01-04-05 A 2005 Q & A
01-10-05 A Letter to FOMC
01-12-05 The Current Account and Gold
01-14-05 The 111-Point Market Sell-off
01-20-05 January Blahs
01-31-05 Recent Client Queries
02-04-05 State of the Union: Some Thoughts
02-23-05 Good News in Short Supply
03-01-05 Greenspan's Conundrum Explained
03-09-05 More Dark Clouds
03-15-05 The Return of the Social Security "Lock Box"
03-18-05 Oil, Gold and the Fed Funds Rate
03-28-05 Our Case Against the Fed
04-06-05 Greenspan's Petroleum Speech
04-12-05 Positive and Negative Forces on Wall Street
04-18-05 Tensions Between China and Japan
04-20-05 April Considerations
04-21-05 Greenspan on China
04-27-05 Zig-zagging on a Downslope
05-04-05 Monetary and Fiscal Positives
05-09-05 Mundell and China
05-12-05 Vague Market Anxieties
05-26-05 Cruising Speed
05-31-05 Doing Europe a Favor
06-07-05 What's Wrong with the EU?
06-15-05 Waiting for the Housing Bubble to Burst
06-22-05 The Fed 'Conundrum' and Dollar Demand
06-28-05 Thinking About China
07-07-05 A Threat to Bush in the Plame Story
07-12-05 Assessing Several Possibilities Ahead
07-25-05 China's Yuan, as the Dust Settles
07-28-05 Bleak Prospects in Iraq
08-04-05 The Threat from the Fed
08-10-05 A Troubling Absence of Debate
08-17-05 The Perpetual Motion Inflation Debate
08-25-05 $68 Oil, Gold and Iraq