Author Archives: Jason Kelly

What a week. On Tuesday, when Treasury Secretary Tim Geithner was asked by a lawmaker if he would “categorically renounce the United States moving away from the dollar and going to a global currency as suggested by China,” he immediately responded, “I would.” Then, one day later, Mr. Geithner spoke to the Council on Foreign […]

We may be witnessing the beginning of the end of U.S. economic dominance, and addressing how we got here will be the subject of many long articles and several books. For now, let’s just call it a travesty, an absolute head-shaking, goddamned shame that should see people rioting in the streets but instead finds them […]

From former Treasury Secretary Paul O’Neill’s interview with Frontline: [The national debt] is going up every day. … Here’s the fundamental problem: How much money can a society borrow before it begins to have negative effects on our ability to borrow any more? … When you get to the point that people won’t loan you […]

From John Hussman at Hussman Funds: Make no mistake — we are selling off our future and the future of our children to prevent the bondholders of U.S. financial corporations from taking losses. We are using public funds to protect the bondholders of some of the most mismanaged companies in the history of capitalism, instead […]

Lest the recent rally set you too complacently in your profit-counting chair, consider the following reminder from the kind folks at Chart of the Day: Today’s chart helps provide some perspective as to the magnitude of the current economic decline. Today’s chart illustrates that 12-month, as-reported S&P; 500 earnings have declined over 80% over the […]