In the last few days Greece and Cyprus occupied the headlines again in newspapers like The Wall Street Journal, the New York Times, and the Financial Times. I apologize for being the bearer of bad news, but the deus ex machina does not exist for Greece or anyone else...

It is apparent that Morsi never made up his mind regarding the ultimate Machiavellian question of whether a leader needs to be feared or be loved. The solution imposed by the military creates significant dilemmas for the western nations while raises issues of...

The latest report of the BIS (Bank of International Settlements, a.k.a. the central bank of the world’s central banks) is very clear as to the future of further monetary stimulus when it declares: “But despite all the monetary accommodation, economic growth remains...

The Fed’s hint that they may taper the purchases of financial assets ignited a fear in the markets last week. We have long been advocates of sound money while questioning the viability of a financial system that is based purely on fiat currency. Until the markets...

We are coming to a juncture in the markets where we need to decide if the means of illusions used can produce any real lasting effects. The truth of the matter is that in a world fascinated with superficial results, few are those those who argue for fundamental...

This year marks the 100th anniversary of Kierkegaard’s birth. The father of existentialism had a clear target, to show that Hegel’s attempt to systematize all reality was an exercise in futility. According to Kierkegaard, Hegel left out the most important element of...

It has been a week now since the Japanese markets have been exhibiting significant volatility. What we have been observing is that both equities and bonds show signs of turmoil. This may continue, however we anticipate that the Japanese stock market will end up the...

Late last year I wrote that we anticipate precious metals to suffer losses in 2013. We would not be surprised if this lasts more than a year. In one of the commentaries late last year, I was also wondering if this year would be crowned as a year of vindication for...

Could it be that the over-collateralization and re-hypothecation of paper assets via the derivatives avenue has created a huge hole in the financial system that the monetary authorities are called to fill in order to save the day? If that could serve as our null...

A few days ago Jose Manuel Barroso (President of the European Commission) declared that austerity has its limits. The Eureka moment which says that you cannot add by subtracting finally arrived in the EU. When Archimedes proclaimed the “Eureka” moment he run with...