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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
November 3 , 2010
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With Fed-induced liquidity racing out to play robust inflationary biases overseas, how much monetization will be necessary for the Bernanke Fed to inflate U.S. consumer prices to its desired level?  And, with the G20 seemingly in agreement to press forward with more domestic stimulus, I’ll assume that global central banks have no option but to retain their steadfast backstop bid for the global surfeit of U.S. dollars.  These dynamics would appear to ensure the ongoing monetization of enormous quantities of government debt. 

Such a scenario would seem to assure unwieldy global financial flows and Acute Monetary Disorder.  For years now, it has been a dangerous case of using “Keynesian” policies to perpetuate Bubbles and attendant imbalances.  Today, inflationism fuels Bubble dynamics on an unprecedented global scale.  Policymakers can insist on referring to “global rebalancing,” but the reality is more in line with desperate and universal inflationism.

“Monetary policy is about an environment that’s supposed to be stable.  When you try to use it in a way that floods the market with liquidity, you can in fact get very bad outcomes.”  Kansas City Federal Reserve President Thomas Hoenig, October 21, 2010.