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Late last week, a consortium of financial regulators in the United States, including the Federal Reserve and the FDIC, issued an astonishing condemnation of the US banking system. Most notably, they highlighted “continuing gaps between industry practices and the expectations for safe and sound banking.” This is part of an annual report they
[Editor’s Note: This letter was written by Tim Price, London-based wealth manager and frequent Sovereign Man contributor.] If you’ve seen the movie The Usual Suspects, you know that wonderful line “The greatest trick the Devil ever pulled was convincing the world he didn’t exist.” We believe the greatest trick central bankers ever pulled
November 5, 2015 Sovereign Valley Farm, Chile They called it the Bank Secrecy Act (BSA). But it’s one of the most poorly named pieces of legislation in US history. They might as well have called it the “Bank Sell-Your-Customers-Out Act”, because that’s ultimately what it amounts to. The BSA is a cornerstone regulation
On August 14, 1935, President Franklin Roosevelt arrived at his desk to sign the Social Security Act into law. It had been a contentious legislative process, something like the Obamacare of its day. Fiscally conservative politicians derided the program for its obvious long-term costs, the massive bureaucracy that it would create, and the
It was back in May 2010 that the very first ‘real world’ Bitcoin transaction was conducted: 10,000 bitcoins traded for two Papa John’s pizzas. Today that transaction would be worth nearly $4 million, probably making those the most expensive pizzas in the history of the world. But back then it was considered revolutionary
[Editor’s note: What follows is Tim Price’s hilarious, satirical take on a recent Financial Times fawning article on “Lunch with Ben Bernanke” by associate editor Martin Wolf.] — After literally saving the universe while at the helm of the US Federal Reserve, its former chairman is now quietly pursuing lucrative speaking engagements and
High up Yuntai mountain in China’s Henan province is a glass bridge that lets tourists walk out across the sky and look down at the lush valley floor over 3,000 feet below. Glass walkways like this are quite popular across China, stunning visitors with both beauty and the thrill of danger. Recently, this
It wasn’t that long ago that you could travel from one corner of the world to another with nothing but your good looks. There are people still alive today, in fact, who were born into a world where passports were not widely used for international travel. The passport itself is a relatively recent
It was just weeks ago that the US government barely averted a debt ceiling shutdown with a last-minute bill to kick the can down the road until December. This gave them 2 months to tackle a problem that’s been decades in the making, with a debt that now totals nearly $19 trillion. So
Now I’ve seen everything. For anybody who thought that the Obama phone or giving out food stamps to 50 million Americans was ridiculous, the Turkish government is taking campaign promises to a whole new level. “Once you have a job, salary and food. What is left? A wife.” Turkish Prime Minister told voters
1,426. That’s the number of Americans who renounced their US citizenship last quarter according to the US government’s report just released this morning. That’s a record high for a single quarter, easily beating the last record high set earlier this year, which beat the previous record high set in 2013. This is clearly
I’m in New Haven today to attend the funeral of Irwin Schiff, who unfortunately passed away last weekend. If you’ve never heard of Irwin, he was one of the original “tax protestors”. He believed not only that paying federal income was unconstitutional, but actually went so far as to stop paying tax altogether.
I have a pretty bad travel habit of always waiting until the last minute to head to the airport. Some people like to get to the airport three hours early. I’m not one of those people. In fact, when I flew to Bogota a few weeks ago from Santiago, I arrived to the
Last week Credit Suisse released its annual Global Wealth Report. The big headline grabber was their analysis showing that the top 1% of people now own 50% of the world’s wealth. That is true and rather astonishing. However, the report had another finding that was even more astonishing and largely overlooked. What they
When I was a kid, I used to proudly wear around a T-shirt explaining different economic systems using ‘two cows’ as a metaphor. It started off like this: Socialism: You have two cows. Give one to your neighbor. Then Communism: You have two cows. The government takes both and gives you some milk.
