded the spectacles. The photos in Iris Chang's book provide evidence against those who believe in the perfectibility of man."

12/15/2004 - The World's Workshop

By Chris Mayer "When customers start demanding things, you know it's going to start topping out," says Arnold Van Den Berg, the 64-year-old founder of the eponymous money management firm that has soundly beaten…"

12/14/2004 - Surfing the Wave of Change

By Jonathan Kolber "We are at one of those unique moments in history when, to borrow a phrase, "everything old is swept away as in the twinkling of an eye."

12/13/2004 - Surviving on Candy Bars

By The Mogambo Guru "If you want to see MY consumer confidence go down, all you gotta tell me is that something that I want to buy costs more money, and while the previous price was more than I could afford to pay…"

12/11/2004 - Hot Commodities

By Tom Dyson "It's no secret that Jim Rogers is bullish on commodities…he's been touting them to anyone who'll listen, since 1998. And there are many people who listen to Jim Rogers…"

12/10/2004 - A Goldbug's Life

By Bill Bonner "…But gold wasn't born yesterday…or four years ago. Mr. Surowiecki noticed that the metal has a past, just as it has a present. He turned his head around and looked back a quarter of a century…"

12/08/2004 - Luck Be a Trader…

By Nassim Nicholas Taleb "A few years ago, when I told a then Master-of-the-Universe type, that track records were less relevant than he thought, he found the remark so offensive that he violently flung his cigarette lighter in my direction."

12/07/2004 - Tar Babies

By Eric J. Fry "We commodity bulls suffered more pain and misery yesterday than an insubordinate sailor on the HMS Bounty. Mr. Market viciously lashed us resource investors, as if he were wielding a cat-o'-nine tails."

12/06/2004 - The Pungent Smell

By The Mogambo Guru "Paul McCulley, of PIMCO, has a nice essay entitled "A Debtor's Blessing." In answer to Ron Paul asking Alan Greenspan about fiat currencies, and how they always fail, and all that stuff that makes me crazy…"

12/03/2004 - The Fabulous Destiny of Alan Greenspan

By Bill Bonner "How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions, as they have in Japan over the past decade?"

12/02/2004 - The Match King

By Dan Ferris "The Irving Trust Company of New York was named as trustee in the Kreuger bankruptcy. Irving Trust liquidated almost all of Kreuger's assets. But there were four little companies they didn't want to liquidate in the U.S."

12/01/2004 - The Age of Inflation

By Hans Sennholz "When the bubble bursts and housing prices readjust, many new owners would soon lose their entire investment. A ten percent fall in prices wipes out a ten percent owner equity; a thirty or forty percent decline…"

11/30/2004 - Thanks For The Oil Boom

By John Myers "As America has entered an age of extreme dependence on oil, the appetite in the rest of the world is growing each and every year."

11/29/2004 - The Gold Bug In All Of Us

By The Mogambo Guru "But with a slightly different perspective, Peter Brimelow and Ed Rubenstein, of CBS.marketwatch.com, write, "The remarkable thing about gold is that really has been a store of value."

11/27/2004 - Fortune Favors the Brave- The Weekend DR

By Addison Wiggin and Tom Dyson "…despite the rising energy and interest rates, stocks eeked out an up-week. The Dow gained 65 points to close Friday's session at 10,520. The Nasdaq and the S&P both managed small gains as well."

11/26/2004 - Interview with a Day Trader

By Bill Bonner "…I had one woman on Tuesday. Nice green eyes. Reddish hair. And a thick Irish accent. She said she had lived in Ireland all her life. Even had an Irish passport. But I could tell- Russian Intelligence…"

11/25/2004 - Thanksgiving

By Bill Bonner "As the Wall Street Journal reminds us annually, they nearly exterminated themselves in typical Yankee fashion - by wanting to boss each other around…"

11/24/2004 - Export Dependence

By Gary Shilling "Asian concern over dollar weakness, then, is overblown, but worries over U.S. growth and American imports are well founded. The immense fiscal stimuli from earlier tax cuts and jumps in defense and Homeland Security…"

11/23/2004 - Gold and Gravity

By Dan Denning "I made the enhanced liquidity argument myself - about a year and a half ago, when gold was much less popular. Today is different. Gold is 'hot'."

11/22/2004 - A Financial Fiasco

By The Mogambo Guru "…The fact that the stock market is going up at the same time as the dollar going down, along with all the other economic headaches both domestic and foreign, is just too, too weird for me…"

11/20/2004 - One-Way Traffic

By Addison Wiggin and Tom Dyson "Curiously, the current account balance continued to deteriorate for the entire duration of the dollar's move lower, and only started to move back into the black after the dollar had stabilized…"

11/19/2004 - Still Trying to Hustle the East

By Bill Bonner The foreign press seems to have taken to the U.S. grunt in Iraq as if he were John Wayne fighting the Apache. They seem almost to admire the way GIs spit and curse, and "kick butt."

11/18/2004 - Faith in the System

By Irwin Greenstein "Americans don't typically worry about the dollar. They earn their money in dollars and pay their expenses in the same coin of the same realm. But everyday they grow poorer. Because in the eyes of the rest of the world…"

11/17/2004 - Oddball Investing

By James Boric "Bill Tweedy quickly became one of the only small- or micro-cap brokers in New York - the "broker of last resort," as he was called by the many shareholders who couldn't trade their shares anywhere else…"

11/16/2004 - The Goddess of Gold

By Sala Kannan "First, the Indian stock market is relatively unsophisticated. The total market cap of the BSE Index as of April 2004 was $226 billion. The Dow Jones Total Market Index for the United States…"

11/13/2004 - My Baby Girl

By Addison Wiggin and Tom Dyson "Kevin Kerr is another commodity bug. Not only does he understand the fundamental reasons behind this fabulous nascent bull market, but he used to trade in the commodity pits…"

11/12/2004 - Remembrance Day

By Bill Bonner "But then, war - like markets, politics and team sports - has a logic of it's own. It is a public spectacle, not a private one. Masses of people are stirred up - mobs, groups, and crowds - to do the most remarkable…"

11/11/2004 - If We Play Our Cards Right…

By Doug Casey "But Alan Greenspan is still a master of wit and wisdom. The key man, at the nation's key bank, told members of Congress that they were making a mistake by not cutting back federal borrowing…"

11/10/2004 - A Manipulated Market

By John Mauldin "The Federal Reserve defines the trade-weighted dollar as "a weighted average of the foreign exchange value of the U.S. dollar measured against a subset of the broad index currencies that circulate widely outside…"

11/09/2004 - Profitable Tumbleweeds

By Steve Sjuggerud "Natural resources are cheap and plentiful too. Pablo's Northern Orion is a partner in Alumbrera, a world-class copper mine where copper is mined cheaper than anywhere in the world. Literally, the net cost of production…"

11/08/2004 - The Joke's On Us

By The Mogambo Guru "Apparently this Liu guy is unaware that the reason that I am on the floor, twitching and gagging in fear, is this inflation thing."

11/06/2004 - Gravity Gets Its Man

By Addison Wiggin and Tom Dyson "After all, it seems that two such ponderous masses as the dollar and its yield would move together. At least, that's how it would seem to a couple of British men like Sir Isaac and your editor."

11/05/2004 - The American Brain

By Bill Bonner "People go along with whatever hooey is popular. Not only do they go along with it - they go out of their way to take part in it. The front page of almost all the newspapers in Europe this week carried photos of long lines…"

11/04/2004 - The Era of Fictitious Capitalism

By Addison Wiggin "In 1971, when Nixon closed the gold window…the dollar - the last major currency to be tethered to gold - came unstuck. Economic growth as measured by GDP was no longer restricted by the growth…"

11/03/2004 - A World of Randomness

By Nassim Nicholas Taleb "In Europe, the reaction to the U.S. election is of such universal disgust; they are practically hanging black crepe paper from the balconies and lampposts. The Europeans hoped Americans would come to…"

11/02/2004 - Good Seats Still Available

By Christopher Mayer "Our beat is markets…and what moves markets. They are not moved by individuals analyzing businesses as if they were their own, but by the great mass of lumpen humans who do no analysis of any kind."

11/01/2004 - Who's Paying for the Free Lunch?

By The Mogambo Guru "The competition for that money would have caused interest rates to rise because the old supply/demand rule says that increased demand should cause prices (in this case, the price of money) to go up…"

10/29/2004 - All Hallow's Eve

By Bill Bonner "Halloween is an example of what Philippe Muray calls 'Festivus'…the way in which the genuine, dark, primeval, wild and dangerous currents and undercurrents in society have been tamed…and transformed into harmless celebrations."

10/28/2004 - TANGIBLE ASSETS THAT SWEAT

By Chris Mayer "It is an old adage on Wall Street to buy cheap and sell dear. But it is often overlooked, as investors continually overpay for businesses that they have fallen in love with."

10/27/2004 - THE MYSTERY OF WYNDCLYFFE

By Addison Wiggin "'They have houses, but not titles; crops, but not deeds; businesses, but not statutes of incorporation. It is the unavailability of these essential representations that explains why people who have adapted…"

10/26/2004 - KEEPING UP WITH THE JONES

By Doug Casey "He borrowed money because he wanted to own more things. In the process, he committed a significant portion of his future earnings to the banks…"

10/25/2004 - THE MASKED ECONOMIST

By The Mogambo Guru "And before you start crying about these poor foreigners and how their stockbrokers lied to them about how all American stocks are a good buy, start thinking about your OWN situation…"

10/23/2004 - THERE'S A DINOSAUR IN MY BACK YARD

By Tom Dyson "…So you can imagine our surprise when he said he was thinking about buying an SUV. We nearly choked on our scrambled eggs…!"

10/22/2004 - AIN'T MISBEHAVING

By Bill Bonner "There is always a lot of random noise in markets - as in life itself. But there are patterns, too. The trouble is, the patterns - like fractals - are variable and largely unpredictable."

10/21/2004 - PANIC AND PROFITS

By Chris Mayer "Panics always have their beginnings in the boom that precedes them. Just as all hurricanes first develop over warm waters from pre-existing conditions, financial storms are spawned by surging growth in money"

10/20/2004 - ACCENTUATE THE POSITIVE

By Gary Shilling "The declining importance of energy in GDP production in the United States and most other countries means that the current crude oil price leap is less significant than previous spikes and should do less damage to the economy."

10/19/2004 - HISTORY REPEATING

By Marc Faber "When the world is engulfed in a wave of speculation, the wave doesn't end abruptly, but tends to carry on for a while and spreads to assets other than equities, such as real estate, commodities, art etc…"

10/18/2004 - WEIRDNESS ABOUNDS

By The Mogambo Guru "The big news is that the new winners of the Nobel Prize in economics, Edward Prescott and Finn Kyland, won the coveted prize by essentially saying that Alan Greenspan, and the idiotic course of monetary policy…"

10/16/2004 - IN CHURCH WITH A HANGOVER

By Addison Wiggin and Tom Dyson "…Thousands of traders and analysts lost their jobs and those lucky enough to retain jobs received lousy bonuses. After two years in the doldrums, things finally picked up, after the Baghdad bounce…"

10/15/2004 - LESSONS OF HISTORY, Part I

By Marc Faber "…The "bubble" model always involves a "displacement," which leads to extraordinary profit opportunities, overtrading, overborrowings, speculative excesses…"

10/14/2004 - COMMERICAL CATASTROPHES

By Dan Ferris "The 2004 hurricane season has come, with losses currently estimated in the mid-$20 billion range. In other words, the 2004 hurricane season has already obliterated all the new capital that rushed into insurance…"

10/13/2004 - The Kindness Of Strangers

By Kurt Richebächer "…The Asian central banks accommodate the credit excesses in the United States, and in doing so, fuel rampant credit excesses in their own countries…"

10/12/2004 - Smells Like Desperation

By Marc Faber "…In fact, what I find most remarkable about the most recent weakness in consumption is that this weakness coincided with another upside explosion in consumer loans. To me this smells like desperation!…"

10/11/2004 - BANKS AND BUTTHEADS

By The Mogambo Guru "…These buttheads (and notice that Bernanke and butthead both start with the letter "B") say that the entire 5,000 previous years of the history of economics is wrong…"

10/08/2004 - THE WHACKY WORLD OF MODERN ECONOMISTS

By Bill Bonner "Economists do not manage their own finances noticeably better than anyone else. But if given the authority to manipulate short-term lending rates, bank regulations and money supplies, they offer to "manage"…"

10/07/2004 - KEEPING YOUR EYE ON THE BALL

By John Mauldin "Successful investors even develop contingency plans for what to do when a special investment or situation comes along that requires a little quicker action. The goal is to not let your emotions or too much information…"

10/06/2004 - A FLASH IN THE PAN?

By Chuck Butler "…It is time for this community to recognize who they are collectively, and then to begin the long march to the ultimate great leap forward - a single currency to shepherd the economic zone into a dominant role…"

10/05/2004 - A TALE OF TWO BOSSES

By Nassim Nicholas Taleb "…My opinions about randomness have not earned me the smoothest of relations with some of my peers during my Wall Street career. But where I had uneven relations was with some of those who had the misfortune…"

10/04/2004 - WHO WANTS TO BE A JILLIONAIRE?

By The Mogambo Guru "…They didn't mention those who live in India or Argentina, who are also buying more and more gold, and they didn't mention you, dear reader, whom I assume is also buying lots of gold because you are smart…"

10/02/2004 - ELECTION YEAR EMERGENCY SURVIVAL KIT

By Addison Wiggin and Tom Dyson "…Bush and Kerry will argue about all kinds of things, but neither man can suggest a solution to America's debt. They'll both just make the problem worse…"

10/01/2004 - GOOD GUYS VS BAD GUYS

By Bill Bonner "…More and more, we see columnists, pundits, military strategists, politicians and even friends of ours refer to America's purported enemies as "the bad guys." No one knows who the bad guys actually are or why they are so bad…"

09/30/2004 - THROUGH THE ROOF AND TO THE MOON

By Doug Casey "…That's the good news. The bad news is that something called the business cycle still exists, which evidences itself in periodic booms and busts. We've had a tremendous boom from 1982 on. Must it result in a serious bust?…"

09/29/2004 - WHITE ELEPHANT

By Chris Mayer "…How did Forepaugh do it? Easy. He faked it. His animal trainers and handlers scrubbed an ordinary gray elephant with white plaster and used peach-colored tint around the animal's ears, trunk and feet…"

09/28/2004 - DEFICITS-R-US

By Karim Rahemtulla "…Pretending to be a doomsayer would be too easy. Pretending to know when gold will reach that next magical plateau of $500, if ever, would be crazy…"

09/27/2004 - REMARKABLY ROBUST

By The Mogambo Guru "…And furthermore, I am afraid that this 20-something woman, despite her obvious genius, confuses the anomaly of the last 54 years with the last 5,000 years. And when one examines that historical record…"

09/25/2004 - MONETARY MAKEOVER

By Addison Wiggin and Tom Dyson "…Dr. Richebächer will turn 86 this month. Most of his contemporary economic thinkers - the ones who learned, cared about and argued over economic theory - are gone…"

09/24/2004 - FRUGAL TO A FAULT

By Bill Bonner "…But never was there a problem under the bright sun of America 2004 that didn't have some sort of fraud creeping in the shadows of its debt bubble. Reading about Ms. Naughton, economists are likely to see a threat…"

09/23/2004 - THE GREAT DISCONNECT

By Gary Shilling "…Like in a casino or lottery, some players who are particularly skilful or lucky will leave with huge profits, while the majority will end up with losses. I suppose that, eventually, even the casino will lose money…"

09/22/2004 - CONTRARIAN LETHARGY

By Marc Faber "…Like in a casino or lottery, some players who are particularly skilful or lucky will leave with huge profits, while the majority will end up with losses. I suppose that, eventually, even the casino will lose money…"

09/21/2004 - THE LAST PIECE OF THE OIL PUZZLE

By Sven Lorenz "…Without the world's oil tanker fleet, the global economy would come to a standstill. And for the first time, the stock market is about to take notice…"

09/20/2004 - LIE AND KEEP LYING

By The Mogambo Guru "…But wages are not rising as fast as prices, which means that people buy less with their static paychecks, which means that factories sell less, which means that factories produce less, which means they don't need…"

09/17/2004 - TO HAVE AND TO HOLD

By Bill Bonner "…'I thought you were gay,' said a young woman…'You don't look gay. But when you mentioned your "partner" I thought you were talking about your…well…your "partner." That's what gay guys call their lovers.'…"

09/15/2004 - GOLD AND ECONOMIC FREEDOM

By Alan Greenspan "…The 'Fed' succeeded: it stopped the gold loss, but it nearly destroyed the economies of the world in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market."

09/14/2004 - LIBERTAD

By Hugo Salinas Price "…Paper money was introduced after real money already existed. For a time, paper, gold and silver money circulated together, side by side…"

09/13/2004 - MUMBLING AND GRUMBLING

By The Mogambo Guru "…Well, obviously, I was not there for the rest of the interview, entangled as I was with the security personnel. Instead, I was trying to gently calm them down by screaming right into their faces that they can't arrest me…"

09/11/2004 - Baptism in Blue - The weekend DR

By Addison Wiggin and Tom Dyson "You expect something to happen…and then, when it doesn't happen, you're surprised. After awhile, you begin to expect that it will never happen…"

09/10/2004 - Undaunted Cowardice

By Bill Bonner "…What makes courage worth celebrating is that it is as rare and as delightful as a liquor store that still makes home deliveries. It is uncommon… and persists only until stamped out by regulators, legislators…"

09/09/2004 - THE LAZY INVESTOR'S REWARD

By John Mauldin "…I should note that this makes a very big difference in retirement lifestyles. At a 5% return, we are talking about the difference between $2,400 per year and $11,000 per year on that original $10,000…"

09/08/2004 - THE GREAT MACRO PROFIT ILLUSION

By Kurt Richebächer "…The biggest surprise in the GDP data was the reported sharp slowdown in consumer spending to just 1% at annual rate…"

09/07/2004 - THE TRADER-ECONOMIST HYBRID

By Nassim Nicholas Taleb "…The nascent emerging market desk of a New York bank hired Carlos in 1992. He had the right ingredients for success. He knew where on the map to find the countries that issued "Brady bonds…"

09/04/2004 - FATTENED BY HORS D'OEUVRES

By Addison Wiggin and Tom Dyson "If we had kept our fiscal house in order and saved our money instead of squandering it on (overpriced) houses and (overvalued) stocks and bonds," writes our friend Paul Mampilly of Capuchinomics.com…"

09/03/2004 - ARMAGEDDON IN MANHATTAN

By Bill Bonner "…But now, the national conventions are a disappointment even to insomniacs. The main TV channels have given up on them. Only the cable shows bother to carry convention highlights…"

09/02/2004 - CRACKUP CURRENCY

By Dan Denning "…The Bank of England (BOE) was one of the first central banks in the world to begin its tightening cycle and put the brakes on the tide of easy money that drove everything up in price in 2003…"

09/01/2004 - AMERICAN EAGLE

By James DiGeorgia "…You should never buy privately minted gold bullion coins. They sell originally for large premiums above the price of gold and later sell at a discount to their intrinsic gold value because they are NOT widely bought…"

08/31/2004 - THE OTHER YELLOW METAL

By Doug Casey "…To meet this demand, energy has to come from somewhere, and nuclear power is the only sensible choice. This conclusion is not mine alone…as I write, there are 30 new reactors in various stages of construction…"

08/30/2004 - THIS INFLATION THING

By The Mogambo Guru "…Anyway, ignoring these unseemly domestic problems, foreigners bought another $9.3 billion for the week, which is higher than normal by quite some way, and stashed it at the Fed. This brings their total holdings…"

08/28/2004 - SAVING SHORT

By Addison Wiggin and Tom Dyson "…As Roach put it: "Market pressures would lead to the demise of the saving-short growth dynamic, and a full-blown U.S. consumption adjustment would then be under way."

08/27/2004 - THE DAY THE EARTH STOOD STILL - PART II

By Bill Bonner "…Every man with a social security number believes he has the blood of Jefferson and Franklin somewhere in his veins…he sees no difference between himself and Daniel Boonel…"

08/26/2004 - CYBER-COLT .45

By Richard A. Viguerie "…Drudge grew up in Takoma Park, Md., a politically far-left suburb of Washington, D.C., also known as "the People's Republic of Takoma Park." He graduated 325th in his high school class of 350, but loved current events…"

08/25/2004 - A FEDERAL U-TURN

By Gary Shilling "…Despite the widespread belief that inflation is much higher than reported, the evidence is that the consumer price index is overstated. A congressional study found that the CPI is biased upward in four areas…"

08/24/2004 - THE EVIL GENIUS OF JOHN MAYNARD KEYNES

By Sean Corrigan "…Monetary inflation can price people back into work so long as they are under the illusion that they are not suffering a real cut in their wages, concluded Keynes…and the message spread…"

08/23/2004 - A BIG OL' DUMPOLA

By The Mogambo Guru "…And now I probably have to listen to another witless lecture about how Alan Greenspan and the Fed are NOT incompetent, mental-defective charlatans, and how it is a Good Thing (GT)…"

08/21/2004 - Richebacher's Revenge

By Addison Wiggin and Tom Dyson "…It was Friday night and your Baltimore-based British editor was holed up in his apartment watching an interview with Dr. Kurt Richebächer. We couldn't sleep…"

08/20/2004 - THE DAY THE EARTH STOOD STILL

By Bill Bonner "…Soon, great clouds of marijuana smoke billowed over us. We continued to explain the many terrors of the dark night ahead. The debt bubble. The trade deficit. Federal liabilities…"

08/19/2004 - FEAR FACTOR

By Dan Ferris "…Is it worth $50,000 to you to eat a raw pig's rectum? How about lying in an open glass casket with live rats crawling all over you? Or maybe driving a car off a ramp at high speed, crashing headlong…"

08/18/2004 - THE PLUG FACTOR

By Dr. Kurt Richebächer "…It shocked us to see how readily and uncritically research institutions, economists and media around the world accepted these numbers at face value, even though they came like a bolt from the blue in the face…"

08/17/2004 - A RECESSION IN PINK

By John Mauldin "…Not remembering any pink shirts in my closet, I asked my daughter, who works across the hall, if pink was showing up any more than usual. 'It's really big now, especially overseas…"

08/16/2004 - THE WAGES OF SIN

By The Mogambo Guru "…As the camera pulls back, I am revealed to be in the office of Ted Kennedy, one of the most infamous manifestations of Leftist Lunacy that eats the guts out of America. I have grabbed this Kennedy bozo by the hair…"

08/13/2004 - CHACO CANYON

By Bill Bonner "…Nobody knows where they came from…the original pueblo people. They are referred to as the 'Anasazi' or 'ancient ones.' They are part of the great diaspora of tribes that apparently came over from Siberia…"

08/12/2004 - IMPOVERISHMENT: THEN AND NOW

By Fred Sheehan "…The methodical impoverishment of the American people, particularly those who are living on the edge, has been one of the few U.S. government success stories…"

08/11/2004 - FAUST'S METROPOLIS

By Fred Sheehan "…The post-World War I German hyperinflation is well known to readers of The Daily Reckoning. (In November 1918, it cost 100 reichsmarks to buy one U.S. dollar…"

08/10/2004 - THE LAND OF THE RISING CURRENCY

By Barbara Rockefeller "…The financial press speaks of "the dollar" as though it had a single price. But it doesn't - it's priced against every other currency…"

08/09/2004 - NATIONAL DEBT STUPIDITY JACKPOT

By The Mogambo Guru "…Look at the number - $52 billion! A month! Make sure the number is burned into your brain, because years from now your grandchildren are going to be sitting in the dirt playing with rat bones and dried doggy-doo…"

08/08/2004 - RED LIQUID -- Weekend Edition

By Addison Wiggin and Tom Dyson "Our enemies are innovative and resourceful - and so are we." The U.S. president was speaking at a high-level meeting of Pentagon officials…"

08/05/2004 - INDECISIVE DECISION

By Lynn Carpenter "…You've no doubt noticed it by now - any bit of news can move the market up or down a few hundred points. Then it suddenly heads in the other direction because of another bit of news…"

08/04/2004 - THE BIG BAD WOLF

By Porter Stansberry "…consider that Warren Buffett is now holding $34 billion in cash - with most of it in foreign currencies. In his previous 50 years as an investor, he'd never bought foreign stocks or currencies. Now he owns billions…"

08/03/2004 - A DAMNATION IN DISGUISE

By Marc Faber "…Now, in the case of Japan, the more-than-tripling in bond yields coincided with a strong recovery in the stock market (up from less than 8,000 in April to around 11,500 recently)…"

08/02/2004 - LET THEM EAT CAKE

By The Mogambo Guru "…To save myselg from getting hoarse in another of my patent screaming hissy-fits, I will merely point to the handy chart that reveals that the minimum wage was increased seven short years ago, and prices have risen…"

07/31/2004 - CHICKEN!

By Addison Wiggin and Tom Dyson "…Here's another market anomaly for you, dear reader. Crude oil posts a fresh multi-decade high and stocks go up! That's what happened last week…"

07/30/2004 - GIVE ME LIBERTY, OR GIVE ME PEPPERONI

By Bill Bonner "…In the early years of the 21st century, anno domini, America seems especially bent towards self-deception. The last thing we want is a leader who will jeopardize it…"

07/29/2004 - MAKE THE DESERT BLOOM

By Dan Denning "…Stephen agreed with that and asked me to imagine a world where the basis of the currency is the faith we have in each other as human beings, as wealth producers…"

07/28/2004 - MISESIAN FOR LIFE

By Llewellyn H. Rockwell, Jr. "…But there are other aspects to his life and career you may not know. Sennholz was the first student in the United States to write a dissertation and receive a PhD under the guidance of Ludwig von Mises…"

07/27/2004 - FENDER BENDER

By Gary Shilling "…When those foreign producers started to build auto plants in this country, Detroit welcomed them, reasoning that these foreign-owned automakers would be saddled with the same oversized costs and inefficiencies…"

07/26/2004 - HOWLING WOLF

By The Mogambo Guru "…In fact, it is exactly what the American government SHOULD be doing too, but they don't. Instead, our idiotic government spends all their time and money growing the bureaucracy like a cancer, and installing…!"

07/24/2004 - INTO THE VALLEY OF DEATH -- Weekend Edition

By Eric Fry "…It's a war zone out there…U.S. stocks collapsed one on top of another Friday like doughboys charging into enemy machine-gun fire. Wave after wave of rally attempts failed to advance the major stock market averages…"

07/23/2004 - RES IPSA LOQUITOR

By Bill Bonner "… At issue was the incident that we reported more than 2 years ago. A colleague, Porter Stansberry, had discovered a uranium processing company he thought for sure would go up. He even interviewed an official…"

07/22/2004 - ODDBALL INVESTING

By James Boric "…Think of it like this…if you went to a flea market and saw a rare three-legged 1937D Buffalo nickel selling for $900, you would buy it - knowing that the real value of the nickel was somewhere between $3,000 and $4,000…"

07/21/2004 - THE POET OF FINANCE

By Chris Mayer "…Such a system, only loosely tethered to gold, allowed considerable inflation. As Rueff noted, it was 'probably one cause for the long duration of the substantial credit inflation that preceded the 1929 crisis in the U.S….'"

07/20/2004 - KOMRADE KAPITALISM

By Dr. Steve Sjuggerud "…Until Putin claimed he didn't want to push Yukos into bankruptcy, the oil giant was either a zero or a home run. Now the prospect of a zero has been taken away. The 30%-plus move in the shares was a reflection of that…"

07/19/2004 - CELSIUS 9/11

By The Mogambo Guru "…This fabulous documentary explains that the banking system is the one to blame, just like it always is…"

07/17/2004 - ROSE-TINTED SPECTACLES OR GREEN AROUND THE GILLS

By Addison Wiggin and Tom Dyson "…Shortly after the newly installed Rose rejected Green's first bid, the two reputedly 'almost came to blows' outside M&S's headquarters in Baker Street…"

07/16/2004 - LOVE IN THE TIME OF VIAGRA

By Bill Bonner "…There's something about American women. They just don't want to put up with us anymore…did you know that most divorces over the age of 40 are initiated by the woman, not the husband? It's true. I don't know what it is…"

07/15/2004 - DOCTOR DISINFLATION

By Gary Shilling "…One troubling thought: few speculative trades have been unwound so far. This is worrisome since market-leverage is much greater than it was 10 years ago when Fed rate increases last caught speculators off guard…"

07/14/2004 - AN EVENTUAL INEVITABLE CRISIS

By Marc Faber "…So, at the very least, investors should gradually take out some insurance against what, in my opinion, is an eventual inevitable crisis, by being well diversified in every aspect of the investment universe…"

07/13/2004 - HENPECKED

By John Mauldin "…So, there are lots of facts that should make us nervous and others that give us reason to be a housing bull. But that still does not answer the question, is there a housing bubble…?"

07/12/2004 - A SLAP IN THE FACE

By The Mogambo Guru "…Now, if we take GDP to be $11 trillion, and divide it by the $2.73 trillion 1-year increase in debt, we come up with…my guts twist into a knot as I look at the calculator…0.248. After a few moments spent in some form…"

07/10/2004 - GOLDILOCKS - DR Weekend Edition

By Addison Wiggin and Tom Dyson "…Your editor finds himself tucked in a corner of Balimore's international airport. Today, we fly home…to London. For the next three weeks we will be under the wing of Adrian Ash, our British-based editor …"

07/09/2004 - REDISCOVER AMERICA

By Bill Bonner "…Yesterday, we crossed a desert section of North America. That is, 'desert' in the old sense. We would say 'deserted' in today's language. Explorers tromped from the north shore of Nova Scotia, on the Bay of Fundy…"

07/08/2004 - A QUICKSAND OF DEBT

By Hans F. Sennholz "…Internationally, they have no legal status but are readily used because of their relative prominence and good repute. As the world's most popular money, they have become "standard" money…"

07/07/2004 - GUNSHIPS AND OPIUM

By Dan Denning "…If anyone steals the election in 2004, it's going to be the Chinese. China may be very close to picking a time to go after Taiwan while the U.S is preoccupied in Iraq. That might seem rash. But think about it in terms…"

07/06/2004 - A MOST SAVAGE CREDIT CRUNCH

By Dr. Kurt Richebächer "…In our view, the fate of the mortgage refinancing bubble and its further impact on the economy is presently the single-most important issue facing the U.S. economy…"

07/05/2004 - BET YOUR BOOTIE

By The Mogambo Guru "…I snatch the microphone from the stand, bring it close to my lips, and with a magnificent rumbling basso profundo voice from deep down inside my Manly Mogambo Chest, I say "Simple."

07/04/2004 - A NEW CASUAL PRECEDENT - THE DR WEEKEND EDITION

By Addison Wiggin and Tom Dyson "…The big event was a non-event… the Fed raised interest rates by a quarter-point and the markets yawned… and then went down…"

07/02/2004 - THE BEST THING ABOUT MONEY, PART DEUX

By Bill Bonner "…As people in villages died, thousands and thousands of orphans were left to fend for themselves. Others were simply abandoned by parents who couldn't feed them, but didn't have the strength or heart to eat them…"

07/01/2004 - BUBBLE BLOWER

By Chris Mayer "…I have the distinct feeling that when the GSEs are finally stricken by crisis, it will be written as if it were obvious all along. Just as the history of LTCM - where one is prone to shake one's head…"

06/30/2004 - RODNEY DANGERFIELD

By Doug Casey "…But, understanding the risks, I think silver stocks could provide some of the best, if not the very best, contrarian returns in the years ahead. There are several reasons I say that, but the main one is the ongoing silver…"

06/29/2004 - THE ONCE AND FUTURE KING

By Dan Ferris "…Perhaps by now you've guessed that the answer to these questions, the most unwanted asset today, the one thing nobody seems to want to own, the one asset people can't seem to get rid of fast enough, is…"

06/28/2004 - BAZOOKAS AND TEDDY BEARS

By The Mogambo Guru "…Now, let me just flash my credentials - I am a guy who has experienced many episodes of "They are many, and I are few!" and I note, for the record, that it never really worked out for me…"

06/27/2004 - Classic Rock - The DR Weekend Edition

By Addison Wiggin and Tom Dyson "…Blues musicians in Paris are perfunctory. They know the correct notes to play… but they play them with about as much passion as an arranged marriage…"

06/25/2004 - THE BEST THING ABOUT MONEY

By Bill Bonner "…There is something vulgar about the hustle a real business needs…like sweat-stains on a starched shirt or a cold cup of coffee and stubbed out cigarettes. A man who wants to make a real fortune usually has to grub for it;…"

06/24/2004 - THE CRUDE AWAKENING

By John Myers "…Year after year the Americans have made up the shortfall in oil production by importing foreign crude. But what happens when the world's output begins to fall?…"

06/23/2004 - POOR DEMOCRACY

By Hans Sennholz "…A recent report by the World Commission on the Social Dimension of Globalization, sponsored by the International Labour Organization, is long on pious advice and short on economic reasoning…"

06/22/2004 - The Buffett Of Bombay

By James Boric "…There's something in the air, here in Mumbai, and it's not just the sweet smell of curry. Indians are optimistic. "They know they sit on the cusp of becoming a developed nation. They've simply come too far to slip…"

06/21/2004 - GOLD, WATER AND MREs

By The Mogambo Guru "…Why would "foreign sources" do this to themselves? And why would Alan Greenspan let this happen?…"

06/18/2004 - WATERLOO

By Bill Bonner "…Looking through the long lens of history, we see heroes. Vercingetorix, Washington, Wellington, Jackson. We don't know if they were smart, virtuous…or just lucky…"

06/17/2004 - FOR THE CAUTIOUSLY OPTIMISTIC

By Addison Wiggin "…Mauldin shows - citing studies that would make any market historian swoon - that when valuations reach the levels they are at today, investors have always been better off investing in money market funds over…"

06/16/2004 - IT'S THE BUBBLES, DUMMY

By Dr. Kurt Richebächer "…As we have already said, the sudden rise in long-term U.S. rates, which started in mid-March, was not caused by bad news, but by unexpectedly good news…"

06/15/2004 - THE FORTUNE OF LOSS

By Dan Ferris "…Think about that. Four years wasn't enough time to give a true picture of the soundness of Sequoia's basic value-oriented approach to investing. Nearly half the time, getting rich felt like losing ground when compared…"

06/14/2004 - WORLD CLASS IMBECILES

By The Mogambo Guru "…Thus the money supply of the globe is expanded, and thus the dollar is debased some more, and thus imports cost more. The only difference is that instead of money being created by being borrowed…"

06/12/2004 - DR WEEKEND EDITION - CRAB CAKE ILLUSIONS

By Addison Wiggin and Tom Dyson "…25 years ago, at Ronald Reagan's 1st inaugural ball, dignitaries would have been treated to Maryland crab cakes. 25 years ago, Maryland crab cakes actually came from Maryland…"

06/11/2004 - THE TRANSIT OF VENUS

By Bill Bonner "…Bob said he had never seen evidence of God. But God could not have missed Bob. He used his heart and brain fully…working so hard he must have worn them out. He never backed down from an idea, never abandoned a friend…"

06/10/2004 - BOMBAY DREAMS

By James Boric "…Singh was one of the central figures in modernizing the Indian economy in the last 15 years - lobbying for state-run businesses to privatize, improving India's central bank situation, opening the country up…"

06/09/2004 - OIL-AHOLIC AGRESSION

By Marc Faber "…Last year, China replaced Japan as the world's second largest importer of crude oil. Soon after taking over power, a year ago, President Hu Jiantao and Premier Wen Jiabao decided that, "securing reliable supplies of petroleum…"

06/08/2004 - BLOOD, MONEY and OIL

By John Myers "…And it seems doubtful that the Saudi military will remain loyal if there were an internal uprising or a foreign invasion. Their ranks are filled with tribes conquered by the royals when they seized power…"

06/07/2004 - SECOND AMENDMENT BABES

By The Mogambo Guru "…Now, of course, this immediately sent me in paroxysms of rage, and the next thing I know I am being roughly held down, while priests mumble Latin prayers while sprinkling Holy water on me…"

06/04/2004 - IGNORANCE IS BLISS

By Bill Bonner "…We don't know anything, we say with pride, and we can prove it. Just a few weeks ago, for example, we thought gold had permanently moved above the $400 mark. It was likely, we said, that "we would never again see $400 gold."

06/03/2004 - In ARMs' Way

By Peter Schiff "…First of all, the fact that people buy houses with the intention of selling them on again in only 3 years, is itself one of the best signs of the speculative nature of the current real estate market…"

06/02/2004 - The Tapestry Of Monetary Collapse

By Chris Mayer "…The threads of this story form a grand tapestry that will one day tell a sorry tale of monetary collapse. For the time being, we can explore the tapestry in bits and pieces, as one might examine the shards left…"

06/01/2004 - POISONOUS TENTACLES

By The Mogambo Guru "…If you ever, ever say anything again that is even half as stupid as what you just said, you will pay a penalty that you will remember with horror all the days of your life, and as you lay on your death bed…"

05/28/2004 - SITTING ON BAYONETTES

By Bill Bonner "…Dynamism is said to be the salvation of the U.S. economy. Yes, Americans owe too much to too many people. Yes, they spend too much. Yes, Asians will do their jobs cheaper. Yes, their stocks and real estate are very high…"

05/27/2004 - The Cupboard Is Bare

By Doug Casey "…From a speculator's (as opposed to a consumer's) perspective, the good news is that this is not a problem that will be resolved in the short term, even if prices go much higher…"

05/26/2004 - BUGSY

By Porter Stansberry "…There were probably 1,000 people in the audience. We were in a large conference room at the Paris Hotel, on the Vegas strip…"

05/24/2004 - POINT THE BONY FINGER

By The Mogambo Guru "…I instantly drop down to a cooler level, and with an oily, treacherous voice - that drips honey to disguise the poison of my innermost demons…"

05/24/2004 - A GROTESQUE MISNOMER

By Dr. Kurt Richebächer "…The writing has been on the wall for years. In 1996 the American consumer increased his spending on current goods and services by $281 billion, with debt growth of $345.7 billion. In 2000 he spent $456.9 and borrowed…"

05/22/2004 - THE VICAR OF BRAY

By Addison Wiggin and Tom Dyson DR weekend edition

05/21/2004 - ASCENSION DAY

By Bill Bonner "…One of the wonders of the modern world is the dollar. The U.S. is not Thailand and the dollar is not the Baht…but like the Baht, the dollar is paper…backed by nothing…"

05/20/2004 - Bob The Plumber

By Karim Rahemtulla "…Bob came through and we met for lunch. He was very excited about the stock market. He was making a lot of money using this new system that worked solely by using standard deviations and trading in the first ten minutes…"

05/19/2004 - FLASH BUBBLES

By Dan Denning "…Third, however, and greatest of the policy blunders is the assumption that monetary policy can cause wage inflation. Because of this error, the Fed is about to discover that its entire effort to reflate the economy through…"

05/18/2004 - Running Out Of Gas

By Dan Ferris "…That's right. A lone, part-time employee was charged with the responsibility of auditing the entire reserve base of the second-largest company in the largest industry on the planet…"

05/17/2004 - WORTHLESS VIRTUE

By The Mogambo Guru "…After spending his entire freaking career providing more money and credit so as to finance the world's all-time record-setting bubbles of debt in every market that you can name, NOW he takes the time to ask…"

05/15/2004 - THE PERFECT STORM

By Tom Dyson and Addison Wiggin "…The markets are confused, the Fed in confused, Good news is bad news- for stocks; inflation is bad news for gold and good news for the dollar, the Fed couldn't print money any faster if it was giving it away…"

05/14/2004 - THE ETERNAL SUNSHINE OF THE SPOTLESS MIND

By Bill Bonner "…According to the reviews, a couple decides to divorce…and to scrub their minds of all the unpleasant memories of their union. We can imagine what happens next…the way is now clear for the couple to fall in love again…"

05/13/2004 - PAYING OFF THE PIPER

By John Myers "…The U.S.'s financial obligation is so big that it is hard to fathom. One way to look at it is to consider the fact that America's annual deficit almost matches the total value of goods and services that Canada produces…"

05/12/2004 - AGAINST A BRICK WALL

By Marc Faber "…From the 1950s to the late 1970s, $1 of additional debt generated between $0.50 and $0.70 of additional nominal GDP. However, more recently, $1 of additional debt has only managed to increase nominal GDP by around $0.20…"

05/11/2004 - IMBALANCES AND DISLOCATIONS

By Kurt Richebächer "…For most American economists, sufficiently easy money is of infallible efficacy. The few instances in history when record-low interest rates persistently failed to work…"

05/10/2004 - Forces of Nature

By The Mogambo Guru "…With pyramids, it all comes down to one thing - gravity. The same goes for economics. You can try and make an economic structure out of many things, arranged in many ways, but there is one thing - inflation…"

05/08/2004 - DR Weekend Edition

By Addison Wiggin and Eric Fry "…We suspect that Mr. and Mrs. Consumer are even less prepared for the ill-effects of rising interest rates than the Dow Jones Industrial Average. Best case, rising rates will end the of "cash-out" mortgage…"

05/07/2004 - Celebrating Defeat

By Bill Bonner "…The French had a number of advantages - similar to the advantages Americans were bringing to bear in Vietnam 10 years later. They controlled the air. Using airpower, they brought in 15,000 soldiers…"

05/06/2004 - Flatliners

By John Mauldin "…Essentially, Estrella and Mishkin showed how every U.S. recession in the post-WW2 era has been preceded by a negative yield curve…"

05/05/2004 - PERVASIVE STUPIDITY

By Dan Ferris "…I just nodded as Pat asked his rhetorical questions. He got it. He understood…"

05/04/2004 - THE SUZERAIN

By Christopher Mayer "…this added uncertainty is not without consequence. Capital as a financial concept is defined by the price of money. Monetary calculus takes place in dollars, or yen, or euros, amongst a myriad of other monetary symbols…"

05/01/2004 - ECONOMIC PARASITISM

By The Mogambo Guru "…The obvious way to make money on the deal is to buy a bank. If you can't get one of them, then buy gold, because all bank multiplications of the money supply in excess of the growth of GDP lead directly to inflation…"

04/30/2004 - DR Weekend Edition May 1-2 2004

By Addison Wiggin and Tom Dyson "Despite another week of excellent corporate earnings andbetter-than-expected economic news, markets tanked around the planet. In this strange world of ours, good news is bad news and bad news…"

04/30/2004 - WITTGENSTEIN

By Bill Bonner "…Talk about luck! Few people have had so much luck in their lives as Wittgenstein - both good and bad. On the good side, the man was born rich…and became richer…"

04/29/2004 - PAINFUL RESOLUTIONS

"…I was leaning toward the view that in 2004 some assets would continue to increase in value, while others, such as bonds, would begin to fall by the wayside and enter longer-term bear markets…"

04/28/2004 - THE ANTI-TERRORIST MAP

By Mark Skousen "…I first saw [the Anti-Terrorist] map a month after 9/11. And I was amazed. 'Look where the red is!' I said to myself. Does the Anti-Terrorist Map and its evolution influence your investments? It very well might…"

04/27/2004 - DOGES OF WAR

By Bill Bonner "…Reading Mrs. Oliphant's history of the dead dukes - or 'Doges' - of Venice, we felt as though we should send a copy to someone in Washington. But who reads anything but newspapers in the capitol city? Who reads at all?…"

04/26/2004 - THE NEW FED PARADIGM

By The Mogambo Guru "…The Fed can sit on 1% rates forever if they want to, as far as they are concerned. And they probably will. The old aphorism about how the Fed is supposed to take away the punch bowl after the party really gets started…"

04/25/2004 - DR WEEKEND EDITION - THE CREDIT CREATION STRATEGY

By Addison Wiggin "…Greenspan, as part of his strategy for revitalizing the economy, needed to stimulate inflation. He needed to flood the market with dollars, getting companies to invest, consumers to spend, factories to produce…"

04/23/2004 - EMPIRE OF DIRT

By Bill Bonner "…In ancient Rome, as in modern Washington, people chose their ideas like they chose their clothes - they wanted something that not only did the job, but also something that was fashionable…"

04/22/2004 - THE RIVER OF LOSSES

By Steve Sjuggerud "…I now see the stock market (and most investable assets) like a river, working its way from the mountain peak to the sea. There are occasional 'flat' sections of the river, where things appear calm…"

04/21/2004 - BACK UP THE TRUCK ON GOLD

By Doug Casey "…I don't have a crystal ball, but I do have a sense of market history. Most of the people that were active players in the last real gold bull market, from August 1971 to January 1980 are now either dead or retired…"

04/20/2004 - INDIA - THE NEXT CHINA?

By Lynn Carpenter "…India's not the next China. Not yet. Both countries have many risks, but China's emergence has a momentum and key support that India's does