When people are creating wealth, they have little reason to get mad at one another.

A free society is also generally a wealth creating society. People do what they want. If they want wealth, they are free to create it.

In the world of money, the fewer ideas you have the better.  Ideas are usually wrong.

Last Thursday, the employment figures were reported as both a triumph and a setback.

How deep in the hole are the state and local governments? Truth is, nobody knows. The states report their liabilities in strange ways, often ignoring accounting conventions.

What a change this is from a few years ago. Remember when the US was on top of the world.

It's better than a prediction. It's what you should believe, even if it turns out to be wrong.

The person lumpenproletarian can't easily increase his income.  So if he wants to improve his financial circumstances, all he can do is to work on the expense side of the ledger, not the income side.

On the one hand, the deflationary contraction that began in 2007 will continue shrinking prices and economic growth.  On the other hand, the inflationary expansion of the money supply that began in 2009 will go on too.

What kind of year was it? A flop. A failure. A loser. Just like Bill Bonner said it would be.