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Obama surely didn’t get where he is today on the basis of ability. That’s the premise of an August 2011 essay that I received yesterday via e-mail from a friend.  It seems implausible that a piece so devastatingly critical of Obama would have appeared in the Washington Post, but the details ring true and so I am running it regardless of its source.  Click here for the complete article.

From David P. Goldman, aka "Spengler," comes a trenchant geopolitical analysis with some startling conclusions.  Among them is a picture of Islam in decline due to precipitously falling fertility rates and a fatal clash with modernity. Europe is well on its way toward economic ruin as well, says Goldman, although the U.S., with its rapidly growing immigration population, will be in a commanding position to fulfill the demand for services and manufactured goods that an increasingly prosperous Asia, South America and India will demand.   Click here for the full interview with Frontpage.

Auerbach & Grayson analyst Richard Ross sees big trouble ahead: "My intermarket analysis of the major macro components continues to suggest that the Bullish posturing in risky assets belies a macro backdrop which remains on the verge of collapse." For the latest, 27-page report from A&G, click here.

[John Skerencak, known to denizens of the Rick’s Picks forum as John Jay, is outraged by a Senate bill that would effectively sell visas to foreigners willing to buy expensive homes in the U.S.  The story, reported recently in the L.A. times, is linked below, and you’ll see in the comments it provoked that he is not the only one who thinks this deal stinks.  RA] Selling U.S. visas to prop up the real estate market? You’ve got to hand it to the banking and real estate lobbies, they never give up.  They always have a new scheme in the works. Here’s the story, from the October 20 edition of the Los Angeles Times: “American consumers and the federal government haven't been able to bail out the sinking U.S. real estate market. Now wealthy Chinese, Canadians and other foreign buyers could get their chance. Two U.S. senators have introduced a bill that would allow foreigners who spend at least $500,000 on residential property to obtain visas allowing them to live in the United States.” And there you have it. You can read the article for further details, but the bottom line is that it eliminates the old requirement that a foreigner invest money to create jobs in the USA to get a residence visa. As if that law were not already demeaning enough to America. My synopsis:  You need only pay $500,000 or more in cash, and buy at least one property worth at least $250,000 to live in, and the rest of the money can be used for rental properties.  This legislation proposes a list of regulations that are unenforceable and will never be checked in any case. Think about SEC enforcement of securities regulations: Showcase the law, but don’t enforce it once it has been enacted. You can

Financial consultant Chuck Cohen's (click here to get in touch with him)  excels at interpreting sentiment figures.  Following is his very bullish, contrarian take on the latest data from Hulbert's: "This latest extraordinary Hulbert stock report, along with today's Investors Intelligence report (which reported increasing bearishness among its survey, in spite of a sharp rise in stocks,) reinforces the very bullish landscape for the stock market, and by proxy, the precious metals. This outlook is also reflected in the Hulbert Gold Survey, which is at nearly zero. "I realize that we are all seeing one gloomy announcement and prediction after another, but please rise out of your barricaded cellars, to understand that we are very likely to see a shocking rise in stocks and precious metals. The sentiment among professionals and the public is now approaching the 2009 lows when stocks rallied almost 66% to their highs. "This appears to be heading into markets unlike anything we have ever seen. My strong sense is while almost every pundit is warning of a deflationary depression, we are in a formative shift into hyperinflation."

A study published here a while back by Rick's Picks reader Wim Grommen explained how constant tinkering with the components of the Dow Industrial Average has inflated and obscured its true value. Now comes another paper from Wim that shows why a global economic era characterized by high innovation, prosperity and major productivity gains has likely peaked. For the full report click here.

Paid-up subscriber Jonathan Auerbach's very bullish reports from Africa are the man-bites-dog story of the economic world.  I will continue to keep readers apprised of his travels, since his reports are eye-openers, especially for those who think the world is lacking in great investment opportunities.  For further information, please contact Auerbach & Grayson at their New York City office. Here's Jon: "I am aware that some of you may be securely buckled into one of several 'Africa Days', currently the trendy invite (what do you mean, you weren't called?) in New York where our firm for the second consecutive year was voted 'Best Broker in Africa' yesterday at the annual NYSE African Investor Day. Nevertheless, most of our Africa desk is on location, so forget the applause and take a few minutes to absorb some boots on the ground thoughts about Nigeria.I have been regularly visiting for over 10 years always hammering (I am never without a nail) the value of participating in this country's (population 140 million) growth. For a long time easier said than done but now after two years of extraordinary events of massively reformed regulatory governance and transparency by the Central Bank, SEC, and Stock Exchange, you must consider investing in average annual growth over the past five years that is only exceeded by India, China, Pakistan, and Vietnam. "Looking forward, at current growth rates Nigeria should pass South Africa in nominal GDP within 5 years. Over the past couple of days we have met head-to-head with the leading banks currently selling at a weighted P/B of 0.9 at a 2011E P/E of 6.3, and an average dividend yield of 8%. These are clean banks as the Central Bank took a machete to the bad banks and NPLs. The oil and gas sector is going through

On Saturday's Korelin Economic Report, Rick and Roger Weigand discussed last week's market tumult.

Al Korelin and Rick Ackerman discuss the day’s activities for Gold and Silver, and the implications that a Greek default might have on the markets.