While this isn’t an economics or investment blog by any means, here’s a nice 30 minute presentation by Grant Williams recently given during the 2013 ASFA conference. Humorous as always and IMHO spot-on, outlining the current state of international financial markets, the current government bond bubble and equity rally of 2013… and how it’s all inevitably going to go down in flames. Very well worth watching, even if you aren’t a investor, trader or otherwise closely associated with the financial markets.
Quick summary: 99% of those 99 percent appear to be… just a tiny little bit… retarded.
Last week, Reason.tv followed investment guru, radio show host, and unflappable defender of capitalism Peter Schiff as he spent three hours among the Occupy Wall Street protesters in Manhattan’s Zuccotti Park.
An unapologetic member of “the 1 Percent,” Schiff argued with all comers for the better part of an afternoon.
Schiff is no ordinary observer. As the prinicipal of the financial firm Euro Pacific Capital, he’s a full-fledged and unapologetic member of “the 1 Percent.” As an outspoken radio show host and commentator, he not only predicted the housing crash and financial crisis, he railed bank and auto-sector bailouts as they were happening. Schiff believes that capitalism offers is the only hope for young, frustrated people to have a vibrant and prosperous future. So he went to Occupy Wall Street to engage and debate the protesters.
Touring the Occupy Wall Street scene in New York with a sign that read “I Am the 1%, Let’s Talk,” Schiff spent more than three hours on the scene, explaining the difference between cronyism and capitalism, bailouts and balance sheets, and more.
“The regulation we want is the market,” said Schiff. “That’s what works.”
Schiff describes himself as “sympathetic” to the plight of the OWS protesters, but thinks their anger is misdirected at legitimate business interests and should be better at the White House, Congress, the Federal Reserve, and the crony capitalists they’ve bailed out.
Awesome YouTube discovery of the day:
In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there’s a “boom and bust” cycle in modern economies and good reason to fear it.
Get the full lyrics, story and free download of the song in high quality MP3 and AAC files at:
According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. Yet we’re all uneasy. Job growth has been disappointing. The recovery seems fragile. Where should we head from here? Is that question even meaningful? Can the government steer the economy or have past attempts helped create the mess we’re still in?
In “Fight of the Century”, Keynes and Hayek weigh in on these central questions. Do we need more government spending or less? What’s the evidence that government spending promotes prosperity in troubled times? Can war or natural disasters paradoxically be good for an economy in a slump? Should more spending come from the top down or from the bottom up? What are the ultimate sources of prosperity?
Keynes and Hayek never agreed on the answers to these questions and they still don’t. Let’s listen to the greats. See Keynes and Hayek throwing down in “Fight of the Century”!