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Introducing the ‘Hacker’s Teleology’

Writer, philosopher and long-time contributor to PeakProsperity.com, Charles Hugh Smith, returns to the podcast to explain the new socio-economic model he has just introduced to the world through his new book A Hacker’s Teleology: Sharing the Wealth of Our Shrinking Planet.

The main mission behind Peak Prosperity is to focus on new, more regenerative and sustainable models that will better serve humanity than the old models which are currently falling apart. Charles posits a new way of living that is a) achievable with existing resources and technology, and b) much more equitable and resistant to abuse.

We very much need new alternatives like this at this time. Because, once the system breaks in earnest, our ‘leaders’ will be desperate — and as Jared Diamond wisely observed “Nations in crisis borrow and adapt solutions already devised”. So getting good ideas on the table now, so that they’re available to be adopted when needed, is critical.

The principal idea is we need a new system. Now, it doesn’t have to replace the existing system entirely. It just has to be an effective alternative that people can choose if they so desire to.

In my opinion, it needs to be decentralized, anti-fragile, yet connected with other like-minded people. But right now, we’re having to start from scratch, basically reinventing the wheel. We’re fighting a kludgy, broken, unfair, rigged system every step of the way if we want to create a decentralized community-based economy.

So what would a system be like if we designed it from scratch to actually make it easy to join a community economy? Well, we want a system that’s opt-in and voluntary, not like the one we have now.

…click on the above link to read the rest of the article…

Market Update: The Fed’s Big Lie

September 2, 2020

Market Update: The Fed’s Big Lie

Ignore Powell’s happy talk. The Fed is desperate and merely playing for time.

Insanity is doing the same thing over and over again, but expecting different results.

Federal Reserve Chairman Jerome Powell announced on Thursday that the Fed will now shift its focus from hitting inflation targets and instead prioritize closing “unemployment shortfalls”.

This gives it the aircover to do “whatever it takes” until the unemployment rate is back down into the low single digits. Inflation can now run hotter than 2%, rates can stay at 0% (or go negative) for the next decade+, more QE…. all is fair game now in the pursuit of lower unemployment.

Essentially, the Fed is now tripling-down on the same failed policies that have created today’s zombie economy and the worst economic inequality in our nation’s history.

Rich 5% own 2/3 of the wealth

Perhaps the folks at the Fed are smarter than we think, and there’s actually a grand plan they’re pursuing that’s going to work out to society’s benefit?

Sadly no, reveals this week’s expert guest, Danielle DiMartino-Booth. Danielle knows the Fed inside and out, as she worked as a consultant for nearly a decade to Richard Fischer, President of the Federal Reserve Bank of Dallas, including helping deal with the Great Financial Crisis. She knows how the organization runs, as well as the specific people running it.

And her assessment is that the Fed is trapped in a nightmare of its own making and is merely playing for time at this point. Everything it throws at the situation is designed to hopefully get the system to limp through the next quarter or two without breaking, at which point they’ll scramble to come up with the next short-term “solution”.

…click on the above link to read the rest of the article…

Is High Inflation Now A Bigger Danger Than A Deflationary Crash?

August 27, 2020

Is High Inflation Now A Bigger Danger Than A Deflationary Crash?

What’s the more likely event at this point: a deflationary crash or runaway inflation?

For a long time, Peak Prosperity co-founder Adam Taggart and I have hewed to the “Ka-POOM!” theory, which states that a major deflation will scare the central banks so badly that they overreact and pour too much liquidity into the system, thereby destroying it.

To visualize how this will play out, think of what happened in Beirut this week. Customs officials there stored thousands of tons of ammonium nitrate fertilizer at their seaport, for years. The pile just sat there doing absolutely nothing.

After years of inaction, the port authorities became lulled into the erroneous conclusion that nothing would ever happen.

But then one day a spark came to life, starting a fire, and then all at once — POOM! — the entire thing blew up with devastating effect.

This analogy works pretty well here as we approach the Keynesian endgame facing the global economy. The pile of $trillions in bad debts issued over the past decades has been the fertilizer. Covid-19 was the spark. And now we’re simply waiting for the entire economic and financial system to explode.

The same process began in the US and has been unfolding across the world ever since after the gold standard was abandoned in 1971. Untethered from any restraint, all that was left to staunch the flow of red ink was self-restraint and a concern for the future, both of which were in short supply.

Not only has debt been growing far faster than income (GDP) at the national level, but debts have been growing exponentially (i.e., ‘compounding’) ever since 1971:

That debt growth is a nearly perfect exponential curve upon which the entire systems of politics, banking and the economy have come to rely.

…click on the above link to read the rest of the article…

Market Update: Overstimulated!

August 15, 2020

Market Update: Overstimulated!

Today’s twin orgy of monetary & fiscal stimulus makes a market reckoning inevitable

The melt-up discussed last week remains in full force, with the S&P 500 hitting a new intraday all-time high on Wednesday.

Just to make sure we’re all clear on this: stocks are back to their highest prices BEFORE the coronavirus pandemic exploded. Before Q2 GDP plummeted -33% in the US. Before 50+ million Americans lost their jobs.

Thanks to the $trillions shoved into the system by both central banks and national legislatures since April, “investors” now believe the markets are a 1-way ride to forever-increasing wealth.

As the chart below from the National Association of Active Investment Managers shows, financial advisory firms that manage client capital are more fully-invested in the markets than at any other time in the past several years:

NAAIM chart

So everyone in “all-in” on the belief that the markets are both fully backstopped and rising higher from here.

How realistic is this belief?

Michael Pento, this week’s Market Update video expert guest, thinks it’s willful delusion. History is crystal clear that disconnects like we have today between (over-inflated) asset prices and the underlying (contracting) economic reality always result in crisis — either a deflationary repricing, or a destruction of the purchasing power of the currency.

Michael shares the 20 financial and economic metrics on the dashboard of indicators he tracks to determine where we are in this story, and which outcome is looking most likely to happen when. This week’s interview is worth listening to for that list alone.

Not one to mince words, Pento believes this is the most treacherous time ever for investors — which means those blindly long the current melt-up will get slaughtered if indeed the risks he predicts play out. As always, we recommend working in partnership with an independent financial advisor who appreciates these risks, prioritizes preservation of your investment capital, and can help you chart the turbulent waters ahead when the reckoning arrives:

…click on the above link to read the rest of the article…

Gold’s (And Silver’s!) Time Has Arrived

July 31, 2020

Gold’s (And Silver’s!) Time Has Arrived

Are you well-positioned for it?

Peak Prosperity publishes ALERTs very rarely, and only when my co-founder Chris Martenson and I are concerned enough to take personal action.

On May 8, I released an ALERT informing our premium subscribers that, concerned by the ramifications of the global central banks’ response to the coronavirus, I was moving a material percentage of my portfolio’s cash reserves into precious metals, notably into silver as the gold/silver ratio then of 110:1 remained near a record high.

Since the issuance of that ALERT, gold has broken above it’s previous all-time high price, moving up 14%, from $1,717/oz to $1,950/oz.

And silver has performed strikingly better: rising over 55% from $15.75/oz to $24.50/oz. As anticipated, the gold/silver ratio has fallen nearly 30% to 80:1.

However, much more important than this near-term pop in the precious metals is their outlook going forward.

We’ve been writing for years here at PeakProsperity.com about gold and silver’s extreme undervaluation given the risks we’re facing in our monetary and financial systems. And yet, for years, the metals languished as capital flowed eagerly into “paper wealth”, fueled by central bank liquidity, record low interest rates, and a rampant increase in debt and deficits.

Back in 2017, Grant Williams famously and correctly nailed the neglected state of the precious metals in his prescient work, Nobody Cares.

A year ago, as gold managed to break above it’s longtime ceiling of $1,350/oz, we began loudly alerting our readers that the years of neglect were finally over. That, indeed, investors were beginning to “care” again.

Fast forward to where we are today, a pandemic and +$5 trillion in global central bank liquidity later, and now it’s seeming that suddenly Everybody Cares about the precious metals.

Gold’s — and silver’s — time has arrived. Precious metals are finally back in a secular bull market.

Key questions to address at this moment are:

…click on the above link to read the rest of the article…

Market Update: A Titanic Disaster Ahead?

July 10, 2020

Market Update: A Titanic Disaster Ahead?

Tech stocks now in a classic blow-off top

At this point, as go the leading Tech stocks, so go the markets.

So much capital has crammed into the tech sector this year that it boggles the mind. Tech stocks now make up 40% of the market cap of the S&P 500.

And despite their huge size, they continue to race higher. Nearly. Every. Single. Day.

Here’s a chart of six of the biggest tech companies. Over just the past 7 trading days, they have increased a combined total of half a trillion dollars in market cap. That’s $500 billion, folks — in just a week!

Big tech stocks gain $500 billion in past 7 trading days

(Source)

Looking at Amazon’s (AMZN) stock price, up nearly 20%(!) since the start of July, we see a trajectory that we’re familiar with — a near-vertical blow-off top:

(Source)

This is the classic manic ending to an asset price bubble — as seen when Bitcoin hit 19,000 in late 2017 and when silver hit $49/oz in 2011. For further affirmation, watch this short video chapter from Crash Course on Bubbles.

In a way, this is comforting to see because it gives us confidence this insane, mindless, unjustified market euphoria will end soon. We just need to be prepared for the predictable violent aftermath when it does.

As we do each week, we’ve once again asked the lead partners at New Harbor Financial, Peak Prosperity’s endorsed financial advisor, to share their latest insights on the end of Great Tech Bubble and what comes next.

We spend a fair amount of time in this week’s video asking New Harbor for actionable options to protect recent gains from a potential pull-back, as well as how to position for a larger market melt-down if indeed Tech soon reverses and we experience a crash greater in magnitude than what we suffered in February:

…click on the above link to read the rest of the article…

Will We See A New Covid-19 Spike Soon?

June 11, 2020

Will We See A New Covid-19 Spike Soon?

Chris estimates we’ll know within the next 3-5 weeks

State lockdowns lifting across the US. businesses and public spaces opening back up. Mass protests bringing thousands together in close quarters.

Will we see a resurgence in covid-19 infections as a result? Unknown at this moment, but we shouldn’t have long to wait. Chris predicts we’ll know one way or the other within the next 3 to 5 weeks.

As the nation waits, we’ll undoubtedly see more symptoms of the social rifts that the pandemic has exacerbated. Trust in authority has been badly shaken: from the response from the Administration/CDC/WHO, to the “garbage science” tilting the scales towards Big Pharma’s interests, to the current protests against the police, to the deeply unfair repercussions of the Federal Reserve’s rescue of the rich — the populace is waking up to the fact that our “leaders’” actions are out of integrity with the public welfare.

Where will this growing unrest take us? Unknown at this point, but similar to covid-19, we may not have long to wait to find out.

WTF: What The Fed?!? (Round 2)

May 19, 2020

WTF: What The Fed?!? (Round 2)

Williams, Maloney, Martenson, Smith: “Trillions more reasons to be concerned”

Back in mid-January, Grant Williams, Mike Maloney, Charles Hugh Smith, Chris Martenson and I sat down for an in-depth discussion on the dangerous distortions to financial markets and the global economy that central bank intervention is causing.

That video, titled WTF: What The Fed?!? was released soon after the US Federal Reserve had added $200 billion dollars to its balance sheet in Q4 2019. At the time, we worried so much liquidity being added to the system so quickly could recklessly exacerbate the extreme overvaluations in the markets, and further increase the instability of our over-indebted economy.

Little could we have guessed that a global pandemic would soon ensue, one that has seen the central banks collectively flood the world with an additional $4 trillion so far, with (much) more anticipated to come. Sure makes that $200 billion look pretty tiny now…

So, if this group of experts was highly concerned about systemic risk pre-coronavirus, what are they thinking now?

$Trillions in new fiat currency printed in less than 2 months. Over 36 million jobs lost. A Q1 GDP drop of -5% and a predicted Q2 drop of -42.8%. And that’s just in the US alone.

These are historically unprecedented developments on a Great Depression-level scale.

The impact of the economic production loss triggered by covid-19 will be painful and with us for years. How bad will it get? What should we expect next? And why are the current prices of financial assets so divorced from the reality of the destruction to the economy?

For these answers and more, watch this 2-minute trailer for WTF: What The Fed?!? Round 2:

…click on the above link to read the rest of the article…

Sergey Young: Will Technology Save Us?

May 14, 2020

Sergey Young: Will Technology Save Us?

Are the pessimists wrong to bet against human ingenuity?

“Technology will save us!”

That’s the most common pushback we receive to Peak Prosperity’s concerns about the dangers of exponential resource depletion, overpopulation, and overindebtedness/overconsumption.

And it’s understandable: technological advancement has achieved wonders for mankind’s standard of living at an accelerating pace over the past several centuries. Billions have been lifted out of poverty. Human health and longevity (covid-19 aside) have been greatly boosted. We have conquered the earth, seas, air and space.

Are the pessimists wrong to bet against human ingenuity?

To explore that question head-on, Chris sits down this week with Sergey Young, founder of the Longevity Vision Fund and “right hand man” to Peter Diamandis of Singularity and XPRIZE fame.

A self-described technology optimist, Sergey has created a $100 million fund to counteract the damaging consequences of aging. He’s set for himself the goal to live to be 200 years old (in the body of a 25 year old) and to find an affordable way for everyone else to do the same.

Interestingly, while Sergey is much more sanguine about society’s future prospects than we are here at Peak Prosperity, he acknowledges that the pragmatic realists are a necessary ‘yin’ to the tech passionistas’ ‘yang’.

For an optimistic futurist, Sergey is surprisingly respectful of and in agreement with our focus on sustainability and on practical models for living within our means. He admits that technology isn’t a cure-all, and goes as far to say that if the future were simply left to the starry-eyed dreamers, we’d take a lot of leaps of faith that wouldn’t end well.

For one of the most balanced conversations on this topic we’ve yet experienced, click the play button below to listen to Chris’ interview with Sven Henrich (44m:45s)

Coronavirus: The “Rescue” Is Stealing Your Wealth

May 9, 2020

Coronavirus: The “Rescue” Is Stealing Your Wealth

The elites get richer and we lose our jobs & future prospects

As we begin to get a better handle on what happens inside the body when covid-19 infects, it’s clear that early treatment makes a big positive difference.

And we’re learning of effective measures you can take at home *before* exposure to the virus that can limit your chances of getting it. A cocktail of Vitamin C + Quercetin, Vitamin D3, zinc and melatonin is being increasingly recommended by clinicians (specific dosage available in this video).

OK..now onto the bad news. THE GREATEST WEALTH TRANSFER IN HISTORY IS BEING PERPETRATED BEFORE OUR EYES AND WE’RE JUST WATCHING IT HAPPEN!!

Oh…did I shout that? Sorry.

All that the $trillions in rescue bailouts/stimulus are doing is making the wealthy elites and the large corporations whole on their bad bets, while simultaneously making them richer by deforming stock prices even higher.

And what do the rest of us get? Lost jobs. A promise of a measly $1,200 check that few have yet to receive. Shattered prospects.

Those who have pillaged our system are filling their pockets before it collapses. Why the heck are we not fighting back at this more forcefully?

Mutation! Are We Now Dealing With A More Contagious Covid-19 Strain?

May 6, 2020

Mutation! Are We Now Dealing With A More Contagious Covid-19 Strain?

The G clade of the virus may explain why certain regions have been hit harder than others.

Well, it seems we are closer to solving the mystery of why some regions of the world exhibit higher covid-19 infection rates than others.

New research is revealing that covid-19 mutated early on in the pandemic to create a more transmissive strain: the G clade, which may also be associated with a higher viral load.

The G clade was dominant in Italy, which suggests that’s why the virus hit that country so much harder than many others.

In the US, New York appears to have suffered from a high percentage of G clade cases. That’s likely why the infection rate has been much higher there than in other states.

In addition to the news about the new strain, we’re also now seeing evidence that the impact of covid-19 can linger for much longer than previously appreciated. There are reports of patients still struggling with symptoms 50 or more days after onset.

To re-iterate our oft-repeated advice: You do NOT want to get this virus if you can avoid it.

Don’t forget to get your free download of Peak Prosperity’s book Prosper!. Given its relevance to preparing for any kind of crisis, pandemic or otherwise, Chris and I are now making it available to the world for free during the covid-19 lockdown.

To download your free copy, click here.

Coronavirus: Something’s Not Right Here…

May 1, 2020

Coronavirus: Something’s Not Right Here…

It’s hard not to start asking the question: Are we being played?

Following yesterday’s pimping of Gilead Science’s antiviral drug remdesivir on scant and suspect results, it’s hard not to start asking the question: Are we being played?

We’ve argued in several past videos that there is ample enough evidence that hydroxychloroquine shows enough promise in reducing/treating covid-19 that further research is merited. Instead, the drug is being demonized in the media.

That doesn’t make a lot of sense to us. But, hey, maybe there’s a good reason that a cheap widely-available treatment that has been administered hundreds of millions of times over the past 70 years, making it one of the most medically-delivered drugs in history, is suddenly being labelled “unsafe”?

But much more maddening is that remdesivir has suddenly been promoted to “standard of care” status despite its spotty and unproven track record.

Could that have anything to do with the fact that 9 of the 50 doctors on the NIH panel setting its covid-19 treatment guidelines work for Gilead Sciences?

The conflicts of interest and profit motives rampant among our policymakers are extremely concerning. Something is not right here…

Don’t forget to get your free download of Peak Prosperity’s book Prosper!. .

Why Gardening Starts With Growing Good Soil

April 25, 2020

Why Gardening Starts With Growing Good Soil

For two months now, we’ve been advising readers to “grow a garden” in response to the covid-19 pandemic.

We’re recommending that for a number of reasons.

Food security is the primary one. Domestically, several of the small number of concentrated players in our Big Ag food supply chain have been forced to shutter production facilities due to infected employees. Internationally, we’re seeing emerging evidence that countries are preparing for “national food hoarding”, as Chris wrote about last week.

Gardening is good for your physical health, offering exercise and getting you out into the sun and fresh air — all of which are correlated with lower risk of contracting the coronavirus. It’s also beneficial for your mental health, engaging you in a productive pursuit while offering time for reflection and for communion with nature.

Great, many of those inexperienced with gardening may be thinking, But how do I get started?

We’ve got some great resources here on the site. You can start by reading our DIY instructions for creating a raised bed garden, or by reading our Agriculture & Permaculture forum thread and asking questions of the many knowledgeable gardeners there.

But whether you’re new to gardening or not, your success is rooted (pardon the pun) in appreciating that to grow healthy plants you first need to grow healthy soil.

Perhaps the top soil experts in the world are Paul and Elizabeth Kaiser, owners and operators of Singing Frogs Farm — world famous for their nature-based yet innovative approach to farming, in which no tilling of any kind is done to the soil. No pesticide/herbicide/fungicide sprays (organic or otherwise) are used. And the only fertilizer used is natural compost.

…click on the above link to read the rest of the article…

The Coronavirus Is Even More Dangerous Than Previously Thought

April 17, 2020

The Coronavirus Is Even More Dangerous Than Previously Thought

In addition to the lungs, it injures the heart, kidneys, nervous & circulatory systems, intestines and liver

Man, the more we learn about the honey badger virus (covid-19), the more we realize what a beast it truly is.

Yesterday’s video went into the damage the virus does to the lungs. It’s also becoming clear covid-19 also injures the heart, kidneys, nervous & circulatory systems, intestines and liver.

Again, you do NOT want to get this if you can avoid it.

We are also seeing that it’s a hard foe to defeat. In a growing number of ‘best case’ countries, when lockdowns are lifted, they’re having to be quickly re-instated as new outbreak blooms occur.

Meanwhile, the damage covid-19 is doing to the global economy is becoming increasingly clear – and grim. Demand has fallen by record amounts, the banking system is looking shaky, and food security is now becoming a concern.

The latter speaks to why we have been advocating for weeks now that you get busy starting or expanding your garden.

The UNFAIRNESS Economy

April 11, 2020

The UNFAIRNESS Economy

Bailouts for the rich. Barely anything for you.

Award-winning investigative journalist Matt Taibbi penned perhaps the most iconic condemnation of the bankers who created (and subsequently got bailed out during) the Great Financial Crisis:

The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.

Tens years later, we find ourselves facing another crisis which, while triggered by the coronavirus instead of housing loans, has similar roots in a financial system made vulnerable by the unfair plunder of big banks and hedge funds — who are now being bailed out at vastly higher expense than in 2008.

Sadly, it seems we’ve learned very little over the past decade.

And as $trillions and $trillions in “rescue” stimulus are starting to be deployed by Congress and the Federal Reserve, it’s once again the financial power elite and corporate boardroom bigwigs who are receiving immediate and complete relief from the consequences of their actions.

But what will regular folks like you and me get? Crumbs, if anything.

And as taxpayers, we’re ultimately footing the bill (once again).

Given his intensive knowledge of the inner workings of Wall Street and its entanglement with the DC political machine, Taibbi explains how the inequity, abuse and fraud in today’s “Unfairness Economy” has become standard operating procedure — and will remain so until a serious enough social uprising takes place.

First, watch this 2-minute trailer:

And then click here to enjoy Peak Prosperity’s full interview with Matt Taibbi:

…click on the above link to read the rest of the article…

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