The EU Must Feed the PIGS

European Union regulators are facing a huge problem with Portugal, Italy, Greece and Spain (PIGS). The Mediterranean countries have a huge debt load that has existed since these sun-drenched areas joining up with the EU. As I wrote last year, these countries will take down the euro, because the PIGS cannot service its debt. Ireland […]

Behind the Fed’s Rate Hike

By MICHAEL GRAY Thursday’s discount rate hike by the Fed to 0.75 percent had little to do with any economic recovery in the US. Bernanke and the other governors are worried about the lowering rate of participation of the primary and indirect buyers of treasury notes and bills due to lower yields. So the Fed […]

January: Looking Ahead, Looking Behind

By MICHAEL GRAY Looking back January saw the Dow index loose 3.5 percent. Other equity markets were down about the same.Commodities including gold were up slightly, thereby being a good hedge for capital preservation. January also has a correlation for year-long market trends. I believe 3.5 percent decline for 2010 will be a rosy number […]