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Is the bond market finally catching on to the “forced risk” trade…? AS NIALL FERGUSON never tires of reminding us, bond markets rarely react early to bad news, no matter how plain it looks to everyone else. “In the years leading up to the First World War,” as the Harvard historian explained in 2006, for [...]

Economic figures released in the States overnight show the recovery could be picking up steam. The Institute of Supply Management (ISM) manufacturing index rose to 60.8% in January from 58.5% in December. If the ISM figure is above 50% it means manufacturing is expanding. A 60.8% figure is a strong number. Equity markets reacted with [...]

–Boy, it sure isn’t a good look for the land of the free and the home of the brave that American-made F-16s and M1 Abrams battle tanks are out in force across Egypt now. But cosmetics and theatrics aside, there’s a bigger story here: the entire geopolitical arrangement that has grown up around the U.S. [...]

Editor’s note: Kris Sayce is on holiday  this weekend. In his place, we bring you Nickolai Hubble with the Daily Reckoning Weekend Edition. If you  like Nick’s style, feel free to sign up for regular delivery of the DR weekend edition here. So, the world has survived the mortgage debacle and the stock market free [...]

[Ed note: the following article first appeared in the US Daily Reckoning on 23rd January 2011] In Praise of Anarchy by Joel Bowman Left alone, good people tend to do good things. And, when unobstructed by coercion, force, violence or any other tool employed by the state in order to foster and maintain a more [...]

While we kicked back on Australia Day with tongs in one hand and a stubbie in the other, it also marked the first day of the annual World Economic Forum in Davos, Switzerland. This junket brings together a couple of thousand politicians, business leaders, intellectuals and journalists to jawbone the financial problems of the world [...]

Today is Australia Day and we’re taking the day off.  In fact, we’re taking a few days off. While we’re away our hot-seat will be filled by a host of other characters.  We’ll be back next week sometime… Thursday if we remember rightly.  Until then… A quick note on Australia’s overpriced housing.  Yesterday we wrote: [...]

Reading The Age reporting on the housing market over the last couple of weeks has been like watching the Comedy Channel. At any point we expect Jon Stewart or Stephen Colbert to fly out of the page to tweak our nose and give us a cheeky wink. First we had, “Land sales plummet, adding to [...]

Before we get on to today’s Money Morning you may have noticed that over the weekend we disabled the Money Morning website comments. You can click here for an explanation… Now, on to today’s letter. Money Morning reader Philip sent us a clipping from his local newspaper, the Sunday Mail. It read: “Super boomer threat”. [...]

Soft gold prices without hard-money rates? Not for long, says the world’s 40-year unbacked money so far… JUST HOW MUCH ABUSE can soft money take? Two-thousand-and-eleven sees a big, but so far little-noted ruby anniversary. Expect to hear lots more about it as August 15th draws near. Because that day will mark 40 years since [...]