Tag Archives: Debt and the Fallacies of Paper Money

Ticking Time Bomb “There are more things in heaven and Earth, Horatio, than are dreamt of in your philosophy.” – William Shakespeare, Hamlet The American populace counts down to Election Day with impatient intent. Will their party man occupy the White House come January 21, 2017? Or will their party woman occupy a federal prison cell? These are questions that only the good wisdom of time can answer. Here at the...

Can Saving Possibly “Undermine Economic Growth”? In his speech at the New York Federal Reserve of New York on October 5, 2016, the Federal Reserve Vice Chairman Stanley Fischer has suggested  that a visible decline in the natural interest rate in the US could be on account of the world glut of saving. According to Fischer, both increased saving and reduced investments have potentially significantly lowered the...

Is Stagflation a Potential Threat? The Incrementum Fund held its quarterly advisory board meeting on October 3 (the transcript can be downloaded below). Our regular participants – the two fund managers Ronald Stoeferle and Mark Valek, advisory board members Jim Rickards, Frank Shostak and yours truly –  were joined by special guest Grant Williams this time. Many of our readers probably know Grant; he is the author of...

Erroneous Expectations Many market observers are probably expecting crude oil prices to enter a seasonal uptrend due the beginning heating season. After all, the heating season in the Northern hemisphere means that energy consumption will rise. The effect of the heating season on demand is however offset by other factors, such as the use of alternative energy sources and fixed prices agreements made in advance. The...

Unknowable Degrees of Bubble Insanity Back in February, we brought you an update on the truly insane real estate bubble in Australia (see: “Australia’s Housing Bubble – In the Grip of Insanity” for details) in the wake of Jonathan Tepper of Variant Perception reporting on an eye-opening fact-finding tour in Sydney. This rotting shack in Sydney and its tiny plot of land sold for nearly $1 million in May of 2014 – more...

  Only Sell Stocks in Recessions? We were recently made aware of an interview at Bloomberg, in which Tony Dwyer of Cannacord and Brian Wieser of Pivotal Research were quizzed on the recently announced utterly bizarre AT&T – Time Warner merger. We were actually quite surprised that AT&T wanted to buy the giant media turkey. Prior to the offer, TWX still traded 50% below the high it had reached 17 years ago. The...

Collectivism Across Party Lines “There is nobody in this country who got rich on his own — nobody.” – Elizabeth Warren, campaign speech 2011 “If you’ve got a business – you didn’t build that. Somebody else made that happen.” – Barack Obama, campaign speech 2012 Barack Obama - Click to enlarge If you acquire any possessions by economic means, this is to say by your own efforts, serving consumers in voluntary...

Dirty War DELRAY BEACH, Florida – The markets continue to dawdle. Not much conviction in either direction. We’ve already looked at the War on Poverty, the War on Drugs and the War on Terror. So let’s move on –  using our new lens to look at another of the feds’ fake wars. No war was ever officially declared against the markets. But for four decades the feds conducted covert operations – a dirty war in which they’ve...

Who is Incrementum? Incrementum AG is an owner-managed and fully licensed asset manager & wealth manager based in the Principality of Liechtenstein. Our business focus is the management of investment funds that we believe to be unique. Our Conviction Due to structural over-indebtedness and the resulting addiction to low/negative real interest rates, we believe that the traditional approach to financial markets...

A Companion Update to this Year’s “In Gold We Trust” Report Our good friends Ronnie Stoeferle and Mark Valek of Incrementum AG have just published a new chart book, which recaps and updates charts originally shown in this year’s 10th anniversary edition of the “In Gold We Trust” report and provides an overview of recent developments relevant to the gold market. The chart book can be downloaded in PDF form via the...