A Great Madness Sweeps the Land

Those who see the madness for what it is have only one escape: go to ground, fade from public view, become self-reliant and weather the coming storm in the nooks and crannies. A great madness sweeps the land. There are no limits on extremes in greed, credulity, convictions, inequality, bombast, […]

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Monopolies and Cartels Are “Communism for the Rich”

What’s unfettered in America is “Communism for the Rich” and the normalization of corruption that results from the auctioning of political power to protect monopolies and cartels. The irony of constantly being accused of being a communist is rather rich. When I point out that “free market capitalism” in America […]

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How Things Fall Apart

That’s how things fall apart: insiders know but keep their mouths shut, outsiders are clueless, and the decay that started slowly gathers momentum as the last of the experienced and competent workforce burns out, quits or retires. Outsiders are shocked when things fall apart. Insiders are amazed the duct-tape held […]

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The Blowback from Stripmining Labor for 45 Years Is Just Beginning

The clueless technocrats are about to discover that unfairness and exploitation can’t be measured like revenues and profits, but that doesn’t mean they’re not real. Economists and financial pundits tend to make a catastrophically flawed assumption. They tend to believe the technocratic myth that all human behavior boils down to […]

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The Monopoly – Labor “Let It Rot” Death Spiral

The only rational response to this reality is to opt out, lay flat and let it rot. In my previous post, The Bubble Economy’s Credit-Asset Death Spiral, I described the self-reinforcing feedback of expanding credit and soaring asset valuations and how the only possible result of this financial perpetual motion […]

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The Bubble Economy’s Credit-Asset Death Spiral

Who believed that central banks’ financial perpetual motion machine was anything more than trickery designed to generate phantom wealth? Central banks seem to have perfected the ideal financial perpetual motion machine: as credit expands, money pours into risk assets, which shoot higher under the pressure of expanding demand for assets […]

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This Is of Course Insane

Greed is a powerful motivation to be an ardent believer in the central banking cult. The ideal cult convinces its followers that it isn’t a cult, it’s simply the natural order of things.In current terms, this normalizes insane behaviors and beliefs. Sacrificing youth to appease the gods isn’t a cult; […]

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The “Oil Curse” and Splashy PR Announcements of Oil Production Cuts

It’s not just the price of oil that matters: how much disposable income consumers have left to buy more goods and services matters, too. The Oil Curse (a.k.a. The Resource Curse) refers to the compelling ease of those blessed with an abundance of oil/resources to depend on that gift for […]

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The Uncertainty in China Is Kryptonite to Global Markets

Few seem alive to the potentially consequential financial risks arising from uncertainties evolving in China. One thing we know rather definitively is that markets don’t like uncertainty: uncertainty is Kryptonite to markets. Another thing we know is that the events unfolding in China are generating uncertainty on multiple levels.Whatever policy […]

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FTX and the Corruption of America

What all the entrenched insiders in America’s parasitic, predatory elites and institutions don’t dare admit is that to protect themselves from consequence, we’ve had to sacrifice everything else. Thanks to the FTX swindle, we now know the cost of a get out of jail free card in America: $40 million, […]

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What Do You Value Most? Thanksgiving 2022

When these are no longer valued as essentials for the common good, society is lost. I’m thankful for the eight things to aspire to listed at the bottom of the right-hand column of the main blog page: integrity austerity restraint humility responsibility patience sacrifice thrift When these are no longer […]

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Demographic Cliff + Let It Rot = Collapse of Global Growth

As workforces shrink and opting out becomes increasingly attractive, Global Growth implodes on both the production and consumption sides. A funny thing happened on the way to permanent global growth. Actually, three funny things happened. One is the cheap, easy-to-access materials that enabled a vast expansion of consumption have been […]

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There’s No Bottom Until Frenzied Speculation Turns to Dust

Only when speculative sizzle attracts no buyers / marks will the bottom be in. There hasn’t been a truly organic bottom in stocks in decades. Fifteen years of relentless central bank manipulation since the 2008-09 Global Financial Meltdown has persuaded punters that central banks will always save us should the […]

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FTX: The Dominoes of Financial Fraud Have Yet to Fall

Once assets are revealed as worth far less than claimed, insolvency is the inevitable result. If you haven’t plowed through dozens of post-collapse commentaries on FTX, I’m saving you the trouble: here’s a distillation of what matters going forward. If you’re seeking a forensic accounting of FTX, others have done […]

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Where Crypto Went Wrong

You want to fix the world with finance? Then fix this: wages’ share of a financialized, globalized, speculative-bubble dependent economy have been falling for decades. Fix this and you really will change the world. Anything less changes nothing. Let’s start by stipulating my perspective on cryptocurrencies is neither positive nor […]

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Asymmetries, Distortions and Denial

When bubbles pop, it’s natural selection at its most unforgiving: “adapt or die,” and those who ignore or discount consequential asymmetries will have a very difficult time navigating the triage. After years of relative stability, it seems asymmetries, distortions and denial are playing out in unexpectedly destabilizing ways. These complex […]

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I Used To Be Disgusted, Now I’m Disabused

It’s certainly possible to be disgusted, but being disabused of the fantasy that the system is self-correcting is the healthier perspective. I used to be disgusted, now I’m disabused: beneath all the self-serving narratives, fad-memes and over-simplifications regurgitated as serious analysis, these are the core dynamics I see: 1. Imperial […]

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Regardless of Who’s Elected, Imperial Corruption Rules the Nation

But in the meantime, enjoy the political theatrics down on the sand-strewn floor of the Coliseum. While the much-touted differences between America’s political parties get obsessive, hysterical attention, the sameness of Imperial corruption, waste and squalor regardless of who’s in power gets little notice.Scrape away the differences–mostly in domestic issues–and […]

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The Unintended Consequences of Unintended Consequences

Decades of central bank distortions and regulatory / market-share capture by cartels and monopolies have completely gutted “markets,” destroying their self-correcting dynamics. Unintended consequences introduce unexpected problems that may not have easy solutions. An entirely different set of problems are unleashed as unintended consequenceshave their own unintended consequences. This is […]

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The Era of All-Powerful Central Banks Is Over

Central bank gaming of Finance is the source of instability. The era of all-powerful central banks is over for a simple reason: they failed: they failed their citizens, their nations, and they failed the world. Their policies have pushed wealth and income inequality to extremes that have destabilized the planet’s […]

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