Observed on the first Monday in September, Labor Day pays tribute to the contributions and achievements of American workers. It was created by the labor movement in the late 19th century and became a federal holiday in 1894. Labor Day also symbolizes the end of summer for many Americans, and is celebrated with parties, parades and athletic events.
In this week’s address, the President wished Americans a Happy Labor Day weekend, highlighted the important economic progress we’ve made, and reaffirmed his commitment to accelerate our progress and ensure that our growing economy fuels a strong middle class.
You are being made redundant at this very moment. The hammer might drop in a week or it might drop in a decade. But whether or not you like it – or can even visualize it – someone is working hard to make your cheaper, more efficient, more effective replacement. This has been going on since the beginning of time. Call it progress. Luckily, since the beginning of time, the progress has been offset by new opportunities in new fields. For example, while the horse and buggy industry declined, the automobile industry (and all the knock-on industries, like gas, road [...]
In this first of a series of London interviews that Lars Schall conducted for Matterhorn Asset Management this summer, Lars met up with Ambrose Evan-Pritchard to discuss geo-politcal tensions in the world, China’s challenges, threats to the global economy and the expectations for gold. Ambrose Evans-Pritchard (1957), is the international business editor of the British newspaper The Telegraph. He was the Telegraph’s Washington bureau chief in the 1990s. Until 2004 he served as the Telegraph’s EU correspondent in Brussels. Before joining the Telegraph, he has worked for The Spectator (in Washington under Reagan/Bush I) and The Economist (in Latin America). [...]
In this 2nd of a series of London interviews that Lars Schall conducted for Matterhorn Asset Management this summer, Lars has a City street conversation with Alasdair Macleod. Together they talked about, inter alia: the challenges for the LBMA; China’s appetite for gold; the Shanghai Cooperation Organization as the player in the gold market in the future; and the problems related to Germany’s gold at the New York Fed. Alasdair Macleod started his career as a stockbroker in 1970 on the London Stock Exchange, and learned through experience about things as diverse as mining shares and general economics. Within nine [...]
Guest post by Gail Tverberg of Our Finite World On August 6, I wrote a post called Making Sense of the US Oil Story, in which I looked at US oil. In this post, I would like to look at other sources of US energy. Of course, the energy source we hear most about is natural gas. We continue to be a net natural gas importer, even as our own production rises. US natural gas production leveled off in 2013, because of the low level of US natural gas prices. In 2013, there was growth in gas production in Pennsylvania [...]
Who is this Professor Emeritus behind one of the most ominous messages of the 21st century regarding human extinction by 2050? What makes him tick? How does he think? What about his character?
Islamic State (ISIS, ISIL or whatever they are called) now controls a land mass larger than the UK and earns over $2 million a day in revenues from oil sales, extortion, taxes and smuggling. That’s a sh!tload of money – more than Twitter, which incidentally has a $27b market cap. According to Bloomberg, Islamic State is self-reliant and self-funding, unlike previous terrorist groups which depended on the kindness of strangers. “The Islamic State is probably the wealthiest terrorist group we’ve ever known,” said Matthew Levitt, a former U.S. Treasury terrorism and financial intelligence official who now is director of the [...]
I am not sure how viewing a video can be declared a crime. What is there to prevent people from seeing? Scotland Yard has warned internet users they could be arrested under terrorism legislation if they viewed or shared the video of James Foley’s murder, as Twitter and YouTube attempted to remove all trace of the footage from the web. (Source) Could it be because the video may have been staged? According to one analyst: …a study of the four-minute 40-second clip, carried out by an international forensic science company which has worked for police forces across Britain, suggested camera [...]
Never before has the developed world carried this much debt. Never before have the central banks of those same countries expanded their balance sheets so much. Never before has so much sovereign debt been outright monetized. Never before have major financial institutions been officially designated as “too big to fail” and thereby been granted special license to assume gigantic risks. Dr. Lacy Hunt, economist and current executive vice president of Hoisington Investment Management Company, expects the macroeconomic situation to get worse from here.
In March 2009 most retail investors were pessimistic about the markets. For at least a couple years, any good news was met by extreme skepticism. Readers would comment that the market was rigged, that the recovery was fake, that everything would collapse once QE was removed, that government bond yields were going to skyrocket due to money printing, etc. Instead of collapsing, markets rose over the next five years, employment continuously improved and yields remained low. Today, the S&P 500 broke through 2000 and fell back to settling at an all time high of 1997.92. After the 5 year raging [...]
Charity is big f@cking business. People get rich running charities. Charities are giant marketing organizations. Now put that into perspective when you consider the following graphic. This illustrates the vast gap between donations and deaths. All diseases suck, but doesn’t it make sense to tackle the ones that knock down the most people? So what explains the gap? Maybe money raised today is an after-effect of previous fundraising momentum, which succeeded in bringing down the death rates in the disease. One wonders then what these charities do once death rates for their respective causes plummets. Do these charities outlive their [...]
Becoming wealthy often requires the adoption of certain habits. While common sense to some, these habits are often difficult to embrace and master. I need constant reminder of what I should be doing and how I should be thinking. Without these reminders I stray from my long term plan. Financial freedom and independence takes practice. Just like shooting a ball through a hoop. We all make mistakes along the way, but with these books at your side you are better equipped to build and maintain a long term course. Read them. Re-read them. They may benefit you whether you crave [...]
Question: would another 9/11 tank the stock market? Would it make it harder to find a job? Would it freeze business investment and trigger a recession? Nobody can guarantee any answers, so you must diversify to mitigate these risks. Are you all long risk assets? Do you hold any government bonds? Do you own any gold? What is your exposure to the US dollar? It may be time to evaluate how a new rise in terrorism might affect your wealth creation plans.