From the Summit of the Moral High Ground

Historical Archive This article is preserved as part of the historical record of this blog. It was originally written by Dr Willie (The Golden Jackass) and is republished here with permission as part of an ongoing effort to preserve historical economic commentary that has since become unavailable. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. Readers interested in Dr Willie's more recent writings can visit www.golden-jackass.com . JPMorgan is a wreck, their businesses are tanking. Their tight grip on the silver market could be loosened in time, helping to end price fixing and allowing silver to rise to its true value. Profits announced by the big US banks are phony. A laundry list of tainted supposed profits came in the last two weeks for the entire crew of giant insolvent US banks. The Debt Value Adjustment (DVA) deception is the main common thread. The accounting ...

Historical Archive This article is preserved as part of the historical record of this blog. It was originally written by Dr Willie (The Golden Jackass) and is republished here with permission as part of an ongoing effort to preserve historical economic commentary that has since become unavailable. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. Readers interested in Dr Willie's more recent writings can visit www.golden-jackass.com . How can a Greek DEFAULT be a success? Right now, we're seeing much the same global reaction we saw after many of the EU's previous 13 crisis summits: officials are congratulating themselves for doing next to nothing. The media is proclaiming the meetings "successful." So are all stock markets and currencies except for the dollar. So where's the beef behind Europe's latest news? THERE IS NONE! Over the next f...

Historical Archive This article is preserved as part of the historical record of this blog. It was originally written by Dr Willie (The Golden Jackass) and is republished here with permission as part of an ongoing effort to preserve historical economic commentary that has since become unavailable. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. On Monday, the first gold contracts denominated in the Chinese Renminbi (also known informally as "yuan") came to the Hong Kong market. Analysts have been quick to note the implications of a yuan-denominated contract, realising that the new contract could drive nearly three times as much demand as the dollar-denominated contract. Looking at the yuan product from the macro view, a move into gold is about more ...