One sad situation regarding my age is that I’ve outlived almost all of my friends. There is still one old buddy, James Salter -- loaded, writer, and ex-fighter pilot whom I’ve lost track of. James, if you’re reading this, drop a line. Another old buddy whom you read about last week is Hank Salm, whom I spent some of the last years of the Depression with.
For the benefit of new subscribers, I want to state my position. I think the bear market that started in 2007 was interrupted, BUT NOT ENDED, by the Fed. Somewhere ahead, I believe this bear market will run to conclusion. I also believe that the great recession never ended, but was masked by the "manufactured" rally in the stock market. Thus the reason that the Fed cannot produce its much-wanted 2% inflation is that the deflationary pressure of the great recession is still in force. The ... Log in or subscribe to continue reading.
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