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Jim Cook



Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

Best of Doug Noland
July 14, 2009
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Doug Noland

“Macro” analysis remains today as fascinating as it is challenging. Here at home, Washington seems poised to move against unhelpful speculation. The marketplace has good reason to fear heavy-handedness. But don’t be surprised if it turns out more a case of light coddling: “Speculators please take notice that it is to your advantage to buy corporate bonds and mortgages instead of oil futures contracts.” Fiscal and monetary policymakers are formulating a recovery strategy. I would expect them to pull out all the stops – and not give up easily - in their efforts to accomplish objectives.

And despite the recent bludgeoning meted out in the commodities markets, I’m not keen to abandon the global reflation thesis. At its root, global reflation is premised upon a synchronized global government finance Bubble consequent to bursting Credit Bubbles and the breakdown in the global dollar reserve system. I am comfortable with the thesis yet recognize the analysis is tough and the circumstances fluid. Mostly, uncertainty and market volatility are as expected.

The global system remains in historic, uncharted, troubled and uncertain waters. But with $2 Trillion of US federal debt issuance on tap this year - perhaps matched by upwards of (a previously unimaginable) $2 Trillion of Chinese bank Credit growth – ongoing “Monetary Disorder” remains the best bet. And, of course, our policymakers are keen to this dynamic, and it would be typical of policymakers in such a predicament to resort to increasingly creative means to try to stabilize a desperately unstable pricing system. Can Washington rein in speculative flows? Can they channel and mobilize them?

Doug Noland is a market strategist at Prudent Bear Funds. Their website is