Herbert Hoover

The news flow today is about the same as it has been throughout the week: JPMorgan Chase and Facebook in the US and Greece and to a lesser degree now Spain in the EU. I think these are the wrong narratives to be focused on. As I wrote…

I have written quite a few posts highlighting the statements made by Herbert Hoover during his US presidency as he struggled with the economic contraction of the Great Depression. The general tenor of Hoover's comments and actions goes to…

The following is a March 1932 speech by then US President Herbert Hoover about the growing US deficit. As I indicated in previous posts on Hoover's travails, the President earnestly wanted to balance the budget (see Herbert Hoover: White…

The following is a statement issued by Herbert Hoover's White House on 2 June 1931 regarding the federal budget deficit for the year. I have highlighted the parts most relevant to today's situation.

Liquidity crises are always solvency crises. The question is about determining which company, nation, or debtor is insolvent in a world of incomplete information. This leads to panic and a wider liquidity crisis that stresses the balance…

I was just looking at Barry Ritholtz’s synopsis of Felix Zulauf’s observations from an in-office interview Barry had with him and I have to say I agree with the man 100%. But is the die cast? Are we headed into something much worse?

Despite the economic problems, it is clear that President Hoover felt that the government’s budget still needed to be balanced. He implored Congress to work with him in order to cut spending to meet this objective.

An excerpt from "The World In Depression" by Charles P. Kindleberger

Professor Professor Xiang Songzuo from the Centre for International Monetary Research at Renmin University in Beijing told the BBC yesterday there would definitely be retaliation if the US moves to sanctions against China. If this scenario…

I think these two quotes sound pretty similar. They both blame Europe for the world’s economic problems. The inference is that all would be well if it weren’t for those Europeans.