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Happy Markets in an Unhappy World

by John Rubino on July 23, 2014 · 14 comments

The old Dickens quote “It was the best of times, it was the worst of times” is pretty much always applicable to a world as big and complex as this one. But lately, as the disparity between financial markets (best of times) and geopolitics (worst) has grown to almost comical proportions, Dickens has been sounding […]

They’re Lying To Us, Part 4: Fake Pensions

by John Rubino on July 16, 2014 · 25 comments

Most people learn by the age of 10 or so that making promises is easier than keeping them. That’s why really big promises like corporate pensions and national retirement/health care programs are so easy to screw up. Offering someone a cushy retirement or a lifetime of healthcare feels great and generates massive goodwill from the […]

They’re Lying To Us, Part 1: Unemployment

by John Rubino on June 16, 2014 · 10 comments

One of the frustrating things about the monthly US jobs report is the way everyone focuses on the wrong number. The headline says “unemployment falls…” which sounds great, while the small print, which almost no one seems to read, explains that most of the improvement is due to people dropping out of the labor force. […]

We Are So Not Prepared For Another Oil Shock

by John Rubino on June 15, 2014 · 8 comments

In one sense, energy doesn’t matter all that much to what’s coming. Once debt reaches a certain level, oil can be $10 a barrel or $200, and either way we’re in trouble. But the cost of energy can still play a role in the timing and shape of the next financial crisis. The housing/derivatives bubble […]

Is THIS The End?

by John Rubino on June 2, 2014 · 17 comments

Eventually, every finance geek learns that calling market tops — at least publicly — is so hard that it’s not worth the reputation risk. This is especially true in an era of pervasive government manipulation, where price distortions can persist for far longer than any kind of rational analysis can justify. And yet. For US […]

US GDP Even Worse Than It Looks, Again

by John Rubino on May 29, 2014 · 9 comments

As expected, the US revised the most recent quarter’s GDP from barely positive to sharply negative today. But once again the true extent of the problem was hidden by some statistical sleight of hand, in this case wildly-optimistic inflation assumptions. Here’s an excerpt from the Consumer Metrics Institute’s just-published analysis: May 29, 2014 – BEA […]

Even Worse Than It Looks

by John Rubino on April 30, 2014 · 5 comments

No US GDP report is complete without an explanation from the Consumer Metrics Institute of how Washington is fooling us. The latest one is even scarier than usual: There are a number of disturbing items in this report: – Even at first glance this is not a good report. Although the headline number itself says […]

A perfect sign of the times is the unexpected success of a 700-page economics text called Capital in the 21st Century by French college professor Thomas Piketty. As of April 30, it is the best-selling book in the world and is generating the kind of controversy that one would expect for what is reportedly an […]

It’s not easy being a mainstream economist. You spend your life building models that become your professional identity. And when those models fail to describe and predict reality, you’re left wondering about the meaning of it all. The latest case in point is US housing. Keynesian economic models say that if you lower mortgage rates […]

A World of Manipulated Markets

by John Rubino on February 23, 2014 · 8 comments

The following is excerpted from The Money Bubble, by James Turk and John Rubino “There are no markets anymore, just interventions.” — Chris Powell, Gold Anti-Trust Action Committee Once upon a time, a handful of countries sometimes described as “capitalist” claimed to operate on the principal that consenting adults should be free to buy, sell, […]

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