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