Wednesday, August 13, 2008

Best of the Net - Wednesday August 13, 2008

In an interview with Bloomberg, Dennis Gartman gives very convincing reasons for commodities to continue their decline, while the dollar is to begin a new bull market as capital flees Europe and finds a new home in the US. Watch the interview here.

Calculated Risk notes that US Miles Driven Declines 4.7% from June

This could be seen as a sign that the economy is slowing, so businesses are cutting back their shipments and the unemployed are obviously not driving to work anymore. It could also be a sign that prices were just too high, so people cut back on driving they didn't absolutely need to do. It's likely a combination of the two.

Barry Ritholz writes on the $500,000,000,000 in losses so far accrued and the capital that is still needing to be raised to offset it in Bank Losses: Half a Trillion and counting

Thomas Woods gives a historical account of the Roosevelt gold confiscation during the last depression with The Great Gold Robbery of 1933 Will they try it again?

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