The sad fact is we have no easy way out of the debt situation.
I think I am safe in asserting that the margin trader, speculator, gambler, or whatever you choose to designate the average man who goes to Wall Street after easy money, does not lose money when he sells. He loses it when he buys.
Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
The longer the boom of inflationary bank credit continues, the greater the scope of malinvestments in capital goods, and the greater the need for liquidation of these unsound investments. When the credit expansion stops, reverses, or even significantly slows down, the malinvestments are revealed.
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other. If government spending is financed by borrowing from the commercial banks, it means credit expansion and inflation.
It is difficult to get a man to understand something when his salary depends on his not understanding it.
A leveraged portfolio forces you to act irrationally when markets are irrational, as opposed to acting rationally when markets are irrational.
How can anyone in his right mind think that our economic sluggishness is due to insufficient deficits and a timid Fed? Plenty do. It is a case of denial of an obvious fact: the entire Keynesian / government approach to stimulus has been a catastrophic failure.
You can't stop things like Bitcoin. It will be everywhere, and the world will have to readjust. World governments will have to readjust.
Europe is just like the sinking Titanic: not even first class passengers can save themselves.
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
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