I Was A Good Amateur But Only

Gold, Unlike All Other Commodities, Is A Currency...and The Major Thrust In The Demand For Gold Is Not For Jewelry. It's Not For Anything Other Than An Escape From What Is Perceived To Be A Fiat Money System, Paper Money, That Seems To Be Deteriorating.

Given Our Inevitably Incomplete Knowledge About Key Structural Aspects Of Our Ever-changing Economy And The Sometimes Asymmetric Costs Or Benefits Of Particular Outcomes, A Central Bank... Need To Consider Not Only The Most Likely Future Path For The Economy But Also The Distribution Of Possible Outcomes About That Path. They Then Need To Reach A Judgment About The Probabilities, Costs, And Benefits Of The Various Possible Outcomes Under Alternative Choices For Policy.

This Decade Is Strewn With Examples Of Bright People Who Thought They Built A Better Mousetrap That Could Consistently Extract Abnormal Returns From The Financial Markets. Some Succeed For A Time. But While There May Occasionally Be Mis-configurations Among Market Prices That Allow Abnormal Returns, They Do Not Persist.

American Consumers Might Benefit If Lenders Provided Greater Mortgage Product Alternatives To The Traditional Fixed-rate Mortgage.

The Free Lunch Has Still To Be Invented.