5 random things for Friday (NIRP hurting bank stocks, Tom Woods quote, why is Hillary Clinton yelling at us?)
News Story of the Day: former Federal Reserve Chair Alan Greenspan thinks the current bullish rally in the bond market is unsustainable. In fact, according to Greenspan, the bond market has already reached its peak.
“Whenever you have a bull market, it looks as though it is never going to turn,” Greenspan told Bloomberg Televisionon Friday. “This is a classic case of a peak in a speculative security.”
The U.S. 10-year note yield declined to its lowest level in two weeks, but Greenspan believes that it my spike in the long-term to as much as five percent.
Chart of the Day: nations that have instituted negative interest rate policies have impacted bank stocks. And not in a good way. This chart from MarketWatch compares banking stocks in NIRP countries and in non-NIRP countries. It’s quite revealing that even financial institutions are negatively affected by subzero interest rates.
Illustration of the Day: the government has imposed a new stimulus project: shovelling a field of snow for no reason. Politicians feel this will give workers more jobs and will create endless prosperity for the entire country. Here is footage of the new program (we’re kidding by the way):
Quote of the Day: Tom Woods is one of the greatest libertarian thinkers today. He is one of the few to really carry the libertarian torch and ensure that the Ron Paul revolution lives on. Writing in his new book “Real Dissent,” Woods is eloquent about the state of politics today:
“‘Ron Paul is crazy,’ the guardians of respectable opinion assured us. What they really meant was that Ron Paul defied traditional political categories and advanced positions outside the Clinton-to-Romney continuum. People whose minds have been formed in ideological prison camps for 12 years have learned to confine themselves within an approved range of possibilities. Tax me 35 percent or tax me 40 percent, but don’t raise the possibility that taxation itself may be a moral issue rather than just a matter of numbers. Either bomb or starve that poor country, but don’t tell me there might be a third option. The Fed should loosen or the Fed should tighten, but don’t tell me our money supply doesn’t need to be supervised by a central planner. As always, confine yourself to the three square inches of intellectual terrain the New York Times has graciously allotted to you.”
Video of the Day: why is Hillary Clinton yelling at everyone? Speaking during a video conference of the Laborers’ International Union of North America, Clinton asked: “Why aren’t I 50 points ahead of Trump?” Although the question reeks of entitlement, her tone was a lot more interesting. She seemed more like a badgering grandma, yelling at her kids about how back in her day…