Bill’s Commentary:
“Erik on the difference between currency and money …and only 250 million dead is a very optimistic view in my opinion.”
The latest from Erik –
Bill’s Commentary:
“DING DING DING! Did Warren Buffet ring the bell at THE top?”
Warren Buffett raises Berkshire cash level to record $277 billion after slashing stock holdings
Berkshire Hathaway’s cash pile swelled to a record $276.9 billion last quarter as Warren Buffett sold big chunks in stock holdings including Apple.
The Omaha-based conglomerate’s cash hoard jumped significantly higher from the previous record of $189 billion, set in the first quarter of 2024. The increase came after the Oracle of Omaha sold nearly half of his stake in Tim Cook-led tech giant in the second quarter.
Berkshire has been a seller of stocks for seven quarters straight, but that selling accelerated in the last period with Buffett shedding more than $75 billion in equities in the second quarter. That brings the total of stocks sold in the first half of 2024 to more than $90 billion. The selling by Buffett has continued in the third quarter in some areas with Berkshire trimming its second biggest stake, Bank of America, for 12 consecutive days, filing this week showed.
Bill’s Commentary:
“This resembles all Western financial markets …and society for that matter!”
Another Chinese Olympic swimming medalist linked to doping scandal denies any wrongdoing
Wang Shun vehemently denied that he ever cheated after winning a bronze medal in the men’s 200-meter individual medley at the Paris Olympics on Friday night.
Wang became the second swimmer linked to a Chinese doping scandal to claim a spot on the medal podium at these games, following Zhang Yufei.
Bill’s Commentary:
“Why? Because they might be crazy …but they’re not stupid?”
Central banks purchase gold to offset their own money destruction
Why is the price of gold rising if the global economy is not in recession and inflation is allegedly under control? This is a question often heard in investment circles, and I will try to answer it.
We must begin by clarifying the question. It is true that inflation is slowly decreasing, but we cannot say that it is under control. Let us remember that the latest CPI data in the United States was 3% annualized and that in the eurozone it is 2.6%, with eight countries publishing data above 3%, including Spain.
This is why central banks need to give the impression of hawkishness and maintain rates or lower them very cautiously. However, monetary policy is far from being restrictive. Money supply growth is picking up, the ECB maintains its “anti-fragmentation mechanism,” and the Federal Reserve continues to inject money through the liquidity window. We can say, without a doubt, that monetary policy is beyond accommodative.
BillHolter.com 
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