This is the age where politicians get their chance to run up huge debts.  “Politics is about what works,” said Hillary Clinton. At least, we think it was Hillary Clinton. Someone said it. Someone who is an imbecile.

Politics is not about what works, it’s about what you can get away with. And what you can get away with is often exactly what doesn’t work at all.

Our beat is money, here at the Daily Reckoning. We specialize in fraud and folderol. We leave the homicide beat to someone else.

What the US is getting away with, from a financial point of view, in addition to counterfeiting, is very grand larceny on a Super-Madoff scale. It is borrowing trillions of dollars even though it has no way to honestly pay back the money.

Still, so eager are the lenders to part with their money that the yield on the 10-year T-note fell

Dirty, Rotten Scoundrels. The world is full of them.

Our theme today comes from a movie, in which Michael Caine teaches Steve Martin how to be a gigolo. The idea is to identify rich, vulnerable women…seduce them…and then take their money.

In today’s world, becoming a real gigolo is social climbing. The average man – even one from a good school and a good family – is an oaf. Next to him, the gigolo, with his suave manners and dandyish airs, is like a Venetian palace next to a double wide.

Besides, the gigolo gives value for money. A woman gets little thrill or merit from landing a Wall Street hustler; no matter how rich, he is almost always boorish and preoccupied. But the gigolo brings refinement and taste to a woman; he makes her feel exceptional because he is exceptional. To a woman of a certain age, his attentions are a welcome