Recommended Reads

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October 4: Daily Contrarian Reads

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October 3: Daily Contrarian Reads

As reported earlier this morning by the Wall Street Journal, President Trump and Treasury Secretary Mnuchin met with Kevin Warsh yesterday to discuss the potential vacancy at the Fed next February. Warsh already has central banking experience, having sat on the Federal Open Market Committee as a Fed governor from February 2006 until March 2011. Two and a half years after he resigned from the Fed, he emerged as a vocal critic of FOMC policies, including policies he helped craft. He published an op-ed in the WSJ on November 12, 2013, and it was quite the editorial.

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October 2: Daily Contrarian Reads

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Kevin Warsh On What's Wrong With The Fed----Most Everything

A new inflation target would undermine the Fed’s commitment to any policy framework. It would please the denizens of Wall Street who pine for still-looser Fed policy. And households would be understandably miffed to receive a new lecture on unconventional monetary policy—this one on the benefits of higher prices........

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September 29: Daily Contrarian Reads

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September 28: Daily Contrarian Reads

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September 27: Daily Contrarian Reads

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September 26: Daily Contrarian Reads

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September 22: Daily Contrarian Reads

As liquidity dries up in the global financial system, investors need a wake-up call. I have been running Stock Traders Daily, a proactive financial newsletter offering trading strategies, since the internet bubble in 1999, and I communicate with investors regularly. I’m hearing that investors do not respect the changes in liquidity that are coming......This brings us to a very important point: Artificially abundant liquidity is the driving force behind global asset rallies. Without central banks’ “help,” the S&P 500 Index would not be anywhere close to being valued at 24 times earnings, where it is today. Historically, that multiple is 14.5.

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September 20: Daily Contrarian Reads

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