- the source for market opinions


October 22, 2018 | Forget Russia. Here’s the Real Threat to American Elections…

WATERFORD, IRELAND – Alleluia! We join with all Americans today in breathing a sigh of relief; justice is being done. The bad guys are being hunted down. Our pristine democracy – in its pure white, unblemished, unsullied, and unbelievable gown – is being protected. Finally, at least one of our foreign enemies has been nabbed […]

October 18, 2018 | The Foxes Are in Charge of The Swamp

HAMILTON, BERMUDA – Hmmm… The plot thickens. The Trump team came into office with what might have been a historic opportunity to drain the Swamp and take the feds down a peg. Mr. Trump even said he would eliminate the national debt in eight years. Instead, he teamed up with Democrats to crash through the […]

October 17, 2018 | How Trump’s “Right-Hand Man” Drove Sears Into the Ground

Time alone – oh, time will tell You think you are in heaven, but you living in hell – “Time Will Tell,” Bob Marley HAMILTON, BERMUDA – Where are we? Heaven or Hell? Bermuda feels like Heaven. The sea is a bright, vivid blue, with clear water in coves and harbors. The sky is a […]

October 16, 2018 | Responding to The New York Times…

HAMILTON, BERMUDA – Stocks rattled around yesterday; investors didn’t know where they wanted to go… so they went mostly nowhere. We turn to the newspapers…   Invitation to Claptrap Opening a newspaper is always an invitation to claptrap. The New York Times is probably no worse than any other. But it is the only one we had […]

October 15, 2018 | $1.4 Million… Right Into the Shredde

Where the remote Bermudas ride In th’ ocean’s bosom unespy’d, From a small boat, that row’d along, The list’ning winds receiv’d this song. What should we do but sing his praise That led us through the wat’ry maze Unto an isle so long unknown, And yet far kinder than our own? […] Thus sung they […]

October 12, 2018 | Why Trump Has the Most to Lose From Falling Stocks

BERLIN – We’ve looked at the past: $20 trillion added to the world’s monetary base over the last 20 years… $250 trillion of debt worldwide… U.S. stocks pushed to record highs… We’ve looked at the present: sales, pre-tax earnings, and incomes all going nowhere… sluggish GDP… trade war… $1 trillion deficits… and, over the last […]

October 11, 2018 | Donald Trump Has Found His Next Fall Guy

BERLIN – Yesterday, we saw the past, the present, and the future… all stumbling over one another. On the march were the mistakes of the past 20 years – funded by trillions in fake money flushed into the markets by central banks worldwide. The headlines, however, ignored the past and looked at the present. The […]

October 10, 2018 | How Berlin Forgot the Crimes of the Soviets

Berlin is the testicle of the West. When I want the West to scream, I squeeze on Berlin. – Nikita Khrushchev BERLIN – “You’d think they would have learned something. They lived with communism for 45 years. They should know what it’s like.” We are in Berlin at a business conference. A friend was explaining […]

October 9, 2018 | How America Goes the Way of Argentina

BERLIN – Berlin is not a particularly attractive city – at least, not from our hotel room near the famous avenue, Unter den Linden. The buildings are all monumental, graceless, and blockish. For years, the city has attracted young people from all over. It has some of the cheapest apartments in Europe and a lively, […]

October 4, 2018 | Who Will Trust America After This?

The big winner from the new North American Free Trade Agreement (NAFTA) deal, now called the U.S.-Mexico-Canada Agreement (USMCA), is the Swamp. Here’s Jeffrey J. Schott of the Peterson Institute for International Economics with the details: [The deal] adds layer upon layer of costly new regulations that producers must follow to qualify for NAFTA’s low […]

October 2, 2018 | How Unearned Money Screwed Up America

GUALFIN, ARGENTINA – Kavanaugh… Kavanaugh… Kavanaugh. Kavanaugh in the morning. Kavanaugh in the evening. Kavanaugh at supper time. It’s Kavanaugh 24/7. And so the mud wrestling – wretched, tawdry, and disgraceful – continues. But today, we turn away… back to our beat: money.   Unearned Money The Dow ended the day up nearly 200 points […]

September 28, 2018 | The Public Burning of Brett Kavanaugh

GUALFIN, ARGENTINA – We arrive at the end of the week. Yesterday morning, the yard crew were putting up a stake on the Capitol lawn and laying around it a supply of tinder. It was to be a small fire… hot and slow. Brett Kavanaugh was duly tied to the post with his eyes wide […]

September 27, 2018 | What Argentina Tells Us About America’s Future

MOLINOS, ARGENTINA – “Never interrupt an enemy when he is making a mistake,” said Napoleon. In the 1970s, two of America’s biggest rivals were making big mistakes. Russia had been operating a centrally planned economy since the 1920s. China took up central planning after World War II. Communist central planning was a curse to those […]

September 26, 2018 | How Executive Order 6102 Doomed America

BUENOS AIRES – Today, we woke up in Buenos Aires with a disagreeable headache… and a depressing hypothesis: First, it doesn’t matter whether Brett Kavanaugh is on the Supreme Court or not; one more Deep State toad won’t make any difference. Second, the Supreme Court has been derelict in its duty for the last 80 […]

September 25, 2018 | Can Only “Good Guys” Enforce the Constitution?

FRANKFURT, GERMANY – Time is money. Money is time. Get over it. We lost a lot of time yesterday. We were meant to fly to Buenos Aires from Frankfurt. But things often go wrong… Our flight from Dublin was late, so we missed the onward plane. Then, Frankfurt Airport turned into a bad French movie […]

September 24, 2018 | How the Supreme Court Failed Americans

FRANKFURT, GERMANY – It’s hard to know where to start. We connect the dots… but the dots just get wackier. The stock market – already outrageously overpriced – goes higher! The deficit – already way out of control – just gets worse! America’s empire – already overstretched, over-indebted, and oversized – just gets bigger. And […]

September 20, 2018 | The Kavanaugh Scandal: Another Deep State Distraction

YOUGHAL, IRELAND – Here at the Diary, we try to connect the dots. Today, we connect some big ones…   Fire and Brimstone The papers are full of fire and brimstone concerning Supreme Court nominee Brett Kavanaugh… and what happened in a boozy bedroom long ago. The New York Times calls it “an explosive charge”… It was 36 […]

September 18, 2018 | How to Get Rich in the Swamp

YOUGHAL, IRELAND – Today, we take a look at the Swamp. Slimy, slippery, slithery – the Swamp stretches out from the banks of the Potomac and beyond. It is home to the government, of course, but also to whole industries… The “defense” industry, for example, lies on the Virginia side of the great river… The […]

September 17, 2018 | How Politics Drove a Ruling Family Into a Ditch

Dear shadows, now you know it all, All the folly of a fight With a common wrong or right. The innocent and the beautiful Have no enemy but time; – “In Memory of Eva Gore-Booth and Con Markievicz,” William Butler Yeats YOUGHAL, IRELAND – We left you on Friday as we set off on a […]

September 13, 2018 | The Greatest Financial Crime of the 21st Century

The trees are in their autumn beauty, The woodland paths are dry, Under the October twilight the water Mirrors a still sky; Upon the brimming water among the stones Are nine-and-fifty swans. The nineteenth autumn has come upon me Since I first made my count; I saw, before I had well finished, All suddenly mount […]

September 12, 2018 | It Feels Like 2007 All Over Again…

DUBLIN – We turned on the news this morning… What we discovered was a very delighted young man, explaining why the economy is running red-hot. The number of new job offers, he said, is greater than the number of new job applicants. This hasn’t happened for 10 years. The number of people quitting jobs is […]

September 11, 2018 | How to Purge the Rot From American Finance

CHERBOURG, FRANCE – We’re on the ferry that will take us to Ireland. It is foggy outside. We can see nothing. This is just the beginning of a long trip that will take us to South America (where we get to see a financial crisis underway in Argentina)… Germany (where we hope to find out […]

September 10, 2018 | There was a loud crack. The crowd gasped…

CHERBOURG, FRANCE – Yesterday, on our way to the Cherbourg ferry, we stopped in at a local farm fair in Normandy. On display were the best cows in the region, along with a demonstration of old farming equipment. A batteuse is a threshing machine. Invented by a Scotsman in the 18th century, and improved and widely employed […]

September 6, 2018 | How to Punish the White House “Traitor”

See me, feel me Touch me, heal me – “See Me, Feel Me,” The Who PARIS – Now, we come to the bang! But first, let’s check the headlines… Oh my… There’s somebody in the White House casting doubt on the president’s competence.   White House Resistance An anonymous editorial in The New York Times claims there is […]

September 5, 2018 | America Is Headed to “Crazytown

PARIS – We’re having breakfast on the Île Saint-Louis in Paris… the first stop on a long trip. First, it will take us to Normandy, then via the ferry to Ireland… thence to Argentina, Germany, and Bermuda… before returning to Ireland next month. We’d rather stay in one place… and watch the world go around […]

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