Meraglim Blog

In the Gold Versus Bitcoin Debate, Goldman Goes for the Gold!

I write and speak a lot on gold. In contrast, bitcoin is my least favorite topic. I’m made my views known many times. Bitcoin is a bubble and will crash and burn, probably to the $200 level sooner than later. It’s worse than a bubble because it’s shot through with bad actors, criminals, market manipulators,

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Bankers Hope for the Best. They Shouldn’t Hold their Breath.

Banks stocks have been on a tear lately, as reported in this article. The reason is not difficult to discern. The Fed is on a path to raise interest rates. This is generally good news for bank earnings. Banks make money on the “spread” or difference between their own cost of funds and the interest they charge

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China Will Hit Stall Speed in 2018. The World is Not Ready

This may be the most important article you read this year. It’s written by Lee Miller, a good friend of mine, and his colleague Derek Scissors. Lee is the founder and proprietor of an economic research service called “China Beige Book.” The name “beige book” was borrowed from the surveys conducted by regional Federal Reserve

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China Slaps on Controls, But It Won’t Be Enough to Stop Capital Flight

As the story above on the “Impossible Trinity” notes, an open capital account is an invitation to capital flight when you have unrealistic exchange rates or interest rates.  This article  explains that that’s exactly what has been happening in China. The reserve position in China has crashed from over $4 trillion to about $3 trillion in the past eighteen

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