The U.S. stock market has run up magnificently in the last six months. The U.S. economy has begun to recover, but its performance has fallen short of expectations.

Actually, we haven’t gotten to Bedford Springs yet. We’re still sitting in the airport lounge in Paris. Summer is over. It’s back to work…12 hours a day…just like we’ve worked for the past 39 years.

The dollar fell to $1.42 per euro yesterday. Many believe it is the Achilles Heel of the entire world financial system – including Warren Buffett.

The dollar will probably go up. Still, we’d stay away…

Upbeat headlines have been everywhere in recent weeks, and they all seem to point to a single conclusion: The U.S. economy is in the early stages of a very rapid recovery.

A Collapse of Bond Prices Could Send Investors into Stocks.

Fed’s Beige Book disappoints…Dollar rebounds on the day…Currencies come back on the night…RBNZ leaves rates unchanged…And Now… Today’s Pfennig!

GM’s Chapter 11 Bankruptcy and the US Governments International relations

O! Bama! Whither takest thou us? There are two broad theories concerning the great men of history. One says that history is made by great men. The other says great men are made by history. But here at The Daily Reckoning we think they’re both wrong. In our book, great men don’t really exist. They are merely invented by the historians. History needs heroes. Sometimes tragic heroes… sometimes comic… the historians take what they’ve got to work with and set them spinning. But if you look at their leading characters closely, they look little different from the rest of us… just fellow passengers on the big bus.

When Ronald Reagan moved into the White House, total U.S. debt equaled 168% of GDP. The next 27 years took the total to 370%; it was heralded as a triumph of the Anglo-Saxon free enterprise system, but it left people with an additional $27 trillion of debt. And now, the economic system that created so many heavy balls and such long chains is in the recovery room – looked after by quacks and prayed for by most of the world.