Thoughts From the Frontline, February 2016

ZIRP & NIRP: Killing Retirement As We Know It

February 28, 2016

“Baby boomers who are counting on the stock market are in trouble.”

– Robert Kiyosaki

“Pension and health care costs for our employees are going to bankrupt this city.”

– Michael Bloomberg

The Fed Prepares to Dive

February 22, 2016

“No one will lend at a negative interest rate; potential creditors will simply choose to hold cash, which pays zero nominal interest.”

– Ben Bernanke, 2009

“I think negative rates are something the Fed will and probably should consider if the situation arises.”

– Ben Bernanke, December 2015

“In theory there is no difference between theory and practice. In practice there is.”

– Yogi Berra

$100 Trillion Up in Smoke

February 6, 2016

“We aren’t addicted to oil, but our cars are.”
– James Woolsey

“The greatest asset, even in this country, is not oil and gas. It’s integrity.”
– George Foreman

A Little Chaos Is a Good Thing

February 3, 2016

A Special Edition of Thoughts from the Frontline

Longtime readers know that I rarely delve into partisan politics. That’s not the usual focus of this letter. While I am sure that most readers suspect that I generally lean Republican, I try not to let that enter into our macroeconomic and investment discussions. And I’m not really going to change that policy today. What I do want to talk about are the rather arcane topics of how the delegates to a national convention are chosen and what a...

Tokyo Doubles Down

February 1, 2016

“When it becomes serious, you have to lie.”

“I'm ready to be insulted as being insufficiently democratic, but I want to be serious... I am for secret, dark debates.”

“Of course there will be transfers of sovereignty. But would I be intelligent to draw the attention of public opinion to this fact?”

“If it's a Yes, we will say ‘on we go,’ and if it’s a No we will say ‘we continue.’”

“We all know what to do, we just don't know how to get re-elected after we’ve done it.”

– All quotes from...