Month: September 2019

The Bear’s Lair: Solve funny money problems with a leverage tax

We seem doomed to another round of monetary “stimulus” from the Fed and the European Central Bank, at a time when real interest rates are already substantially negative. This has caused crazy leverage all over the global economy, with such madness as Boeing (NYSE:BA) in a highly cyclical business, operating entirely without stockholders’ equity. Very […]

The Bear’s Lair: EU structure leads to one-party dictatorship

Former prime ministers Tony Blair and John Major, of opposite British political parties, have united in wishing to nullify the 2016 referendum on leaving the European Union. This well illustrates the unpleasant tendency for politicians to find commonality and unity in thwarting the wishes of their electorates. Within individual countries, the strength of this tendency […]

The Bear’s Lair: Could Trump have stopped the Third Reich?

President Donald Trump has instituted an entirely new type of diplomacy with North Korean dictator Kim Jong-il, and it seems to have worked, at least in the short-term. By building a personal relationship with “bad guys” Trump has avoided the poisonous Bush-era chemistry whereby Western “Axis of Evil” insults drove them ever further into destructive […]