Dear Henry, At your christening the other day, I told a story that I asked your godparents to repeat to you at the right time. A Miss Gresham of Richmond Virginia, who was a friend of the family, once described for me the christening of her father, in about 1870. During the ceremony, General Robert […]

Flooding the market with cash has not yet led to inflation, because the recession created a Grand Canyon of underutilized capacity to be filled first. When it is, though, expect inflation, and lower prices for long-term bonds. For a parallel situation, consider The Great War Loan Conversion, described in my Famous Financial Fiascos, where bond investors lost 99% of their money.

Duende is the effect that flamenco, the national dance of Spain, seeks to achieve – a particular emotional impact. Suddenly in the room there’s a collective rapture.