The End Is … Now

I have decided to shut the Daily Capitalist down and this is our last post. I have been publishing this blog for 5 years and, as they say, it’s fun until it isn’t. Think of a blog like a newspaper where readers expect new content every day. That takes quite a bit of time and [...]


Monday Morning Macro Market Commentary

Before my brief market commentary today, I’d like to announce that it’s coming to be time for me to resume writing at the blog site I founded in 2008,  This Blogger-run site has improved its capabilities and should allow me to come close to the quality that Jeff Harding has achieved with The Daily [...]


The Unadulterated Gold Standard Part IV (Intro to Real Bills)

In Part I (, we looked at the period prior to and during the time of what we now call the Classical Gold Standard.  It should be underscored that it worked pretty darned well.  Under this standard, the United States produced more wealth at a faster pace than any other country before, or since.  There [...]


“Best Stock Market Indicator” Ever? A Dissenting View

As long as I’m in a bah humbug mood, I thought I’d turn my cold eye on a fellow blogger, rather than on the MSM.  

There is a fellow who posts on Doug Short’s site named John Carlucci.  He is the author of a Kindle book titled Ashes To Riches:  How To Profit Spectacularly [...]


Barron’s Replaces Henry Blodget In Pumping AMZN; Have a Taste Of the Bubbly?

Tiernan Ray, who writes the Technology Trader column for Barron’s, has a hot tip for you:  the price of a share of AMZN is going to keep moving up.  Get ‘em while you can.  In 1999 it was Henry Blodget leading the cheerleading for AMZN shortly before it both burst higher and then collapsed; now [...]


Misinformation From Soros On QE

Mr Soros , interviewed on CNBC (LINK):

Soros said that the U.S. needs to reestablish growth to help shrink its debt pile and that the Federal Reserve‘s policy of buying U.S. debt, is the right one since it doesn’t add to the net amount of debt outstanding. “It’s about as close to a free lunch as [...]


Is the Bond Market Threatening the Deficit Spending Consensus, and Will It Reverse the Inflationary Asset Boom?

With the interest rates the U.S. Treasury having to pay rising almost daily now, despite the Fed’s renewed Treasury bond-buying program, the expectations the government has had for its interest expense are looking low now.  We shall just have to see whether tax receipts are rising by at least the same amount as interest costs [...]


Wall Street Relocates To Pamplona

The bulls are running as fast on the Street as they have ever run in Pamplona.  Nowadays, bad news has always been priced in but good news, even hints of good news, has not.  Thus it’s the opposite of early 2009.  As I think I noted almost four years ago in my blog, a sign [...]


The Most Important Thing Stock Market Investors Have to Fear Is the Lack of Fear Itself

Things have come to a pretty pass.  The advance may be growing flat.  I say stocks are risky.  But they say that’s old hat.  Goodness knows what the end will be…  (Apologies to George and Ira Gershwin.)

Before Rupert Murdoch’s organization took over the WSJ and Barron’s, the latter used to be a great source [...]


NFIB Continues in Recessionary Mode, as the U.S.-Japan Analogy Plays Out

The National Federation of Independent Business is now out with its December survey results.  Given all the politics going on, the optimism/pessimism part of the survey is not worth commenting upon.  The actual earnings trends, however, are.  Here is the relevant graph (LINK):

For some reason, these companies have a baseline earnings trend of [...]


Congress Passes Fiscal Cliff Deal

We now see who are “millionaires and billionaires” in practice.  They are individuals with income over $400,000 or married couples with income over $450,000.  Their top tax bracket rises from 35% to 39.6%, an increase of 13%.

The capital gains tax rate goes from 15% to 20%, an increase of 33%.

The temporarily reduced payroll [...]