Another Pillar of the Financial Mania that is Shaking
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Latest Monthly Market Commentary Reports
How Socialism Empowers the Wealthy and not the Commoner
A particular economist whose essays I read frequently is Daniel Lacalle (www.dlacalle.com), who occasionally also writes for the Mises Institute (www.mises.org). In an essay published on August 15, 2026, he explains why Americans are falling into the socialist trap by blaming capitalism for the damages of statism. Lacalle writes: “Americans are…
Marc Faber
Characteristics of the first Phase of the Piercing of the greatest global investment Mania
A well-informed and intelligent reader of this report who also happens to dislike China to make an understatement, recently sent me some comments following my friend Kevin Duffy’s friendly words about China’s technological progress in last month’s report. The said reader noted that, “While Latin America and other areas are interesting in the…
The Greatest Global Investment Mania in modern History
BofA just published a chart about the concentration of companies in historic investment manias beginning with the railroad mania of the late 19th century. Usually, when the bubble theme reaches a heavy concentration (around 40% of the stock market capitalization) a collapse follows. As I have argued in the past, the rules of the game are changing…
How Monetary Inflation Facilitates Non-Productive Activities and the Illusion of Wealth
My friend, the highly respected, “pure” and dogmatic Austrian Economics protagonist, Frank Shostak recently published for the Mises Institute an article with the title, Is Deflation Bad for the Economy? The economist Joseph Schumpeter had postulated that, “The capitalist engine is first and last an engine of mass production which unavoidably also…
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