Press Esc to close

Welcome to Money Morning - Only the News You Can Profit From.

Close

Welcome to the "Wolf Creek Pass" School of Monetary Policy

I don’t know if you folks remember that hit ditty: a humorous tune about two truckers attempting to manhandle an out-of-control 1948 Peterbilt down the “other side” of Wolf Creek Pass – a death-taunting section of U.S. Highway 160 where the elevation drops a hefty 5,000 feet in a relatively short distance.

The song’s two characters – a truck driver named Earl and his brother, who’s his partner as well as the song’s narrator – are taking a flatbed load of chickens on a speedy trip down this winding, two-lane Colorado highway. After the narrator gives Earl the above-mentioned warning, the ancient semi’s brakes fail.

From there on down, the narrator tells us that the brothers’ trip “just wasn’t real pretty.” The truck careened around hairpins and switchbacks, and then raced at an uncontrolled 110 mph toward a tunnel with “clearance to the 12-foot line” – with chicken crates sadly “stacked to 13-9.”

The drivers and the runaway Peterbilt “went down and around and around and down ’til we run outta ground at the edge of town… and bashed into the side of the feed store – in downtown Pagosa Springs.”

Believe it or not, I started thinking about this funny old country tune the other night – right after I’d read a piece about QE3 and the U.S. Federal Reserve.

As zany as it first sounds, the parallels are striking.

  • Featured Story

    Experimental Brain Injury Treatments Could Be Worth Billions

    Brain trauma is one tough and expensive field.

    Each year brain injuries cost the nation roughly $50 billion. That's half a trillion every decade.

    And then there's the human toll....

    Brain injuries kill 52,000 people each year, making this the third leading cause of death from injury.

    But there's more to this story than the death toll. Another 80,000 people a year in the U.S. survive brain injuries but go on to lead reduced lives.

    Luckily, there is hope. Today we're on the verge of saving millions from the suffering brought about by traumatic brain injuries.

    These insights also will lead to new treatments for such severe brain diseases as Lou Gehrig's (also known as ALS) and Alzheimer's.

    And that's what the Era of Radical Change is all about -- seeing friends and family survive things that a few years ago would have killed them.

    It's all the result of more than 50 years of exponential growth in high tech and its effect on every aspect of science.

    We are now at a tipping point in human history. Cases that once seemed doomed now offer new hope.

    Brain Injuries: The Tragedy and the Hope

    Unfortunately, this is a story I know all too well. It is one of the reasons why I'm deeply interested in this field.

    Nineteen years ago last March, my cousin was killed in an infamous boating accident while his family looked on.

    Doctors tried to save him but to no avail. His brain injuries were just too severe.

    Now I wonder how my cousin would have done had that very same boat crash happened today.

    As it turns out, a similar accident just occurred in our town.

    To continue reading, please click here...
    Read More...
  • anoxic brain injury treatment