John Rubino

John Rubino Articles

When a country pegs its currency to a bigger one like the US dollar, it in effect outsources its monetary policy to the operator of that other currency. This confers several benefits, including the enforced discipline of the other,...
The past few years have been brutal for the gold miners, most of which brought it on themselves by starting new, high-cost mines just in time for the metal’s price to crater. The resulting write-downs and operating losses have made this...
One of the oddities of floating exchange rates is that they cause people to view the world in terms of their own national currency. For Americans that means looking out through a window that is distorted by the dollar’s recent surge. A C$...
Global capital is looking for a place to hide. But after decades of enthusiastic currency creation and financial engineering, there's way too much of it for any one country to accommodate. This mismatch between money knocking at the door...
To say that gold is in a bear market is to misunderstand both gold and markets. Gold isn't an investment that goes up and down. It is money in the most basic store-of-value sense. Most of the time it just sits there, and when its price...
In a very real sense, it is fractional reserve banking and not money itself that is the root of so many of today's evils. Whenever fractional reserves are permitted, the banking system - including the one that exists today throughout the...
Macroprudential Policies of Financial Repression have been steadily accelerating since the implosion of the Dotcom Bubble.
For the past couple of years the European Central Bank has been the only sane inmate in the asylum. Unfortunately, in a crazy world being sane just gets you into trouble. Sound monetary policy leads to a strong currency, which in a...
To Westerners, China has always been a mystery. The huge population of very smart, hard-working people. The succession of unfamiliar, authoritarian governments. The sense that they're playing the long game while we're obsessed with...
2013 was a year in which lots of imbalances built up but none blew up. The US and Japan continued to monetize their debt, in the process cheapening the dollar and sending the yen to five-year lows versus the euro. China allowed its debt to...
Due primarily to the California Gold Rush, San Francisco’s population exploded from 1,000 to 100,000 in only two years.

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