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The Global Debt Controls the Global Economy
11/05/15 4:40 PM

The main reason the US economy is struggling to recover from the “Great Recession” of 2007 and 2008 is because the debt load is so very difficult to overcome.  The global debt has increased by about $60 trillion since 2007 and there is no way to have a smooth and quick recovery after the debt has grown so much so quickly (see first attachment).  Keep in mind that the reason for the “great recession” was due to the overwhelming debt incurred by almost every country (this includes the developed nations as well as the emerging markets).  The main reason for the increased debt burden started with the Federal Reserve reducing the Fed Funds Rate to 1% in June of 2003 and keeping it there for a year.  They thought that they were giving relief to the U.S. [More]

10/01/15 8:00 AM

We would be hard pressed to name an event where the outcome was more closely watched than the 9/17/15 Fed meeting.  That was the meeting that was finally supposed to be liftoff from the zero interest rate policy (ZIRP) of the Fed.  The Fed held steady, which was dovish, and the market’s reaction was up…for about an hour. [More]

The Great Divide
By Alan Abelson, Barrons

We live in an age of anxiety, and rightly so: Worries about the global economy are most emphatically not just in our imagination. The question is, who's going to bear the blame, come November?

The Age of Anxiety? With all due apologies to the late W.H. [More]

Send in the Magicians - By ALAN ABELSON
The economy desperately needs a shot in the arm, all the more so with the end of quantitative easing.

It's time Stephen Sondheim wrote another carnival song, and, more specifically, a sequel to the hauntingly memorable "Send in the Clowns" from his 1973 musical, A Little Night Music, which has proved so eerily prophetic in describing this year's political scene. As a glance at the crowded roster of Republican wannabe candidates for the presidency in next year's election makes clear, the powers that be in the GOP obviously have taken quite literally Sondheim's injunction that served as the title of the song, while the Democrats already have their very own barker and no shortage of mountebanks ensconced in their big tent. [More]

Charlie Minter appears on CNBC
Low speed stream  High speed stream 

  Last Major Comstock Report
Dated, but not out of date
The list of negative factors impacting the stock market has now become so numerous that it is highly likely that a severe bear market has already started


The list of negative factors affecting the stock market has now become so numerous that it is highly likely that a severe bear market has already started. We begin with the fact that, as measured by earnings and dividends, this is by far the most overvalued market of the past century. [More]

Chairwoman Yellen has Investors in the Palm of Her Hand
3/25/15 11:00 AM


The entire investment community was waiting on the edge of their seats for Chairwoman

Janet Yellen to make an announcement on March 18th at 2:00 PM in a news conference.  They were all waiting to see if the word “patience” was removed from the Federal Reserve’s statement.  And not to disappoint the investors Yellen did announce that the word “patience” was removed from the statement (meaning that the Fed would not be eager to raise rates, but would be patient).  However, that announcement was followed by long explanations about the fact that if the Fed did move to raise rates the rate increases would be very slow.

Since the worldwide investment community was anticipating the removal of the word, the stock market was down over 100 points on the DJIA at 2 PM as the announcement was made.  Virtually every investor (large and small) were “chomping at the bit” to sell equities if they detected the removal of “patience”, since that meant to them the “removal of the punchbowl” the Fed was supplying to the investment community over the past 6 years.  Those were the years the Fed pumped trillions of dollars into the U.S. [More]

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  What Others Say
Financial Sanity
Dear Sirs, Just had to say to you thank you, thank you for your wonderful financial sanity.
Comment on Cycle of Deflation
Hello from Ireland again (i've mailed a few years over the past). I still enjoy checking your excellent site every friday morning. One comment on the cycle of deflation - you have plant closing & debt defaults happening after competitive devaluation however this, to a large degree and in Ireland anyways, seems to have come first. Maybe you could explain this? Also, I have to say that even though I think you are right and will be proven so soon enough, you tend to underestimate [having read your column for ten years now I think you underestimate by a 2-4 years] the reflationary power of Central Banks and for how long they can keep them up for. [More]
Cycle of Deflation theory
I'm sure that other regular readers of your commentary have noticed the term "beggar-thy-neighbor" showing up more and more in the press and online. It seems to validate the "cycle of deflation" theory you have posed for so long. We've been warned. Thanks.
Wonderful analysis that I have been reading for many years
I would like your permission to send a copy of your 8/25/11 market commentary to them since I agree that we are in a major credit/debt contraction of hugh scale and a good deal of the asset write-downs are ahead not behind us. irrespective of your answer I want to thank you for wonderful analysis that I have been reading for many years.
Your Message is Loud & Clear
Your weekly commentary plus the weekly postings on John Hussman's site should serve as required reading for anybody trying to follow this market. Your message (much more concise than Dr Hussman's, I have to say)is loud & clear.

Minter & Weiner Chat
click here to see the commentary


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