The Illusion of Getting Rich While Producing Nothing

By incentivizing speculation and corruption, reducing the rewards for productive work and sucking wages dry with inflation, America has greased the skids to collapse. Of all the mass delusions running rampant in the culture, none is more spectacularly delusional than the conviction that we can all get fabulously rich from […]

The U.S. Economy In a Nutshell: When Critical Parts Are On “Indefinite Back Order,” the Machine Grinds to a Halt

A great many essential components in America are on ‘indefinite back order’, including the lifestyle of endless globally sourced goodies at low, low prices. Setting aside the “transitory inflation” parlor game for a moment, let’s look at what happens when critical parts are unavailable for whatever reason, for example, they’re […]

The Banality of (Financial) Evil

The financialized American economy and State are now totally dependent on a steady flow of lies and propaganda for their very survival. Were the truth told, the status quo would collapse in a putrid heap. Go ahead and be evil, because everyone else is evil, too, because being evil serves […]

The Fed Is Fatally Corrupt– And So Is the Rest of America’s Status Quo

We know you’re all just poor corrupt officials, but bleating excuses won’t save you from the karmic payoff. The Federal Reserve can be summed up in two famous lines from the classic film Casablanca in which the corrupt police official Renault is ordered to close Rick’s cafe. Renault: I’m shocked! […]

Please Don’t Pop Our Precious Bubble!

It’s a peculiarity of the human psyche that it’s remarkably easy to be swept up in bubble mania and remarkably difficult to be swept up in the same way by the bubble’s inevitable collapse. Allow me to summarize the dominant zeitgeist in America at this juncture of history: Grab yourself […]

Is Anyone Willing to Call the Top of the Everything Bubble?

Can extremes become too extreme to continue higher? We’re about to find out. Is anyone willing to call the top of the Everything bubble? The short answer is no.Anyone earning money managing other people’s money cannot afford to be wrong, and so everyone in the herd prevaricates on timing. The […]

The Illusion of Stability, the Inevitability of Collapse

Beneath the illusory stability of rising GDP, the extremes of debt, leverage, stimulus and speculative frenzy required to keep the ‘phantom wealth bubble’ from imploding are all rising parabolically. Imagine being at a party celebrating the vast wealth generated in the last ten months in stocks, cryptocurrencies, real estate and […]

Magical Thinking About Green Energy

The incentives must change from “waste is growth” to hyper-efficiency, conservation, right to repair and manufactured objects engineered to last a generation or longer and be recyclable at scale. Humans like novelty but don’t like change. It’s easy to confuse the two. When we say, “I need a change,” what […]

The Elites’ Battle for the Future America

No nation can produce less of lesser quality, and squander more on infinitely greedy and corrupt elites, all funded by issuing trillions of new units of currency, and imagine that this asymmetry will never have consequences. As I have often noted, historian Michael Grant identified profound political disunity in the […]

Do You Live in a Social Capital Desert?

Necessity is a magnet, and perhaps as what’s essential in our lives changes, social capital will start sprouting, even in the most unlikely places. “Desert” has become a favored metaphor: food deserts describe neighborhoods with few places to buy fresh fruits and vegetables, democracy deserts describe political regions rigged by […]

Fed Up with the Fed’s Abuse of Power

One phrase describes the Fed’s pillaging of the nation to benefit the few at the expense of the many: abuse of power. To confess that the fate of the entire global economy now rests on the mumblings of a fossilized Politburo fanatically devoted to making the rich richer is to […]

How to Identify a Bubble: Wall Street Says It’s Not a Bubble

The post-bubble-crash phase is already being prepared: ‘no one could have seen this coming’–except anyone who paid attention to anything other than self-interested shills. It’s really pretty simple to identify a speculative bubble of epic proportions in stocks: if Wall Street says it’s not a bubble, it’s a bubble. As […]

The Upside of a Stock Market Crash

A drought-stricken forest choked with dry brush and deadfall is an apt analogy. While a stock market crash that stairsteps lower for months or years is generally about as welcome as a trip to the guillotine in Revolutionary France, there is some major upside to a crash. Let’s start by […]

Why the Wheels Are Coming Off

Is that the scent of smoke? What’s that red glare? Must be nothing. Why are the wheels coming off the American Project?Afghanistan is front and center in the news flow for obvious reasons, but since I have no expertise on that nation or America’s role there, I am stipulating these […]

The Smart Money Has Already Sold

Generations of punters have learned the hard way that their unwary greed is the tool the ‘Smart Money’ uses to separate them from their cash and capital. The game is as old as the stock market: the Smart Money recognizes the top is in, and in order to sell all […]

Why the Global Economy Is Unraveling

Global supply chain logjams and global credit/financial crises aren’t bugs, they’re intrinsic features of Neoliberalism’s fully financialized global economy. To understand why the global economy is unraveling, we have to look past the headlines to the primary dynamic of globalization: Neoliberalism, the ideological orthodoxy which holds that introducing market dynamics […]

Inflation: Keynes, the Gold Watch and Everything

Demand isn’t the problem, supply is the problem, and it can’t be resolved by printing more currency or lowering interest rates or cranking up inflation. To the degree that we inhabit an economic order dominated by Keynes and “demand,” then any discussion of inflation has to circle round to Keynes […]

Dear Fed: Are You Insane?

So sorry, America, but your central bank is certifiably insane, and it’s not going to magically work out. History definitively shows that speculative bubbles always pop–always. Every speculative bubble mania, regardless of its supposed uniqueness–“it’s different this time”–pops. No speculative bubble has ever “reached a permanently high plateau” and then […]

The End of Global Tourism?

August 9, 2021 Viewed as a complex non-linear system, the pandemic varinants can only be controlled by drastically pruning the physical connections between disparate global groups, which means effectively ending the unrestricted flow of individuals around the planet. Just a few days after the official acknowledgement of the pandemic in […]

Stripmining the Middle Class: Neoliberalism Comes Home to Roost

But once this last pool of wealth–America’s middle class– has been siphoned dry, then who’s left to stripmine and exploit? Neoliberalism loves markets, because markets enable the wealthy to own everything that produces income and capital gains. Neoliberalism–the superficially attractive notion that opening local markets to global capital generates prosperity […]