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Hell To Pay
Sometimes I wonder if I’m ever going to run out of new things to say about the economy. Nothing interesting has happened in a long time.
Our liquidity-drunk “markets” remain over-priced due to the chronic intervention of the global central banking cartel, which has demonstrated over and over again that it won’t tolerate even the slightest drop in asset prices.
Those familiar with my writing know I put the word “markets” in quotes because we no longer have a financial system where legitimate price discovery is a regular — or even recognizable — feature.
It’s destined to fail. What more can be said about such a flawed system?
Well, a lot as it turns out.
And failure to pay attention at this stage of economic and ecological history will prove to be exceptionally painful.
The Beginning of the End
It’s been a long 7 years for those of us who believe fundamentals matter. For quite some time they have not.
So we reality-based fundamentalists have largely been reduced to pointing at the parade of policy failures and ham-fisted market manipulations and saying, essentially, That’s just dumb.
But ‘dumb’ mistakes have become ‘stupid’, and ‘stupid’ became ‘idiotic’, and now ‘idiotic’ mistakes are piling up, accumulating into a mountain of stored potential energy that will someday topple destructively across the global markets. We’ve all known, deep down, that money printing is not the same as capital formation, and that prosperity never truly results from redistributing wealth from one group to another. And yet, far too many have been willing to play along and place their trust in the central banks.
Well, we’ve finally reached the beginning of the end.
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