It's a day ending in -day, which means it is time for another Jeff Gundlach fire sermon, as transcribed by Reuters. And while in his most recent address to the mortals the new bond king from DoubleLine focused on tremors in the bond market, predicting that "credit fund bankruptcies are coming," and that "the VIX needs to surge above 40 before a bottom can be made in the high-yield junk bond market", today he focused on a topic we have been covering all day, namely the collapse of faith in central bankers and the ascent of gold as a preferred asset class to paper money and bank deposits.

Are Americans Too Insouciant To Survive?

Paul Craig Roberts

When one looks at the deplorable state of the world, one cannot help but wonder at the insouciance of the American people. Where are they? Do they exist or are they a myth? Have they been put to sleep by an evil demon? Are they so lost in The Matrix that they cannot get out?

All my Catholic academic friends are infuriated by what’s happening at Mount St. Mary’s, a small Catholic liberal arts college in Emmitsburg, Md. Former TAC blogger John Schwenkler, who once taught philosophy there, tells the shocking tale. Excerpt:

Submitted by Lance Roberts via RealInvestmentAdvice.com,

Companies Lose Billions On Stock Buybacks

I recently wrote an article about why “Benchmarking Your Portfolio Is A Losing Bet.” In that missive, I discussed all the things that benefit a mathematically calculated index versus what happens in an actual portfolio of securities. One of those issues was the impact of share buybacks:

Authored by Steve H. Hanke of The Johns Hopkins University

The Great Recession of 2008-09 brought with it quantitative easing. This, in turn, spawned a cottage industry of books, articles and blog posts about hyperinflation. The burgeoning literature contains a great deal of hype, which validates the 95% Rule: 95% of what is written about economics and finance is either wrong or irrelevant.