The idea that technology is a tax on anyone is ridiculous. Technology always has, and always will enhance quality of life, with the exception of war-mongering technology. What is clearly a regressive tax on the poor is central banks' efforts to force inflation in a deflationary world.
The battle of robot theory is on. Bank of America paints one picture and McKinsey another. Let's investigate both theories. Regardless of which viewpoint you think more likely, it should be perfectly clear that robots are a huge deflationary force.
The problem with paying bribes, is the request for more money never stops. I discussed the bribe setup on October 16, in Bargaining With the Devil: Germany Bribes Turkey With Aid Package, EU Sidelines Highly...
Most people believe the Fed can print money. Caught on tape, former Fed chair Ben Bernanke once admitted the Fed prints money. However, in Hoisington's Third Quarter 2015 Review, economist Lacy Hunt makes the claim...
Banks have become convinced the Fed simply isn't going to hike. So instead of waiting any longer, large banks like Wells Fargo are plowing billions of dollars into longer dated treasuries and agencies.
Given monstrous levels of debt at the consumer and corporate levels, given the US is not Brazil, and given poor demographic characteristics, I am waiting for an explanation as to how we get an asset bubble burst...
In previous articles I summed up the immigration problems in Europe and the US as the direct result of an "unlimited demand for free services, free shelter, and free food". Let's tune into what Economist Milton Friedman has...
Those looking for "lift off" material for Fed hikes will not find it in the latest Durable Goods report from the US Department of Commerce. Durable Goods orders declined 2.0% in line with Bloomberg Consensus Estimates...
This year, the “Millennial” generation is projected to surpass the outsized Baby Boom generation as the nation’s largest living generation, according to the population projections released by the US Census Bureau last month.
Of the debates I would most like to see, John Hussman vs. Ben Bernanke would be right near the top of the list. Let's kick off this hypothetical debate with a statement made by Ben Bernanke: "The problem with QE is...
The never-ending push for 2% price inflation is absurd to the point of being counterproductive. However, stubborn central bank mules don't care about history or common sense. They just keep doing what their...
By now it should be perfectly clear to everyone that the entire global economy is cooling and the US will not decouple from that slowdown. Nonetheless, most economists, including those at the Fed, still do not see the obvious.
Inquiring minds may wish to investigate my November 6, 2007 commentary on Greenspan's "measured pace", well ahead of the crisis: Greenspan on Housing, Central Bank, Gold. Even at the above half-pace...
Yesterday, I reported China Joins Currency War With Surprise Devaluation, Biggest One-Day Move on Record. The yuan fell about 2% vs the dollar yesterday, the biggest one-day currency move since 1993. Economists surmised...
Every month, 3D printing possibilities get increasingly elaborate. For example (with thanks to reader Tim Wallace for the links): The Goal of MX3D is to 3D print a steel bridge. Really.
Once again the IMF is back in the news in regards to Greece. The IMF staff told the board of directors Greece Disqualified from New IMF Program. Yet, Germany insists IMF be a part of the program.
In spite of the fact that Uber is the most banned company in the world, it thrives for one simple reason: People like it, especially business travelers and millennials, even if politicians don't. For the first time ever...
In the past few weeks, numerous readers sent me emails about brick-laying robots, so many that I wonder if most have already seen this. If not, please consider brick-laying robot can build a full-sized house in two days.
A few days ago I received an email from yet another naysayer telling me that I was wrong about self-driving cars and we would not see them in his lifetime. I don't recall precisely how I answered, but it was along...
Unlike other cards that sell gold at a premium then issue a debit card, BitGold is a gold-based settlement system in real time. It is also the first gold-based card of any kind available in the US.
