| 12/30/2004 - Market Misconceptions |
| By Marc Faber "Chinese demand for natural resources is driving the commodities markets wild...and there is no end in sight. Over the past two years, commodities have done more than eight times better than traditional stocks..." |
 |
| 12/29/2004 - Science - Shaken, Not Stirred |
| By Carl Waynberg "If you listened closely, you could hear the rumblings. Not those of the devastating earthquake and ensuing tsunami in Southeast Asia, but of the thousands of mice on wheels inside the brains of Wall Street's delicate geniuses..." |
|
| 12/28/2004 - Economic Nightmares and Financial Monsters |
| By The Mogambo Guru "In preparing to read Doug Noland's Credit Bulletin column at PrudentBear.com, I thought I had prepared myself, and had gotten lots of sleep and water, had taken special care with my diet..." |
|
| 12/25/2004 - Christmas Turkeys |
| By Addison Wiggin and Tom Dyson "It's Christmas. We're in New York. The feet are elevated, the wine's fortified and for the first time in 8 weeks, the food hasn't been fried. And other than the credit rating of Fannie's preferred stock..." |
|
| 12/24/2004 - Over The Top |
| By Bill Bonner "No, today's Scrooges are of a different ilk all together. They drive fancy cars...live in oversized houses...and save nothing. They worship at a strange new altar - an altar of things...things measured in paper dollars." |
|
| 12/23/2004 - Myths And Misdemeanors |
| By Carl Waynberg "Small cap wizard Carl Waynberg targets young companies of solid value trading in America's overlooked small cap exchanges. Fifteen of the companies Carl zeroed in on last year made the "jump" to a major exchange..." |
|
| 12/22/2004 - Canary in a Coalmine |
| By John Mauldin "John Mauldin is the creative force behind the Millennium Wave investment theory and author of the weekly economic e-mail Thoughts from the Frontline. As well as being a frequent contributor to The Daily Reckoning." |
|
| 12/21/2004 - The Spectre of Deflation |
| By John Calverley "John P. Calverley is Chief Economist and Strategist at American Express Bank in London. A regular guest on CNN and the BBC, Mr Calverley has been analyzing and writing on economics and the investment markets..." |
|
| 12/20/2004 - Don't Do Us Any More Favors |
| By The Mogambo Guru "Apparently I am not the only guy who is upset by the privatization of Social Security thing, and for proof of that, I proudly present Llewellyn Rockwell, Jr., president of Ludwig von Mises Institute..." |
|
| 12/18/2004 - The Rape of Nanking |
| By Bill Bonner "But no cameras recorded the spectacles. The photos in Iris Chang's book provide evidence against those who believe in the perfectibility of man." |
|
| 12/15/2004 - The World's Workshop |
| By Chris Mayer "When customers start demanding things, you know it's going to start topping out," says Arnold Van Den Berg, the 64-year-old founder of the eponymous money management firm that has soundly beaten..." |
|
| 12/14/2004 - Surfing the Wave of Change |
| By Jonathan Kolber "We are at one of those unique moments in history when, to borrow a phrase, "everything old is swept away as in the twinkling of an eye." |
|
| 12/13/2004 - Surviving on Candy Bars |
| By The Mogambo Guru "If you want to see MY consumer confidence go down, all you gotta tell me is that something that I want to buy costs more money, and while the previous price was more than I could afford to pay..." |
|
| 12/11/2004 - Hot Commodities |
| By Tom Dyson "It's no secret that Jim Rogers is bullish on commodities...he's been touting them to anyone who'll listen, since 1998. And there are many people who listen to Jim Rogers..." |
|
| 12/10/2004 - A Goldbug's Life |
| By Bill Bonner "...But gold wasn't born yesterday...or four years ago. Mr. Surowiecki noticed that the metal has a past, just as it has a present. He turned his head around and looked back a quarter of a century..." |
|
| 12/08/2004 - Luck Be a Trader... |
| By Nassim Nicholas Taleb "A few years ago, when I told a then Master-of-the-Universe type, that track records were less relevant than he thought, he found the remark so offensive that he violently flung his cigarette lighter in my direction." |
|
| 12/07/2004 - Tar Babies |
| By Eric J. Fry "We commodity bulls suffered more pain and misery yesterday than an insubordinate sailor on the HMS Bounty. Mr. Market viciously lashed us resource investors, as if he were wielding a cat-o'-nine tails." |
|
| 12/06/2004 - The Pungent Smell |
| By The Mogambo Guru "Paul McCulley, of PIMCO, has a nice essay entitled "A Debtor's Blessing." In answer to Ron Paul asking Alan Greenspan about fiat currencies, and how they always fail, and all that stuff that makes me crazy..." |
|
| 12/03/2004 - The Fabulous Destiny of Alan Greenspan |
| By Bill Bonner "How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions, as they have in Japan over the past decade?" |
|
| 12/02/2004 - The Match King |
| By Dan Ferris "The Irving Trust Company of New York was named as trustee in the Kreuger bankruptcy. Irving Trust liquidated almost all of Kreuger's assets. But there were four little companies they didn't want to liquidate in the U.S." |
|
| 12/01/2004 - The Age of Inflation |
| By Hans Sennholz "When the bubble bursts and housing prices readjust, many new owners would soon lose their entire investment. A ten percent fall in prices wipes out a ten percent owner equity; a thirty or forty percent decline..." |
|
| 11/30/2004 - Thanks For The Oil Boom |
| By John Myers "As America has entered an age of extreme dependence on oil, the appetite in the rest of the world is growing each and every year." |
|
| 11/29/2004 - The Gold Bug In All Of Us |
| By The Mogambo Guru "But with a slightly different perspective, Peter Brimelow and Ed Rubenstein, of CBS.marketwatch.com, write, "The remarkable thing about gold is that really has been a store of value." |
|
| 11/27/2004 - Fortune Favors the Brave- The Weekend DR |
| By Addison Wiggin and Tom Dyson "...despite the rising energy and interest rates, stocks eeked out an up-week. The Dow gained 65 points to close Friday's session at 10,520. The Nasdaq and the S&P both managed small gains as well." |
|
| 11/26/2004 - Interview with a Day Trader |
| By Bill Bonner "...I had one woman on Tuesday. Nice green eyes. Reddish hair. And a thick Irish accent. She said she had lived in Ireland all her life. Even had an Irish passport. But I could tell- Russian Intelligence..." |
|
| 11/25/2004 - Thanksgiving |
| By Bill Bonner "As the Wall Street Journal reminds us annually, they nearly exterminated themselves in typical Yankee fashion - by wanting to boss each other around..." |
|
| 11/24/2004 - Export Dependence |
| By Gary Shilling "Asian concern over dollar weakness, then, is overblown, but worries over U.S. growth and American imports are well founded. The immense fiscal stimuli from earlier tax cuts and jumps in defense and Homeland Security..." |
|
| 11/23/2004 - Gold and Gravity |
| By Dan Denning "I made the enhanced liquidity argument myself - about a year and a half ago, when gold was much less popular. Today is different. Gold is 'hot'." |
|
| 11/22/2004 - A Financial Fiasco |
| By The Mogambo Guru "...The fact that the stock market is going up at the same time as the dollar going down, along with all the other economic headaches both domestic and foreign, is just too, too weird for me..." |
|
| 11/20/2004 - One-Way Traffic |
| By Addison Wiggin and Tom Dyson "Curiously, the current account balance continued to deteriorate for the entire duration of the dollar's move lower, and only started to move back into the black after the dollar had stabilized..." |
|
| 11/19/2004 - Still Trying to Hustle the East |
| By Bill Bonner The foreign press seems to have taken to the U.S. grunt in Iraq as if he were John Wayne fighting the Apache. They seem almost to admire the way GIs spit and curse, and "kick butt." |
|
| 11/18/2004 - Faith in the System |
| By Irwin Greenstein "Americans don't typically worry about the dollar. They earn their money in dollars and pay their expenses in the same coin of the same realm. But everyday they grow poorer. Because in the eyes of the rest of the world..." |
|
| 11/17/2004 - Oddball Investing |
| By James Boric "Bill Tweedy quickly became one of the only small- or micro-cap brokers in New York - the "broker of last resort," as he was called by the many shareholders who couldn't trade their shares anywhere else..." |
|
| 11/16/2004 - The Goddess of Gold |
| By Sala Kannan "First, the Indian stock market is relatively unsophisticated. The total market cap of the BSE Index as of April 2004 was $226 billion. The Dow Jones Total Market Index for the United States..." |
|
| 11/13/2004 - My Baby Girl |
| By Addison Wiggin and Tom Dyson "Kevin Kerr is another commodity bug. Not only does he understand the fundamental reasons behind this fabulous nascent bull market, but he used to trade in the commodity pits..." |
|
| 11/12/2004 - Remembrance Day |
| By Bill Bonner "But then, war - like markets, politics and team sports - has a logic of it's own. It is a public spectacle, not a private one. Masses of people are stirred up - mobs, groups, and crowds - to do the most remarkable..." |
|
| 11/11/2004 - If We Play Our Cards Right... |
| By Doug Casey "But Alan Greenspan is still a master of wit and wisdom. The key man, at the nation's key bank, told members of Congress that they were making a mistake by not cutting back federal borrowing..." |
|
| 11/10/2004 - A Manipulated Market |
| By John Mauldin "The Federal Reserve defines the trade-weighted dollar as "a weighted average of the foreign exchange value of the U.S. dollar measured against a subset of the broad index currencies that circulate widely outside..." |
|
| 11/09/2004 - Profitable Tumbleweeds |
| By Steve Sjuggerud "Natural resources are cheap and plentiful too. Pablo’s Northern Orion is a partner in Alumbrera, a world-class copper mine where copper is mined cheaper than anywhere in the world. Literally, the net cost of production..." |
|
| 11/08/2004 - The Joke's On Us |
| By The Mogambo Guru "Apparently this Liu guy is unaware that the reason that I am on the floor, twitching and gagging in fear, is this inflation thing." |
|
| 11/06/2004 - Gravity Gets Its Man |
| By Addison Wiggin and Tom Dyson "After all, it seems that two such ponderous masses as the dollar and its yield would move together. At least, that's how it would seem to a couple of British men like Sir Isaac and your editor." |
|
| 11/05/2004 - The American Brain |
| By Bill Bonner "People go along with whatever hooey is popular. Not only do they go along with it - they go out of their way to take part in it. The front page of almost all the newspapers in Europe this week carried photos of long lines..." |
|
| 11/04/2004 - The Era of Fictitious Capitalism |
| By Addison Wiggin "In 1971, when Nixon closed the gold window...the dollar - the last major currency to be tethered to gold - came unstuck. Economic growth as measured by GDP was no longer restricted by the growth..." |
|
| 11/03/2004 - A World of Randomness |
| By Nassim Nicholas Taleb "In Europe, the reaction to the U.S. election is of such universal disgust; they are practically hanging black crepe paper from the balconies and lampposts. The Europeans hoped Americans would come to..." |
|
| 11/02/2004 - Good Seats Still Available |
| By Christopher Mayer "Our beat is markets...and what moves markets. They are not moved by individuals analyzing businesses as if they were their own, but by the great mass of lumpen humans who do no analysis of any kind." |
|
| 11/01/2004 - Who's Paying for the Free Lunch? |
| By The Mogambo Guru "The competition for that money would have caused interest rates to rise because the old supply/demand rule says that increased demand should cause prices (in this case, the price of money) to go up..." |
|
| 10/29/2004 - All Hallow's Eve |
| By Bill Bonner "Halloween is an example of what Philippe Muray calls 'Festivus'...the way in which the genuine, dark, primeval, wild and dangerous currents and undercurrents in society have been tamed...and transformed into harmless celebrations." |
|
| 10/28/2004 - TANGIBLE ASSETS THAT SWEAT |
| By Chris Mayer "It is an old adage on Wall Street to buy cheap and sell dear. But it is often overlooked, as investors continually overpay for businesses that they have fallen in love with." |
|
| 10/27/2004 - THE MYSTERY OF WYNDCLYFFE |
| By Addison Wiggin "'They have houses, but not titles; crops, but not deeds; businesses, but not statutes of incorporation. It is the unavailability of these essential representations that explains why people who have adapted..." |
|
| 10/26/2004 - KEEPING UP WITH THE JONES |
| By Doug Casey "He borrowed money because he wanted to own more things. In the process, he committed a significant portion of his future earnings to the banks..." |
|
| 10/25/2004 - THE MASKED ECONOMIST |
| By The Mogambo Guru "And before you start crying about these poor foreigners and how their stockbrokers lied to them about how all American stocks are a good buy, start thinking about your OWN situation..." |
|
| 10/23/2004 - THERE'S A DINOSAUR IN MY BACK YARD |
| By Tom Dyson "...So you can imagine our surprise when he said he was thinking about buying an SUV. We nearly choked on our scrambled eggs...!" |
|
| 10/22/2004 - AIN'T MISBEHAVING |
| By Bill Bonner "There is always a lot of random noise in markets - as in life itself. But there are patterns, too. The trouble is, the patterns - like fractals - are variable and largely unpredictable." |
|
| 10/21/2004 - PANIC AND PROFITS |
| By Chris Mayer "Panics always have their beginnings in the boom that precedes them. Just as all hurricanes first develop over warm waters from pre-existing conditions, financial storms are spawned by surging growth in money" |
|
| 10/20/2004 - ACCENTUATE THE POSITIVE |
| By Gary Shilling "The declining importance of energy in GDP production in the United States and most other countries means that the current crude oil price leap is less significant than previous spikes and should do less damage to the economy." |
|
| 10/19/2004 - HISTORY REPEATING |
| By Marc Faber "When the world is engulfed in a wave of speculation, the wave doesn't end abruptly, but tends to carry on for a while and spreads to assets other than equities, such as real estate, commodities, art etc..." |
|
| 10/18/2004 - WEIRDNESS ABOUNDS |
| By The Mogambo Guru "The big news is that the new winners of the Nobel Prize in economics, Edward Prescott and Finn Kyland, won the coveted prize by essentially saying that Alan Greenspan, and the idiotic course of monetary policy..." |
|
| 10/16/2004 - IN CHURCH WITH A HANGOVER |
| By Addison Wiggin and Tom Dyson "...Thousands of traders and analysts lost their jobs and those lucky enough to retain jobs received lousy bonuses. After two years in the doldrums, things finally picked up, after the Baghdad bounce..." |
|
| 10/15/2004 - LESSONS OF HISTORY, Part I |
| By Marc Faber "...The “bubble” model always involves a “displacement,” which leads to extraordinary profit opportunities, overtrading, overborrowings, speculative excesses..." |
|
| 10/14/2004 - COMMERICAL CATASTROPHES |
| By Dan Ferris "The 2004 hurricane season has come, with losses currently estimated in the mid-$20 billion range. In other words, the 2004 hurricane season has already obliterated all the new capital that rushed into insurance..." |
|
| 10/13/2004 - The Kindness Of Strangers |
| By Kurt Richebächer "...The Asian central banks accommodate the credit excesses in the United States, and in doing so, fuel rampant credit excesses in their own countries..." |
|
| 10/12/2004 - Smells Like Desperation |
| By Marc Faber "...In fact, what I find most remarkable about the most recent weakness in consumption is that this weakness coincided with another upside explosion in consumer loans. To me this smells like desperation!..." |
|
| 10/11/2004 - BANKS AND BUTTHEADS |
| By The Mogambo Guru "...These buttheads (and notice that Bernanke and butthead both start with the letter "B") say that the entire 5,000 previous years of the history of economics is wrong..." |
|
| 10/08/2004 - THE WHACKY WORLD OF MODERN ECONOMISTS |
| By Bill Bonner "Economists do not manage their own finances noticeably better than anyone else. But if given the authority to manipulate short-term lending rates, bank regulations and money supplies, they offer to “manage”..." |
|
| 10/07/2004 - KEEPING YOUR EYE ON THE BALL |
| By John Mauldin "Successful investors even develop contingency plans for what to do when a special investment or situation comes along that requires a little quicker action. The goal is to not let your emotions or too much information..." |
|
| 10/06/2004 - A FLASH IN THE PAN? |
| By Chuck Butler "...It is time for this community to recognize who they are collectively, and then to begin the long march to the ultimate great leap forward - a single currency to shepherd the economic zone into a dominant role..." |
|
| 10/05/2004 - A TALE OF TWO BOSSES |
| By Nassim Nicholas Taleb "...My opinions about randomness have not earned me the smoothest of relations with some of my peers during my Wall Street career. But where I had uneven relations was with some of those who had the misfortune..." |
|
| 10/04/2004 - WHO WANTS TO BE A JILLIONAIRE? |
| By The Mogambo Guru "...They didn't mention those who live in India or Argentina, who are also buying more and more gold, and they didn't mention you, dear reader, whom I assume is also buying lots of gold because you are smart..." |
|
| 10/02/2004 - ELECTION YEAR EMERGENCY SURVIVAL KIT |
| By Addison Wiggin and Tom Dyson "...Bush and Kerry will argue about all kinds of things, but neither man can suggest a solution to America's debt. They'll both just make the problem worse..." |
|
| 10/01/2004 - GOOD GUYS VS BAD GUYS |
| By Bill Bonner "...More and more, we see columnists, pundits, military strategists, politicians and even friends of ours refer to America's purported enemies as "the bad guys." No one knows who the bad guys actually are or why they are so bad..." |
|
| 09/30/2004 - THROUGH THE ROOF AND TO THE MOON |
| By Doug Casey "...That's the good news. The bad news is that something called the business cycle still exists, which evidences itself in periodic booms and busts. We've had a tremendous boom from 1982 on. Must it result in a serious bust?..." |
|
| 09/29/2004 - WHITE ELEPHANT |
| By Chris Mayer "...How did Forepaugh do it? Easy. He faked it. His animal trainers and handlers scrubbed an ordinary gray elephant with white plaster and used peach-colored tint around the animal's ears, trunk and feet..." |
|
| 09/28/2004 - DEFICITS-R-US |
| By Karim Rahemtulla "...Pretending to be a doomsayer would be too easy. Pretending to know when gold will reach that next magical plateau of $500, if ever, would be crazy..." |
|
| 09/27/2004 - REMARKABLY ROBUST |
| By The Mogambo Guru "...And furthermore, I am afraid that this 20-something woman, despite her obvious genius, confuses the anomaly of the last 54 years with the last 5,000 years. And when one examines that historical record..." |
|
| 09/25/2004 - MONETARY MAKEOVER |
| By Addison Wiggin and Tom Dyson "...Dr. Richebächer will turn 86 this month. Most of his contemporary economic thinkers - the ones who learned, cared about and argued over economic theory - are gone..." |
|
| 09/24/2004 - FRUGAL TO A FAULT |
| By Bill Bonner "...But never was there a problem under the bright sun of America 2004 that didn't have some sort of fraud creeping in the shadows of its debt bubble. Reading about Ms. Naughton, economists are likely to see a threat..." |
|
| 09/23/2004 - THE GREAT DISCONNECT |
| By Gary Shilling "...Like in a casino or lottery, some players who are particularly skilful or lucky will leave with huge profits, while the majority will end up with losses. I suppose that, eventually, even the casino will lose money..." |
|
| 09/22/2004 - CONTRARIAN LETHARGY |
| By Marc Faber "...Like in a casino or lottery, some players who are particularly skilful or lucky will leave with huge profits, while the majority will end up with losses. I suppose that, eventually, even the casino will lose money..." |
|
| 09/21/2004 - THE LAST PIECE OF THE OIL PUZZLE |
| By Sven Lorenz "...Without the world's oil tanker fleet, the global economy would come to a standstill. And for the first time, the stock market is about to take notice..." |
|
| 09/20/2004 - LIE AND KEEP LYING |
| By The Mogambo Guru "...But wages are not rising as fast as prices, which means that people buy less with their static paychecks, which means that factories sell less, which means that factories produce less, which means they don't need..." |
|
| 09/17/2004 - TO HAVE AND TO HOLD |
| By Bill Bonner "...'I thought you were gay,' said a young woman...'You don't look gay. But when you mentioned your "partner" I thought you were talking about your...well...your "partner." That's what gay guys call their lovers.'..." |
|
| 09/15/2004 - GOLD AND ECONOMIC FREEDOM |
| By Alan Greenspan "...The 'Fed' succeeded: it stopped the gold loss, but it nearly destroyed the economies of the world in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market." |
|
| 09/14/2004 - LIBERTAD |
| By Hugo Salinas Price "...Paper money was introduced after real money already existed. For a time, paper, gold and silver money circulated together, side by side..." |
|
| 09/13/2004 - MUMBLING AND GRUMBLING |
| By The Mogambo Guru "...Well, obviously, I was not there for the rest of the interview, entangled as I was with the security personnel. Instead, I was trying to gently calm them down by screaming right into their faces that they can't arrest me..." |
|
| 09/11/2004 - Baptism in Blue - The weekend DR |
| By Addison Wiggin and Tom Dyson "You expect something to happen...and then, when it doesn't happen, you're surprised. After awhile, you begin to expect that it will never happen..." |
|
| 09/10/2004 - Undaunted Cowardice |
| By Bill Bonner "...What makes courage worth celebrating is that it is as rare and as delightful as a liquor store that still makes home deliveries. It is uncommon... and persists only until stamped out by regulators, legislators..." |
|
| 09/09/2004 - THE LAZY INVESTOR'S REWARD |
| By John Mauldin "...I should note that this makes a very big difference in retirement lifestyles. At a 5% return, we are talking about the difference between $2,400 per year and $11,000 per year on that original $10,000..." |
|
| 09/08/2004 - THE GREAT MACRO PROFIT ILLUSION |
| By Kurt Richebächer "...The biggest surprise in the GDP data was the reported sharp slowdown in consumer spending to just 1% at annual rate..." |
|
| 09/07/2004 - THE TRADER-ECONOMIST HYBRID |
| By Nassim Nicholas Taleb "...The nascent emerging market desk of a New York bank hired Carlos in 1992. He had the right ingredients for success. He knew where on the map to find the countries that issued "Brady bonds..." |
|
| 09/04/2004 - FATTENED BY HORS D'OEUVRES |
| By Addison Wiggin and Tom Dyson "If we had kept our fiscal house in order and saved our money instead of squandering it on (overpriced) houses and (overvalued) stocks and bonds," writes our friend Paul Mampilly of Capuchinomics.com..." |
|
| 09/03/2004 - ARMAGEDDON IN MANHATTAN |
| By Bill Bonner "...But now, the national conventions are a disappointment even to insomniacs. The main TV channels have given up on them. Only the cable shows bother to carry convention highlights..." |
|
| 09/02/2004 - CRACKUP CURRENCY |
| By Dan Denning "...The Bank of England (BOE) was one of the first central banks in the world to begin its tightening cycle and put the brakes on the tide of easy money that drove everything up in price in 2003..." |
|
| 09/01/2004 - AMERICAN EAGLE |
| By James DiGeorgia "...You should never buy privately minted gold bullion coins. They sell originally for large premiums above the price of gold and later sell at a discount to their intrinsic gold value because they are NOT widely bought..." |
|
| 08/31/2004 - THE OTHER YELLOW METAL |
| By Doug Casey "...To meet this demand, energy has to come from somewhere, and nuclear power is the only sensible choice. This conclusion is not mine alone...as I write, there are 30 new reactors in various stages of construction..." |
|
| 08/30/2004 - THIS INFLATION THING |
| By The Mogambo Guru "...Anyway, ignoring these unseemly domestic problems, foreigners bought another $9.3 billion for the week, which is higher than normal by quite some way, and stashed it at the Fed. This brings their total holdings..." |
|
| 08/28/2004 - SAVING SHORT |
| By Addison Wiggin and Tom Dyson "...As Roach put it: “Market pressures would lead to the demise of the saving-short growth dynamic, and a full-blown U.S. consumption adjustment would then be under way.” |
|
| 08/27/2004 - THE DAY THE EARTH STOOD STILL - PART II |
| By Bill Bonner "...Every man with a social security number believes he has the blood of Jefferson and Franklin somewhere in his veins...he sees no difference between himself and Daniel Boonel..." |
|
| 08/26/2004 - CYBER-COLT .45 |
| By Richard A. Viguerie "...Drudge grew up in Takoma Park, Md., a politically far-left suburb of Washington, D.C., also known as "the People's Republic of Takoma Park." He graduated 325th in his high school class of 350, but loved current events..." |
|
| 08/25/2004 - A FEDERAL U-TURN |
| By Gary Shilling "...Despite the widespread belief that inflation is much higher than reported, the evidence is that the consumer price index is overstated. A congressional study found that the CPI is biased upward in four areas..." |
|
| 08/24/2004 - THE EVIL GENIUS OF JOHN MAYNARD KEYNES |
| By Sean Corrigan "...Monetary inflation can price people back into work so long as they are under the illusion that they are not suffering a real cut in their wages, concluded Keynes...and the message spread..." |
|
|
|
|
