During a stock market boom some entrepreneurs seem to be pure geniuses. Look at Elon Musk, founder of Tesla, for instance, Jeff Bezos, founder of Amazon, or Reed Hastings, founder of Netflix. In times like these they receive abundant praise. Stock prices rise, accounting “tricks” remain unnoticed, sell-side analysts raise target price after target price, investors cannot believe their luck, and the faces of these fine gentlemen appear on the cover of every important business magazine. Since

I often receive e-mails with questions, comments and references. Frequently, I respond to these e-mails, but recently I received a few questions that might be of interest to a majority of our subscribers. How do central banks expand their balance sheets? What happens when the ECB buys all (government) bonds and countries go into default? Will the public burden the losses? What will the role of the IMF be? How long will government bonds remain on central bank balance sheets? Is the Federal... »

A careful thought experiment about the question what his presidency could mean for the gold price.