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Yesterday we wrote that with gold topping $4,000, it’s time to step back and look at the big picture—and the fundamentals haven’t changed. Foreign governments and central banks hold about $10 trillion in US denominated reserves. But for years they’ve been trading this paper for gold— because it is their
On December 26, 1933, US Secretary of State Cordell Hull sat in a conference room in Montevideo, Uruguay, chain-smoking— as usual. It was just months into Franklin D. Roosevelt’s first term as president. In the midst of the Great Depression, the new administration was trying to turn the page from
It pays to think long-term—and to recognize major trends and opportunities before they become obvious. Some of the greatest wins in history stem from long-term thinking. Some of the richest people on Earth, like Elon Musk and Jeff Bezos, had to commit to decade-long visions to accomplish their goals. At
You might be surprised to know that the government is facing yet another shutdown at the stroke of midnight on September 30. A lot of people might be thinking two things: First— “again?” And second— what about the “One Big Beautiful Bill”? The One Big Beautiful Bill, signed into law
William Martin probably knew he was in deep trouble when he boarded the plane to President Lyndon Johnson’s Texas ranch. As Chairman of the Federal Reserve, he had just warned that the US economy was overheating—and that the boom could end in a crash. But he probably didn’t expect the
Few people understand how the Federal Reserve actually works— and frankly, I’m not sure the President or Treasury Secretary are among them. That’s not an insult, just based on what they say. Let me explain. Most people think the Fed sets “the interest rate” for everything—mortgages, car loans, 10-year yields.
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