When Dr. Alan Greenspan became chairman of the Federal Reserve, he moved from the world of rhetorical economics to the world of action. His most recent memoir attempts to make sense of how the financial crisis of 2008 came to be and how we can better predict future crises, along with the role of gold in a global monetary system.
In the wake of his rock star reception at Madison Square Garden last Sunday, Prime Minister Narendra Modi emphatically announced to our nation’s top corporate and political leaders that India is now open for business.
The U.S. national debt continues to surge higher every day and is now at $16.95 trillion and will soon surpass the $17 trillion mark. But that's just the official number. The real number may be much higher.
"Two years ago gold bugs ran wild as the price of gold rose nearly six times. But since cresting two years ago it has steadily declined, almost by half, putting the gold bugs in flight." That was written in 1976.
In his new book, David Stockman, former Republican U.S. Congressman and a founding partner of Heartland Industrial Partners, levies blame for the dire straits of the global financial system on central bankers, economists and politicians of both parties.
The US Mint continues to sell lots of gold and silver Eagles to coin dealers, who would only be ordering them if they had demand from investors. Actual coin volumes look fine, but the capital being poured in at today’s prices is quite impressive.
Though most simply remember the 1987 Crash as one panicked selling day, Black Monday was just the largest drop in a string of bad days. On the Wednesday before, the Dow sold off 95 points (then a record) and dropped another 58 points on the Thursday. On Friday the selling got worse.