By financial independence, I don’t mean an inherited trust fund–I mean earning an independent living as a self-employed person. Sure, it’s nice if you chose the right parents and inherited a fortune. But even without the inherited fortune, financial independence via self-employment has always been an integral part of the American Dream.
Indeed, it could be argued that financial independence is the American Dream because it gives us the freedom to say Take This Job And Shove It (Johnny Paycheck).
When stock markets are free-falling 10+% in a matter of days, it’s natural to seek some answers to the question “why now?”
Some are saying it was all the result of high-frequency trading (HFT), while others point to China’s modest devaluation of its currency the renminbi (a.k.a. yuan) as the trigger. Trying to finger the proximate cause of the mini-crash is an interesting parlor game, but does it really help us identify the trends that will shape markets going forward?
We might do better to look for trends that will eventually drag markets up or down, regardless of HFT, currency revaluations, etc.
I worked as a financial derivatives broker in London from 2008 to 2010, at a company clinging on for life in the midst of the financial crisis. That is not a particularly long time to work as a broker, but I was never aspiring to it as a career. I was an activist on a adventure on the ‘dark side’, immersing myself in the culture of high finance in an act of subversive financial anthropology.
Of course, you might ask why I did this. I perceived it as an experimental form of activism, one that I later came to refer to loosely as ‘culture hacking’. It is a form of deviant anthropological activism. I say ‘deviant’ because it is not ‘straight’ activism, with its insistent focus on good versus evil. Rather, it is bent, ambiguous, dirty, corrupted, dark activism, as much directed at yourself as it is at some external party.
Do you want to challenge financiers who back dictators and surveillance companies? Do you want to be able to enter a corporate general meeting and critically engage with CEOs as a shareholder activist? Do you want to build networks of insider contacts who can give you information? Do you want to blend like a chameleon into the fabric of investment bank conferences? Do you want to feel fused into the emotional and human foundations of powerful institutions otherwise cloaked in technocratic, economic jargon? If so, read the rest of this story (5000 words) here: Dark Side Anthropology
With each passing day, it become clearer and clearer just what a crumbling charade of greed, cronyism and phony humanitarianism the Clinton family really is. In the latest revelation, we find out that Bill Clinton tried to get State Department support to deliver paid speeches to two of the most repressive regimes in the world: North Korea and the Democratic Republic of the Congo. Apparently, the $48 million “Slick Willie” raked in during the four years Hillary was Secretary of State wasn’t enough to “pay the bills…”
- Einstein, Physics, Gold and The Formula To End Economic Decay
– Demand Surge and Shortages of Bullion as Stocks Fall Sharply
– New ‘Bullion Coin and Bar Premiums and Availability’ – See Table
– Gold Outperforms All Assets In August – See Table
Today’s Gold Prices: USD 1,125.50, EUR 998.23 and GBP 730.99 per ounce
Yesterday’s Gold Prices: USD 1128.50, EUR 999.38 and GBP 728.91 per ounce.
Yesterday, gold rose a marginal $0.20 to $1124.30 in New York. Silver rose 27 cents or nearly 2% to $14.45 per ounce.
Gold Outperforms All Assets In August As month end approaches, gold has outperformed the vast majority of major assets (see table above) and is nearly 3% higher in August while leading stock indices have fallen by more than 6% and some crashed by 20% this week prior to the recent bounce.
We are extremely busy and this was one of the busiest weeks of the year so far – both in terms of number of transactions and total volume in dollar sales terms. This increase in physical demand should lead to higher prices in the coming weeks.
This has been the case for bullion refiners, mints and dealers all of whom say very high demand for physical this week. Indeed there are again supply bottlenecks and shortages of many popular bullion coins and bars – especially silver bullion coins and bars (see table below).
We discuss BP settlements, fracking abandonments and Uber’s balance sheet. In the second half, Max interviews ‘America’s Lawyer’ Mike Papantonio about Loretta Lynch, Eric Holder and the failure of the left and progressive wing in America.
Today’s article from the Wall Street Journal on investors taking out large loans backed by portfolios of stocks and bonds is one of the most concerning and troubling finance/economics related articles I have read all year.
Many of you will already be aware of this practice, but many of you will not. In a nutshell, brokers are permitting investors to take out loans of as much as 40% of the value from a portfolio of equities, and up to a terrifying 80% from a bond portfolio. The interest rates are often minuscule, as low as 2%, and since many of these clients are wealthy, the loans are often used to purchase boats and real estate…
DAILY PRICES Today’s Gold Prices: USD 1128.50, GBP 728.91 and EUR 999.38 per ounce
Yesterday’s Gold Prices: USD 1134.40, GBP 724.63 and EUR 990.05 per ounce. (LBMA AM)
Gold in US Dollars – 5 Years Yesterday, gold fell $15.40 to $1124.10 in New York – down 1.3%. Silver fell another 3% or 46 cents to $14.18 per ounce.
Why gold was the best buy in 2008-9 and will be this time too What was the best asset class to buy for the recovery that followed the 2008-9 crash in global financial markets? Step forward gold whose rise was only exceeded by silver.