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As we’re coming up on the 100th anniversary of the establishment of Federal Reserve, one thing has become abundantly clear– these guys are horrible at their jobs. According to the popular lie, the Federal Reserve was supposed to have been established to smooth out the economic cycle, thus preventing booms,
October 18, 2013 Santiago, Chile Last night I had drinks with a few of our premium members who were in town visiting Chile. This is one of the great pleasures of my life; I feel incredibly lucky that I get to spend time with the amazing, sophisticated people in our
October 17, 2013 Santiago, Chile “How did you go bankrupt?” Bill asked. “Two ways,” Mike said. “Gradually and then suddenly.” The dialogue above is from Ernest Hemingway’s 1926 novel, The Sun Also Rises. It’s often attributed to Mark Twain or F. Scott Fitzgerald, or misquoted as something like “At first
October 15, 2013 Sovereign Valley Farm, Chile Apparently the IRS has fallen on hard times in light of all this government shutdown and sequestration nonsense. Too bad. According to a recent report from the Treasury Department, ‘enforcement revenue’ at the IRS has fallen for the second straight year. Enforcement revenue
October 14, 2013 Sovereign Valley Farm, Chile It’s become almost cliche these days to point out how many governments are broke beyond belief. In Japan, where the country’s debt level already exceeds 200% of GDP, the government has to finance 46% of its budget by issuing more debt. In the
October 10, 2013 London, England [Editor’s note: Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in the UK is filling in for Simon today.] Despite nearly $17 trillion reasons, there are investors stupid enough to believe that debt issued by the world’s largest debtor
October 9, 2013 Sovereign Valley Farm, Pencahue, Chile In August 1973, Jan-Erik Olsson walked into the main branch of Kreditbanken bank in central Stockholm, Sweden and attempted to rob the place at gunpoint. He failed miserably. When the police arrived in short order, Olsson opened fire and injured one of
October 8, 2013 Sovereign Valley Farm, Pencahue, Chile It’s clear to everyone by now that the government of the largest country in the world is careening towards default in just over 200 hours. Yet curiously, even though the US government’s completely ridiculous, untenable fiscal situation is a front page embarrassment
October 7, 2013 Sovereign Valley Farm, Pencahue, Chile “Diminishing Superpower” This was the headline streaking across the weekend edition of the Jakarta Globe, one of the largest newspapers in Indonesia. The photo beneath was of Barack Obama, his lips pursed and eyes steeled as if he was fighting back tears.
October 4, 2013 Santiago, Chile It takes a lot of courage to go against the crowd. Whether in investing, or acknowledging that your country is heading towards an epic fiscal crisis, it isn’t easy to stand alone… especially when everyone else is betting the other way. Have you ever noticed,
October 2, 2013 Santiago, Chile Human beings have an innate desire to thrive. And there are few things more soul crushing than to sit idle and unemployed during one’s most formative and energetic years. Traveling across Europe this summer, I was astonished at the economic decimation in places like Cyprus,
October 1, 2013 Santiago, Chile Try this experiment. Ring up your credit card company at the end of this month. Tell them that you and your spouse can’t seem to reach an agreement about how to allocate your monthly budget. So in the meantime, you have been forced to shutdown
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