What Is The Fundamental Value of Bitcoin?

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on December 7, 2017.) https://www.forbes.com/sites/nathanlewis/2017/12/07/what-is-the-fundamental-value-of-bitcoin/#6effe03f545a   What is the fundamental value of bitcoin? It seems that even the Bitcoin enthusiasts themselves have trouble answering this question. Bitcoin does not have any assets, cashflow, cost of production or final …

“It’s The Economy, Stupid” — Time To Get Tax Reform Done

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on November 29, 2017.) https://www.forbes.com/sites/nathanlewis/2017/11/29/its-the-economy-stupid-time-to-get-tax-reform-done/#3129662d404d   As we get into the final rounds of the legislative process for tax reform, it is important to keep an eye on exactly what we are trying to accomplish, and why. At …

Why Base Your Money On Gold? A Simple Answer For First-Timers

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on November 15, 2017.) https://www.forbes.com/sites/nathanlewis/2017/11/15/why-base-your-money-on-gold-a-simple-answer-for-first-timers/#3d12bcb83da1   The United States embraced the principle of a gold standard – a dollar whose value was linked to a defined quantity of gold – from 1789 to 1971, a stretch of 182 …

Total Return of Stocks, Bonds, Gold, 1871-2015

In Full Archive by Nathan Lewis

Today, we are looking at the total return of stocks, bonds and gold, from 1871 to 2015. The source of the data is here: http://www.econ.yale.edu/~shiller/data.htm I calculated the total return this way: stocks: index return plus 1/12th of dividend each month bonds: “long term” …

GOP: Lift Your Head From The Tax Scrum And See The Big Picture

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on November 3, 2017.) https://www.forbes.com/sites/nathanlewis/2017/11/03/gop-lift-your-head-from-the-tax-scrum-and-see-the-big-picture/#7002573158e3   The Republicans’ tax bill has made its first pass through the sausage factory without being chopped into little bits. The most important stuff is still in there, in particular a big reduction …

James Ledbetter Wants To Convince You That Gold Is Folly, Superstition And Madness

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on October 26, 2017.) https://www.forbes.com/sites/nathanlewis/2017/10/26/james-ledbetter-wants-to-convince-you-that-gold-is-folly-superstition-and-madness/#2d1a786f5785     The purpose of James Ledbetter’s new book, One Nation Under Gold (2017) is to convince you that anything to do with gold – especially basing your money on it – is …

One Nation Under Gold #3: God, Gold and Guns

In Full Archive by Nathan Lewis

We’ve been looking into One Nation Under Gold (2017), by James Ledbetter. October 2, 2017: One Nation Under Gold (2017), by James Ledbetter October 14, 2017: One Nation Under Gold #2: The Silliness of the Bretton Woods Years Now, we will follow Ledbetter’s account …

The GOP’s Tax Framework Looks Good. Let’s Do It.

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on October 5, 2017.) https://www.forbes.com/sites/nathanlewis/2017/10/05/the-gops-tax-framework-looks-good-lets-do-it/#509e95f5784a     The Republican Party has released its framework for tax reform. I like it a lot. First, let me congratulate all those, within Congress and throughout the policymaking intelligentsia, who kept their …

One Nation Under Gold (2017), by James Ledbetter

In Full Archive by Nathan Lewis

One Nation Under Gold (2017), by James Ledbetter, is, pretty much, a gold-bashing exercise. I think it is propaganda: that is to say, not a forthright expression of an individual’s independent and informed view, but an intentional effort to mold public opinion to serve …