“The idea that policy makers can perfectly unwind (their) unprecedented easing without some unintended consequences is theoretically possible but…unlikely.” -MICHAEL HASENSTAB, MANAGER OF THE FRANKLIN TEMPLETON GLOBAL BOND FUND, RANKED NUMBER ONE AMONG ITS PEERS OVER THE LAST DECADE. The cover story curse. … Read More

“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” -SIR JOHN TEMPLETON POINTS TO PONDER… Read More

“The worst enemies of Social Security and Medicare are the people who say don’t touch (them). They are headed for a certain arithmetic catastrophe.”  -PAUL RYAN The Great Inversion. We definitely live in a time of “Greats.”  The “Great Moderation” was the long… Read More

“It is typical of government price-fixing schemes that they escape one undesired consequence only by plunging into another and usually worse one.” -HENRY HAZLITT, FROM HIS CLASSIC BOOK, ECONOMICS IN ONE LESSON. POINTS TO PONDER 1. There are several reasons… Read More

  “I cannot forecast to you the actions of Russia.  It is a riddle, wrapped in mystery, inside an enigma.”  -WINSTON CHURCHILL The above line from Sir Winston, who unquestionably was one of the most prodigious quote-miesters of all time, could easily be applied today… Read More

“Anyone who isn’t confused really doesn’t understand the situation.” -EDWARD R. MURROW, JOURNALIST POINTS TO PONDER 1.  Until recently, it appeared as though the very sub-par expansion in the wake of the Great Recession was coming to an inglorious end.  Over the last… Read More

“The future price tag of printing six trillion dollars’ worth of checks comes in the form of inflation and devaluation of currencies either relative to each other, or to commodities in less limitless supply such as oil or gold.” -PIMCO’S BILL GROSS 2012: Triumph of… Read More

“How long can the world’s biggest borrower remain the world’s biggest power?”  -LARRY SUMMERS, FORMER US SECRETARY OF THE TREASURY 1.  The US is presently trapped in the vise-grip of political paralysis irrespective of a less than impressive resolution of the fiscal cliff.  Fortunately, despite… Read More

“Central banks cannot solve structural problems in the economy.  We’ve been saying this for years and it’s getting tiresome.” -STEPHEN CECCHETTI, HEAD OF THE MONETARY DEPARTMENT FOR THE BANK FOR INTERNATIONAL SETTLEMENTS (BIS), THE WATCHDOG OF THE WORLD’S CENTRAL BANKS. In awe of a master. Read More

“The trouble with most people is that they think with their hopes or fears or wishes rather than their minds.”  -WILL DURANT, author of The Story of Civilization Thanks,  Sunny Jim! One of the joys of approaching 60, and having led a fairly… Read More