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28
Aug

Jackson Hole

Jackson Hole When is a summit not a summit? I would say, when it’s just a phone call. That’s too hard for our central bankers and not serious or important enough, so they are pretending to go to the Jackson Hole Summit this year by calling it the “Jackson Hole Summit”. In fact, nobody is

20
Aug

A special anniversary

August 15th Last Saturday we reached the 49th anniversary of the collapse of the Bretton Woods monetary system. It was on August 15th 1971 that Richard Nixon confirmed he was “temporarily” closing the gold redemption window. Without the formal anchor of a scarce resource, debt and inflation have run wild since then with the following

13
Aug

The confidence game

The confidence game “We have every confidence in the ability of [person about to be sacked]” It happens all the time, particularly in sport. Confidence needs to be reinforced which means, it’s gone. Fiat currency is a confidence game too. You cannot redeem it for gold any longer and when confidence goes, the stampede for

06
Aug

Death or Glory

Q2 2020 You wont forget Q2 2020 for the rest of your life. For many businesses it was hard, for some it was the end. For others, like Square in the US, it will be remembered as a break out quarter. Their bitcoin sales increased to $875m in Q2, up 185%. Bitcoin miners mined $1bn