I’ve been listening to satellite radio as I commute to and from the office, coming across songs I haven’t heard in years—and, in some cases, decades—and getting exposed to music I’ve never heard at all. 

One song in particular, “It’s All About the Benjamins,” recently caught my attention. I missed this song in its initial incarnation, but I heard about it during the financial crisis, when it became something of a theme song (at least in my mind) for Benjamin Bernanke’s Federal Reserve intervention. 

I got some thoughtful feedback on my post yesterday about the aftermath of 9/11, and what has been accomplished—or not accomplished—since then. I genuinely appreciate the comments, both for the thought and time that went into them and also as prompts for refining my own thinking.

What many took away from yesterday’s post is that I’m against committing troops. That is partially correct, in that I’m against committing troops without a clearly defined American interest in play, a plan to attain that interest, and an exit strategy thereafter. I don’t think it’s too much to ask that any commitment of lives actually have a specific goal.

Thirteen years ago, on a bright sunny morning, the world changed. A violent, apocalyptic form of Islam shocked America in a way we hadn’t been shocked since Pearl Harbor. Thousands of deaths, trillions of dollars, and more than a decade later, we remember those who died, both in the 9/11 attacks and in the wars that followed.

Today, the top headline is that the President has authorized expanded military action against an army of extremists terrorizing large parts of the Middle East. ISIS, as it is known, has successfully baited the U.S. back into the tar pit.

I’m the archetypal Apple customer. Between my wife, my son, and me, we own five Macs (including work computers), three iPhones, at least three iPods, and two iPads. I understand the attraction of the whole Apple experience. That said, I haven’t been a fan of Apple stock.

Why?

I figure my family has already bought pretty much everything we could use from the company’s current product lines. In my mind, Apple is more of a movie studio than a regular company, in that it depends on a stream of hits to grow. Samsung and Android are nipping at Apple’s heels in the phone and tablet space. Google is pushing hard at the laptop space with its Chromebooks. And the desktop market is no longer a growth area.

One of the real problems Europe faces, in my opinion, is that its banking system has never really acknowledged its problems and raised capital to the extent it should have. 

The U.S. banking system, on the other hand, has raised substantial capital and pretty much restored itself to financial health—as the banks interpret it, anyway.

Even as the U.S. economy continues to improve, and signs of better times keep popping up—the most recent being a break in the oil price below $100 per barrel, which will support consumer spending—other parts of the world continue to show signs of weakness.

Today, I want to highlight something that hasn’t yet become a major worry for Europe, but probably will: the possible secession of Scotland from the United Kingdom.

“When in danger or in doubt / Run in circles, scream and shout.”

Although the source of this quotation isn’t clear—several authors, including Robert Heinlein and Herman Wouk, come up—I suspect it was probably inspired by the stock market. In any event, the disappointing employment report released this morning is sure to generate some amount of angst.

My dad is a pretty level-headed guy, not prone to panic or take things too seriously, so when he forwards me an article asking whether it’s plausible, I take a look.

As I mentioned yesterday, when we compare the actual data with what the doomsayers predicted several years ago, they were just plain wrong. Nonetheless, they continue to try to sell their products by scaring people.

The article my dad just passed along—which suggests that the Federal Reserve is actually bankrupt—is a good example of this type of scaremongering. Posted on a site called Money Morning, it takes some facts, adds some possibilities, mixes in a good dose of “coulds” and “maybes,” and comes up with a set of implications designed to frighten people into buying whatever the doomsayers are selling.

In my latest Market Thoughts video, I provide an update on the financial markets and the U.S. economy, including potential risks, as we head into fall. 

Over the past couple of years, various predictions of doom have been making the rounds.

The dollar, if you remember, was going to collapse. Ditto the housing market. The U.S. economy was going to go into cardiac arrest as it overdosed on Fed stimulus. Employment was never going to come back. I could go on, but you get the idea.

So, how accurate have these scary predictions been? As it turns out, we didn’t have much to worry about.