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John Rubino

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John is author or co-author of five books, including of The Money Bubble, The Collapse of the Dollar and How to Profit From It, Clean Money: Picking Winners in the Green-Tech Boom and How to Profit from the Coming Real Estate Bust. A former Wall Street analyst and featured columnist with, he currently writes for CFA Magazine.

Dollar - The idea that “bitcoin is its own asset class” and should therefore be judged based on its own highly-constrained supply rests on the assumption that the rest of cryptospace consists of “shitcoins” that will evaporate as bitcoin, with its first-mover advantage, network effects, etc., eats the rest of the currency world and becomes the one […]

Dollar - Early in the pandemic, “trust the science!” could actually be used in a debate without attracting derisive laughter. But as the flip-flops, mistakes and, yes, lies have accumulated, a consensus seems to be forming that the health care authorities are no more trustworthy than the people running Congress or the Fed. For proof, let’s start […]

Dollar - As corporate social media platforms try to sterilize the global conversation, some funny-if-they-weren’t-so-scary statistics are emerging. Here, for instance, is a recent screenshot of conservative pundit Ann Coulter’s Twitter account. Note that her activity and notoriety are soaring (which you’d expect during a presidential election), while her followers diminish by 81,000. Does this make sense? […]

January 9th, 2021 | The Bailout Binge Begins

Dollar - Incoming president Joe Biden just proposed that $10,000 of student debt be forgiven for each borrower. This sounds generous but is actually just the opening bid in a negotiation that will end in a very different, much more expensive place – and that will be repeated for many, many other groups of borrowers. Here’s how […]

January 8th, 2021 | Extreme Charts – January 8

Dollar - This week’s theme is “spikes and crashes,” and why they’re great for gold and silver. Let’s begin with inflation, which is suddenly spiking after decades of illusory quiescence. What actually happened was that there was raging inflation, but only in “good” sectors like stocks, bonds, and real estate. Now price increases are migrating to the […]

Dollar - The riots, political turmoil, and other banana republic embarrassments seem to be ending – for now. So let’s get back to examining the real problems of this hyper-leveraged, dangerously-complex world. Like how big cities might soon be obsolete: Pretend it’s 2019 and you’re living in a major US city. You, your spouse and two kids […]

Dollar - Commentary on America’s overvalued stock market can be found pretty much everywhere these days. These arguments are compelling, and are becoming more so as stocks keep rising. The latest clue that we’re in yet another bubble is margin debt, which is money that investors borrow against their existing stocks to buy even more. A spike […]

December 22nd, 2020 | Extreme Charts – December 22

Dollar - It’s official: This has been the weirdest year in US economic history. Starting with the shape of the recent recession, even 2007 — an odd one in its own right — looks almost normal when compared with 2020, Labor force participation and the Federal Reserve’s balance sheet have veered in opposite directions. The government is […]

Dollar - Bitcoin has had a helluva week. And many of its fans see its recent spike as just the beginning of a run that converts it from cult favorite to global reserve currency. That’s an exciting prospect for a lot of reasons. But it’s not yet a done deal. One of the many concerns that non-HODLers […]

December 11th, 2020 | Extreme Charts – December 11

Dollar - Calling the US stock market “expensive” is like calling the sun “warm.” It really doesn’t do it justice. “Insanely overvalued” is more accurate, as the following charts illustrate: Stocks are now more expensive than ever versus commodities… … and versus their own long-term price trend … … and versus GDP … Meanwhile, short sellers – […]

December 7th, 2020 | Inflation Is Back, Big-Time

Dollar - The conventional view of inflation is that it’s not only low, but dangerously low and in need of aggressive encouragement. But that view is becoming increasingly hard to defend, given all the things that are soaring in price. Consider: The above charts show the price action in industrial commodities that, while not something individual consumers […]

December 4th, 2020 | Extreme Charts — December 4

Dollar - It’s one thing to hear someone claim that the world is spinning out of control. But it’s a lot more impactful to see the underlying trends laid out visually. With that in mind, welcome to a new weekly series that highlights the charts, tables, and images of our descent into financial madness. The small print […]

Dollar - Imagine that you’re trying to do actual investigative journalism at, say, the New York Times or Fox, and you propose a story that threatens the interests of your outlet’s audience or advertisers. Chances are you’ll be shut down by your editors, if not fired and blacklisted for going beyond the boundaries of permissible reporting. Your […]

Dollar - Somewhere back in the depths of the 20th century, a bunch of governors, mayors, and public sector union leaders got together and cooked up one of history’s greatest financial scams. They would offer teachers, cops, and firefighters extremely generous pensions but would avoid raising taxes to fund the resulting future obligations. Grateful workers would vote […]

Dollar - US stocks are behaving amazingly well given the political and economic near-chaos of the past few months. This is probably the first recession that inflated rather than popped financial asset bubbles. Why? Because panicked governments and central banks are dumping trillions of play-money dollars into the system, a big part of which flow directly into […] Radio - Negative Interest Rates disastrous for pensions, banks, insurance companies

Dollar - The political and financial worlds were baffled by President Trump’s decision, just hours after being released from the hospital, to suspend coronavirus stimulus bill negotiations “until after the election.” Leaving aside the stupidity of massive new borrowing and spending on top of the past year’s multi-trillions, walking away from those talks seemed like a really […]

Dollar - Less than 24 hours after beating the apparently wimpiest case of covid-19 ever, Donald Trump decided that his subjects’ lives aren’t exciting enough. So he called off Congressional talks on the latest stimulus bill. Never a dull moment in pre-apocalypse America. There’s just one problem: Virtually everyone from small businesses, to renters, to mortgage holders, […]

Dollar - Money managers who don’t recommend gold to their clients are becoming the exception rather than the rule. This week saw a couple more big-name banks join the pro-gold parade: UBS advises investors to put money in gold as hedge against economic uncertainty (RT) – The recent weakness of gold represents a “great entry point for […]

Dollar - The game the government and the financial markets have been playing for the past few years – in which stocks tank until the Fed capitulates and agrees to cut interest rates and/or ramp up QE, after which markets soar  – is usually measured in stock price terms. In other words, the S&P 500 drops by […]

Dollar - So this year sucks and next year might be even worse.  Buy gold and short tech stocks.  With that out of the way, let’s spend some time in the unfamiliar territory of things that are actually going right, with something called “vertical farming.” Here, very generally, is how it works: Go to, say, downtown Detroit […]

Dollar - This year is, by any measure, brutal. First came a pandemic so baffling that virtually no one other than Sweden made it through without a near-depression. (Reminiscent of the previous decade’s financial crisis, when only Iceland got it right.) Then came civil unrest on a scale not seen since the 1960s, about which more than enough has […]

Dollar -   The overvaluation of stocks relative to the economy has placed them in such rarefied space that the market is subject to dramatic and sudden air pockets. Our Inflation Deflation and Economic Cycle model is built to identify both cyclical and secular bear markets and protect and profit from them. However, what it cannot do, […]

September 6th, 2020 | Here We Go Again

Dollar - For the past few years, the US financial system and the Fed have been playing a game of chicken in which the Fed tries to tighten (or at least stop easing) and the stock market behaves like an addict deprived of its heroin. In 2018, for instance, the Fed started raising interest rates and shrinking […]

Dollar - Iconic investor Warren Buffett’s superpower is the ability to understand how companies work and tell which will generate the most and most consistent cash flow. This has (along with, yes, some recent gaming of the system) allowed him to make his investors rich beyond most of their wildest dreams. But the world we’re heading into […]
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