The investment management business has suffered from investors moving their money to index funds, which have much lower fees and are purely mechanical in their investments. Also, much investor money has been diverted to private equity and hedge funds in the belief that those investments offer higher returns. The Efficient Market Hypothesis suggests that it […]

The U.S. Congress is currently debating the Budget for the year to September 30, 2026, where past mostly Biden-era profligacy has left a $2 trillion deficit. I want therefore to discuss what the final Budget should contain, focusing mainly on the tax provisions rather than the expenditure cuts, which should clearly be as Draconian as […]

President Trump’s announcement of sweeping tariffs sent the markets into a tailspin last week – as I forecast in January, the Biden stock market bubble is finally bursting, and about time too. The hysterical reaction from the left and the economic Whigs of globalization resembles that which faced Lord Liverpool when he introduced the Corn […]

Ever since the Bretton Woods exchange rate system ended in 1971, the world has used exchange rates between most currencies that float freely. After 54 years, we can surely say this has not worked; the dollar price of gold, the truest indicator of real inflation, is approaching 100 times its $35 Bretton Woods price. The […]