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The Role of Energy in Production
The Role of Energy in Production Chapter 13 from my forthcoming book Rebuilding Economics from the Top Down Human society is energy blind. Like a fish in water, it takes for granted the existence of that without which it could not survive. This is Chapter 13 from my forthcoming book Rebuilding Economics from the Top Down, […]
Reaching the end of offshored industrialization
Reaching the end of offshored industrialization Moving industrialization offshore can look like a good idea at first. But as fossil fuel energy supplies deplete, this strategy works less well. Countries doing the mining and manufacturing may be less interested in trading. Also, the broken supply lines of 2020 and 2021 showed that transferring major industries […]
Hoot of the Day: No One Wants Green Energy if It’s Too Cheap
Hoot of the Day: No One Wants Green Energy if It’s Too Cheap Treasury Secretary Janet Yellen wants the EU to hike tariffs on China just as the US did. Curbs on Cheap Chinese Exports The Guardian reports Janet Yellen urges EU to join US in curbs on cheap Chinese exports Janet Yellen, the US treasury […]
China Shock II Is Coming, the EU Will Be Hit Hard, Then the US
China Shock II Is Coming, the EU Will Be Hit Hard, Then the US Germany is feeling the pinch of China shock. But the US is on deck too. A global trade war looms. China Shock Eurointelligence discusses China shock in its article Technology Is Why We Are Losing. We are not sure that the effect […]
Russia Confiscates €800 Million From Deutsche Bank, Unicredit And Commerzbank
Russia Confiscates €800 Million From Deutsche Bank, Unicredit And Commerzbank After two years of being on the receiving end of a weaponized global reserve currency, getting booted from SWIFT, countless (toothless) sanctions and watching some $350 billion of its assets be frozen and soon confiscated, Moscow has had enough, and over the weekend the FT reported that a […]
Why Unregulated Capitalism Always Leads to Enshittification
Why Unregulated Capitalism Always Leads to Enshittification (right click to open chart in a new tab, or click here, to view full-size; like everything on my blog, my graphics are covered by Creative Commons licence) Lots of ideas work well in theory, but many of them don’t work out so well in practice, especially when the idea becomes […]
Wall Street Journal Boosts Gold FOMO
Wall Street Journal Boosts Gold FOMO They hate that everyone suddenly wants physical metal The Wall Street Journal just published a long article (reposted via MSN) lamenting the fact that everyone suddenly wants gold. So thanks, WSJ, for the FOMO boost: Inside the 21st Century Gold Rush (MSN) – Eric Vazquez, a lineman for a […]
The Biggest Risks of This Decade
The Biggest Risks of This Decade Since the 2020 pandemic, many things have changed, but nothing more than geopolitics. Wars and clashes that used to be largely national have given way to more regional conflicts that threaten to upend the current world order. The Ukraine War and Israel-Iran conflicts have the potential to lead to […]
Because We’re Still Not Sufficiently Indebted…
Because We’re Still Not Sufficiently Indebted… Now the government wants your home equity Zero Hedge just posted a long look at how the “buy now, pay later” (BNPL) industry now accounts for about $700 billion of largely unreported “phantom debt”. This, speculates ZH, is why the economy hasn’t fallen into recession. Now come the unintended consequences: […]
I’ve Got A Bad Feeling About This
I’ve Got A Bad Feeling About This Ideally, I would have written this on May 4th not 14th, but I am going to talk Star Wars. I was a fan in 1977, kept the flame alive when only battered VHS cassettes of the original trilogy existed, and was delighted to get prequels. Until the opening […]
Record Household Debt, Jump In Delinquencies Signal “Worsening Financial Distress”, Fed Warns
Record Household Debt, Jump In Delinquencies Signal “Worsening Financial Distress”, Fed Warns While the market remains focused on tomorrow’s CPI print, and to a lesser extent the April retail sales reports, which will both be released at 8:30am on May 15. we should flag another important report that doesn’t typically get a lot of attention: […]
Inflation is a Policy. Gold Does Not Reflect Monetary Destruction, Yet
Inflation is a Policy. Gold Does Not Reflect Monetary Destruction, Yet The money supply is rising again, and persistent inflation is not a surprise. Inflation occurs when the amount of currency increases significantly above private sector demand. For investors, the worst decision in this environment of monetary destruction is to invest in sovereign bonds and […]
Does Inflation Lead To Civilizational Collapse? A Look At Rome
Does Inflation Lead To Civilizational Collapse? A Look At Rome With the US national debt at $34 trillion and climbing, USD reserve status under pressure, inflation destroying standards of living, and the Biden administration stoking costly war on several fronts, perhaps it’s time for more thoughts on the Roman empire. In a Tuesday thread posted to […]
It’s Not Just Gold. This Is A Full-On Commodities Bull Market
It’s Not Just Gold. This Is A Full-On Commodities Bull Market Which, ironically, is a good reason to be careful First, uranium had a nice run. But it was all alone for a depressingly long time. That changed a couple of months ago as gold, silver, and copper began runs of their own: Nickel, meanwhile, […]
