I just posted my new article, The Clash of Generations, http://thepurplemuse.com/id50.html.  I read Laurence J. Kotlikoff and Scott Burns new book, The Clash of Generations - Saving Ourselves, Our Kids and Our Economy during my flights to and from Las Vegas.  This is a very important book that every parent and grandparent should read so they can understand the intergenerational wealth transfer that has, is and will occur from younger to older generations.  Our current government programs and policies are seriously damaging our children's futures.  The book makes the case for fundamentally restructuring our government entitlement programs and explains our $211T long term fiscal deficit.

You should also check out http://www.thepurpleplans.org/ for an outline of the authors solutions to our fundamental problems.   I don't agree with all of their solution paths but I certainly agree with their definition of the problem and sense of urgency toward restructuring the US government and its programs.

TPM

For the past couple of months I have been intensely focused on global financial markets and US politics.  We have seen the US Presidential race heat up with Mitt Romney's Republican nomination victory.  President Obama  and his liberal progressive supporters continue to show all of us that they are clueless when its comes to business, economics and finance.  Greece and the Euroland nations are trying to determine how to resolve the Greek debt disaster.  Yesterday, Spain made a $100B plus request for aid to bail out its bankrupt banks.  Trading in many global markets has been extremely volatile.  The US 10 year Bond interest rate has traded below 1.6 percent as investors from around the world attempt to protect their capital.

It is time to take a break. Tomorrow, my wife and I leave for a week in Las Vegas.  I plan to play in a number of poker tournaments on Tuesday, Wednesday and Thursday culminating with the World Series of Poker Seniors Event which begins on Friday, June 15, at the Rio.   I plan to play at Harrahs and Aria on Tuesday and Harrahs again on Wednesday.  I plan to play a Deepstack tournament at the Rio on Thursday afternoon for my final warm up in advance of the Seniors Event.  My exact schedule will be adjusted once we get out to Las Vegas and see how things go in the tournaments.  I will be tweeting my poker results every day and you can follow my results on my Twitter feed on the home page of thepurplemuse.com.

Just because we will be in Las Vegas doesn't mean we will ignore the rest of the world while we are there.  The markets wait for no person so I will be checking them each day and will provide commentary via Twitter periodically.

TPM