The Daily Caller

The Daily Caller

Welcome to Pluto

James Rickards
Contributor

Plutocracy, rule by the rich, is not named for Pluto, god of death, but his spoiled son, Plutus, the personification of wealth. The juxtaposition of a dead economy and bank billionaires makes this lineage apt.

Debt denial

12:00 AM 04/07/2010

The sovereign debt crisis has crossed a threshold. It's no longer about economics. It's about math and a complex system whose dynamics tell us there is little time to avoid catastrophe and almost no exit. Going forward, elections and policies will matter less as the debt plague takes hold and dictates hard outcomes.

The New Depression and the Fed’s illusion

12:00 AM 02/01/2010

Recent positive GDP numbers lay bare the extent to which the supposed recovery is based on government paper-hanging and wishful thinking and is, in the end, non-sustainable. The New Depression began in 2007 and will run through 2011 or longer depending on policy. Semantic back flips, such as calling our condition the Great Recession to avoid using the word depression, will not change this fact.

The frog, the scorpion and Goldman Sachs

2:35 PM 01/18/2010

Workingman’s Fed

1:41 PM 01/08/2010

One of the most successful pieces of propaganda ever is the myth that the Federal Reserve exists to protect the dollar.  Like all great myths it unifies its believers and shields them from the facts.  But facts are stubborn things, as John Adams observed, and it is a fact that since the creation of the Federal Reserve the dollar has lost 92 percent of its purchasing power.  If you had a nickel and three pennies in your hand, that's what's left of the dollar since the Fed took charge.  Imagine if the Fed were in charge of air safety and 92 percent of the flights crashed on takeoff.  That's how well the Fed has done its purported job.