The Latest

Contra Club

Reflections Of A Young 1960’s Patriot: We Learned Nothing From Vietnam & Forgot Everything

After Vietnam, no more youthful patriotism for me. What really shocked me about Vietnam was that we came out of it looking no better than the Soviets. It was a pointless war, in the wrong place, against an unnecessary enemy, waged, in part, by reluctant soldiers stoned on pot and heroin……..Alas, we seem to have forgotten everything about Vietnam and learned nothing. We prop up squalid puppet regimes or brutal dictators because they do our bidding. The new bogeyman is Iran instead of China, but the song remains the same.

Contra News & Views

The 30-Year Asset Inflation Party Is Ending—–Even Bill Gross Says So

“When does our credit based financial system sputter / break down? When investable assets pose too much risk for too little return. Not immediately, but at the margin, credit and stocks begin to be exchanged for figurative and sometimes literal money in a mattress.” We are approaching that point now as bond yields, credit spreads and stock prices have brought financial wealth forward to the point of exhaustion. A rational investor must indeed have a sense of an ending, not another Lehman crash, but a crush of perpetual bull market enthusiasm.