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The Greatest Problem of Investors “The financial memory,” argued John Kenneth Galbraith, “should be assumed to last, at a maximum, no more than 20 years.” Why 20 years? This is normally the time it takes for the recollection of one disaster to be erased and for some variant on previous dementia to come forward to capture the financial mind. It is also the time generally required for a new generation to enter the scene, impressed, as had been its predecessors, with its own innovative genius. Just so. But Mr. Galbraith authored these words in 1990, some 30 years ago… Before the intern...

by Doug French via Mises A gentleman who does work for us sent me a text recently saying the price of his supplies has increased 20 percent, so he wants to increase his monthly fee 10 percent. It was a nice way to ask, and I said sure, especially given that he’s willing to take a haircut on his labor to make the increase more palatable. Chairman Jerome Powell would be happy to hear this story, as the Federal Reserve prints mightily to push the CPI (Consumer Price Index) to 2 percent and beyond. Though perhaps Chairman Powell would prefer my tradesman to pass a full 20 percent price incre...

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero