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December 17, 2021 | The Last Hurrah

YOUGHAL, IRELAND – This is the final Diary you will receive from us via Rogue Economics/Legacy Research. Yes, we’re moving on. But we’ll still be “connecting the dots” as best we can. And any dear readers who still have the stomach for it are invited to join us. But perhaps we owe you an explanation? Thank You Let’s begin […]

December 15, 2021 | Why the Fed Can’t Raise Interest Rates

YOUGHAL, IRELAND – What a wacky world! The stock market is more overvalued than at any time since 2000. Any sane person would think twice before buying more stocks. And then, along comes the worst possible news – that inflation is running at a near-40 year high. What kind of dope doesn’t know what that […]

December 13, 2021 | Inflation Is Always Bad News for a Democratic Government

YOUGHAL, IRELAND – On Friday morning, investors were tense. The inflation numbers were coming out… Was the fun coming to an end? For the last two weeks, the Biden team had been trying to downplay rising prices. Here’s a Reuters’ report from Thursday: President Joe Biden, bracing for another jump in inflation, sought to reassure Americans […]

December 10, 2021 | Investors Struggle to Make a Profit in an Economy With High Liquidity

Tell me, friend, when did Saruman The Wise abandon reason for madness? – Gandalf, Lord of the Rings YOUGHAL, IRELAND – The Federal Reserve keeps “printing” money – at the rate of about $3 billion per day – and lending it to member banks at a real (inflation-adjusted) rate of MINUS 6%. Not surprisingly, the hustlers […]

December 9, 2021 | SPACs Promise Investors Fast Money, But Little Else

YOUGHAL, IRELAND – In the news yesterday came a report from FantasyLand that a nonexistent social media company had chosen a non-tech, non-media executive to head up its nonexistent operations. CNET reports: GOP Rep. Devin Nunes to leave Congress to run Trump’s media company The California Republican has been one of the former president’s most […]

December 7, 2021 | The Final History of America’s Nightmare Winter

YOUGHAL, IRELAND – News from home: “Baltimore is suffering another crime wave… with 600 people shot so far this year. In many neighborhoods, you’re more likely to get shot than to get COVID. A reporter interviewed a citizen on the street. ‘What do you think of the mayor’s Five-Year Crime Plan?’ he asked. ‘Five years […]

December 3, 2021 | America’s Nightmare Winter

BALTIMORE, MARYLAND – We continue our history of America’s Nightmare Winter. By way of prelude, here’s CBS News: After California became the first U.S. state to ban gas-powered lawn mowers and leaf blowers earlier this year, more states, including New York and Illinois, are mulling over similar measures. And this from The Washington Post: Roughly 45 percent […]

December 1, 2021 | Viruses Are Like Cryptos, They Replicate

Trust me, I know what I’m doing. – ­Inspector Sledge Hammer, 1980’s TV show BALTIMORE, MARYLAND – Oh My Cron? OH-mee-cron? Or something like that. President Biden sees it as such a big thing, he scheduled an address to the nation. Of course, POTUS knows nothing more about the omicron COVID variant than the rest of […]

November 24, 2021 | More Consequences of the Fed’s Actions

BALTIMORE, MARYLAND – A news flash. You’ll recall that it was only 18 months ago that the world had so much oil, its price fell below zero. CNN Business: US crude finished April 20, 2020, at minus-$37 a barrel, blowing past the zero mark that few imagined would ever be crossed. Negative oil is the […]

November 22, 2021 | Congress Passes Biden’s Latest $1.2 Trillion “Infrastructure” Deal

BALTIMORE, MARYLAND – Sit down. Remain calm. Let’s try to figure this out… The big news on Friday was that the House got together and passed Joe Biden’s social spending program. Nancy Pelosi congratulated herself: [The package] is a spectacular agenda for the future, with transformational action on health care, family care and climate that […]

November 19, 2021 | What to Expect When the Government Ignores Consequences

Fish gotta swim Birds gotta fly Rain gotta fall And it’s gotta go somewhere – Bill Bonner, with apologies to the writers of Showboat BALTIMORE, MARYLAND – When you see someone setting fire to a federal building, shouldn’t you say something? And what if the matches and gas can are in your own hands? The Federal […]

November 18, 2021 | America’s Elite Run the Country Into Destruction

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. – Austrian School economist Ludwig […]

November 17, 2021 | A Decade of Dollar Destruction

BALTIMORE, MARYLAND – MoviePass was in the news this week because it was bought out of bankruptcy. The idea behind the company was remarkably stupid. It was a subscription service, founded in 2011. You signed up… paid $10 a month… and you got tickets to as many movies as you wanted – in theaters. Long […]

November 16, 2021 | Is the COVID-19 Panic Nearing the End?

BALTIMORE, MARYLAND – Change is coming. Here’s David Leonhardt writing in The New York Times: In Seattle (which publishes detailed data), the daily Covid hospitalization rate for vaccinated people has been slightly above one in one million. By comparison, the flu hospitalization rate in a typical year in the U.S. is more than twice as high. […]

November 15, 2021 | The Doom Index and a Week of Big News

BALTIMORE, MARYLAND – Our Doom Index gauge is now at 8… which is “Crash Alert” territory. On Friday, we all dutifully assembled for the ceremony… We pulled the old, tattered, black-and-blue crash flag out of storage, ran it up the pole, and saluted solemnly. Now, we’ll see what happens… Crash Alert (Again) Here are the […]

November 12, 2021 | Elon Musk Takes to Twitter to Make a Big Decision

What men or gods are these? What maidens loth? What mad pursuit? What struggle to escape? What pipes and timbrels? What wild ecstasy? Heard melodies are sweet, but those unheard Are sweeter; therefore, ye soft pipes, play on – Ode on a Grecian Urn, by John Keats BALTIMORE, MARYLAND – What a wonderful time to be […]

November 11, 2021 | Blame the Supply Chain and Protect the Elite

Policy failures will be responsible for tens of thousands of families getting stranded at airports, paying exorbitant gas prices, and encountering grocery store shortages. Americans face the most expensive Thanksgiving on record. – The Hill BALTIMORE, MARYLAND – The Bureau of Labor Statistics (BLS) report came out just after we filed yesterday’s Diary. The Washington Post broke […]

November 10, 2021 | Inflation Is a Noxious Tax

BALTIMORE, MARYLAND – Inflation is afoot. Breitbart is on the story: Prices rose 8.6 percent from a year ago in October, the second consecutive month of the fastest annual pace of inflation in records going back 10 years. The Department of Labor said the Producer Price Index accelerated to show a monthly gain of 0.6 […]

November 5, 2021 | The Federal Reserve Will Slow Emergency COVID-19 Economic Program

BALTIMORE, MARYLAND – Hot off the presses comes this story from Politico: Fed set to begin pulling plug on massive aid to economy The Federal Reserve said Wednesday it will begin to slow its massive bond purchases later this month, the first step in removing its extraordinary pandemic-era support for the economy. The long-awaited move […]

November 1, 2021 | Democrats’ Billionaire Tax Plan Hits a Snag

Don’t tax you Don’t tax me Tax that fellow Behind the tree – Former United States Senator Russell B. Long BALTIMORE, MARYLAND – Tax it… borrow it… squander it… …print up some money to cover it… …and then inflation comes along and spoils the party. That’s how we roll! Over the last 20 years, four of […]

October 29, 2021 | Fake Interest Rates Put Businesses at Risk for Collapse

BALTIMORE, MARYLAND – Two remarkable stories have been taking shape this week – indicating a further separation of the ridiculous from the sublime. Like castaways on icebergs, drifting farther and farther apart… doomed… damned… dismally dipping into the dark, dank deep… Evergrande and Shiba Inu might have waved to each other… …as each waited to sink. And today, […]

October 22, 2021 | An Elite Economy: Like Traffic Lights on the Fritz

BALTIMORE, MARYLAND – God? Or man? Who should take the rap? God will defend Himself – tomorrow. Today, we continue with our case against man. It’s classic, isn’t it? A group is successful. It expands its wealth and power. The wealth softens it… the power corrupts it. And then, its elites begin running the whole system […]

October 19, 2021 | Watch as a Great Empire Stumbles and Falls

BALTIMORE, MARYLAND – What a marvelous time to be alive… with a front-row seat to watch a great empire stumble and fall! It only happens once every hundred years or so… So pull up a chair and enjoy the show. Here’s the big news, from Bloomberg: U.S. Factory Output Falls in Fresh Supply-Chain Warning Production […]

October 15, 2021 | The American System Is Broken

BALTIMORE, MARYLAND – Yes, today we bite into the mushroom. So, make sure you are in a “safe space.” And keep a stomach pump handy. Let’s begin with another Argentine-style headline, this time from the U.S. Here’s MarketWatch: The largest COLA hike in 40 years is coming to Social Security in 2022 – what that means for […]

October 14, 2021 | Inflation Is Here to Stay

When a government loses its legitimacy, its only recourse is authoritarianism. – Dear Reader Craig W. BALTIMORE, MARYLAND – Yes… we’re cantering across the broad pampas… looking for tomorrow’s headlines. And what’s this? Today’s headlines already have a tango beat. Here’s The Wall Street Journal: Accelerating Inflation Spreads Through the Economy U.S. inflation accelerated last month […]

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