David Friedberg Explains Why Record Stock Prices Are a Lie

Instead of trading it in US dollars, what if you just looked at the US stock market, the total value in ounces of gold. The stock market's up in dollar denominated terms. But if you look at the stock market relative to gold, it's actually down.In a democracy like we have for the past 250 years, without adequate constitutional constraints, it has always been the case that over time, government spending goes up. And this is because in a democracy, people ask for their government to do more every year. And as ...