The U.S. and other nations with “free market” economies got credit for defeating the communists in Russia. That is ironic, because it is now more clear than ever that western leadership actually shares the Soviet inclination for central planning, and they have been increasingly intervening in our markets since the collapse of the USSR.

Our officials make economic policy as if healthy markets must be planned and coerced, much like the politburo. Some of this policy is created and run in the open; the government bailouts, Quantitative Easing, and zero interest rate policy, for example.

Other programs are more secretive. Investors know the “Plunge Protection Team” exists to be the buyer in markets when all genuine buyers have left. But we can only guess as to what that crew actually does day to day.

What these self-appointed ... Read more »

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It's always a real pleasure to have him join us. Michael, how are you today? Welcome back.

Michael Pento: I'm doing fine, Mike. Thanks for having me back.

Mike Gleason: When we had you on last you commented that you believed the market was pricing in President Trump getting virtually all of his policy agenda pushed through Congress, the tax cuts, repealing Obamacare, and so forth. To say Trump has encountered some resistance in Washington would be a major understatement. The establishment of the right doesn't seem to l ... Read more »