Podcast: The Irony of Jamie Dimon’s Recent Comments on Bitcoin

Today, I’m trying something new. Instead of writing a commentary, I’ve recorded a podcast. This will allow you to access my perspectives while driving in your car!

Recently, Jamie Dimon called Bitcoin a fraud. While I don’t agree it’s a fraud, I do want to comment on the irony of his comments regarding cryptocurrencies as those comments pertain to the U.S. Dollar.

Take a listen and please share if you find this podcast interesting!

Quarterly Market Review: 2017.Q3

Below you’ll find a summary of 3rd quarter and year-to-date returns for a handful of market indexes covering the globe.

Stocks continued to perform extremely well in the third quarter boosting year-to-date returns well into the double-digits. The top performing assets were foreign stocks with emerging market stocks more than doubling the returns of the U.S. stock market. Broad commodities have been the poorest performer for the year so far.

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“Gold is the money of kings…but debt is the money of slaves.” U.S. National Debt Tops $20 Trillion.

 

“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”

– Norm Franz, Money & Wealth in the New Millennium

“The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own.”

– John Adams, First Annual Address to Congress

 Executive Summary

  • U.S. national debt tops $20 trillion for first time after debt ceiling is suspended again.
  • Interest on the national debt is half a trillion dollars even with historically low interest rates.
  • The national debt is a burden on ourselves, children and grandchildren essentially enslaving future generations as we put them on the hook for our profligacy.
  • The national debt also acts like an anchor dragging on economic growth.
  • Potential solutions (good and bad) include reduced spending, higher taxes, money printing or outright default.

Continue reading ““Gold is the money of kings…but debt is the money of slaves.” U.S. National Debt Tops $20 Trillion.”

If you’re investing with a broker, bank, or insurance company run as fast as you can

I’ve often discussed the differences between the commissioned model embraced by brokers, banks, and insurance companies and the fee-only model of independent registered investment advisors (RIAs).

Besides obvious differences in compensation structure, independent, fee-only RIAs are also held to the fiduciary standard. If you want perhaps a more helpful and colorful explanation of the fiduciary standard, I suggest you check out entertainer John Oliver’s segment on the topic.

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What Does Free Beer Teach Us About Economics?

I’ve experienced weddings from a few different perspectives: as a guest, as the co-star, in a supporting role and as the bartender. Bartending is a great gig for a college-age kid by the way.

Bartenders are notoriously observant…especially once the guests are loosened up and start filling the dance floor because this is the time when things start to slow down for the bartenders giving them a chance to really observe the festivities.

Not long after this point (sometimes it feels far too soon when you’re a guest) the party begins winding down, and the cleanup begins, but you don’t need to be a bartender to make the following observations. In fact, I’m sure you’ve already made these observations:

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