What will futurity make of the Ph.D. standard? Likely, it will be even more baffled than we are. Imagine trying to explain the present-day arrangements to your 20-something grandchild a couple of decades hence – after the Crash of, say, 2016, that wiped out the youngster’s inheritance and provoked a central bank response so heavy-handed as to shatter the confidence even of Wall Street in the Federal Reserve’s methods.
I expect you’ll wind up saying something like this: “My generation gave former tenured economics professors discretionary authority to fabricate money and to fix interest rates. We put the cart of asset prices before the horse of enterprise. We entertained the fantasy that high asset prices made for prosperity, rather than the other way around. We actually worked to foster inflation, which we called ‘price stability’ (this was on the eve of the hyperinflation of 2017). We seem to have miscalculated.– James Grant in a Cato Institute Speech.
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The December issue of The Morgan Report is now available.
“By the time the frackers are done in other states, our water will be worth more than oil.”
– Farid Khavari
This month we are covering many topics with Steve St. Angelo, revolving primarily around the energy question. We are fond of stating nothing happens without energy, and mankind is going to great efforts to extract carbon based energy. Where this will eventually take us cannot be determined at this time, but this month’s quote does give us pause since in many cases there has not been a balance between getting what we need versus protecting the source.
The markets will not be addressed specifically this month, as our view from last month has not changed. However, I must add that we interview Bo Polny for our Master Mind series and he thinks the bull market in silver and gold will start before the end of 2014. Our publication date will coincide with the Swiss Referendum and thus will only be addressed in the interview below. Depending upon the outcome we may put out an update for all TMR members. Later in this report several companies are updated for you our members.
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