John Rubino

Articles by John Rubino

The “pension crisis” is one of those things – like flying cars and nuclear fusion – that’s always coming but never arrives. But for pension funds reason it hasn’t yet happened is also the reason that it will happen, and soon:

The Risk...
Self-destruction usually happens in stages. At first there’s a binge in which the thrill outweighs the sense of transgression. This is usually followed by remorse, acknowledgement of risks, and an attempt to reform.

But straight-and-...
Towards the end of financial bubbles, people who previously paid little attention to things like “quality” start trying to figure out what they actually own. The result is either funny or terrifying, depending on the point of view.

This...
2017 was literally the smoothest stretch of highway that US stocks have ever traveled. Rising almost every day and seldom falling hard, they made it virtually impossible for investors to lose money. Here’s the Dow Jones Industrial Average...
Late cycle behavior is everywhere these days. Governments have stopped worrying about deficits, and now the rest of us are apparently joining the orgy.

Corporations, for instance, are buying each other out – mostly with borrowed money...
Central bankers keep lamenting the fact that record low interest rates and record high currency creation haven’t generated enough inflation (because remember, for these guys inflation is a good thing rather than a dangerous disease).

To...
Of all the despicable side-effects of modern monetary policy, the worst might be the implicit encouragement artificially-low interest rates give small savers to take outsize risks. The only thing worse might be when government makes it...
Corporate share repurchases have turned out to be a great mechanism for converting Federal Reserve easing into higher consumer spending. Just allow public companies to borrow really cheaply and one of the things they do with the resulting...
One of the recurring themes of financial history is government over-reach leading citizens to mistrust the local currency and move money overseas, prompting the government to try to trap that wealth within its borders. This nearly always...
Insanity, like criminality, usually starts small and expands with time. In the Fed’s case, the process began in the 1990s with a series of (in retrospect) relatively minor problems running from Mexico’s currency crisis thorough Russia’s...

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