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Doomsday Device
Doomsday Device Disappearing Credit All across the banking world – from commercial loans to leases and real estate – credit is collapsing. Ambrose Evans-Pritchard writing for British newspaper The Telegraph: Credit strategists are increasingly disturbed by a sudden and rare contraction of U.S. bank lending, fearing a synchronized slowdown in the U.S. and China this year […]
Is an Inflation Comeback in the Works?
Is an Inflation Comeback in the Works? Exterminating Angel LOVINGSTON, VIRGINIA – Amid all the sound and fury of the Trump news cycle, hardly anyone noticed. There is a specter haunting this economy. It is the specter of inflation… See, if you want to whip inflation now, you don’t need to do any of the really […]
Fake News? It’s All Fake!
Fake News? It’s All Fake! Barbarous Huns Life is one long struggle in the dark. – Lucretius BALTIMORE – In January of this year, the Empire Herald reported that a “meth-addled couple” had eaten a homeless man in New York City’s Central Park. Later, Now8News reported that a can of cookie dough had “exploded in a woman’s vagina”; the […]
Impoverished by Too Much Money
Impoverished by Too Much Money Shipping Decline BALTIMORE – “It’s over!” Raúl Ilargi Meijer, a regular contributor to David Stockman’s Contra Corner newsletter, explains that the “entire model our societies have been based on for at least as long as we ourselves have lived is over!” Global corporate defaults are at the highest level since the peak of […]
Great Causes, a Sea of Debt and the 2017 Recession
Great Causes, a Sea of Debt and the 2017 Recession Great Cause NORMANDY, FRANCE – We continue our work with the bomb squad. Myth disposal is dangerous work: People love their myths more than they love life itself. They may kill for money. But they die for their religions, their governments, their clans… and their […]
Cash Bans and the Next Crisis
Cash Bans and the Next Crisis Criminalizing Cash Money sometimes goes “full politics”. Take poor Kenneth Rogoff at Harvard. He wants a dollar with a voter registration card, a U.S. flag on its windshield, and a handgun in its belt – the kind of money that supports the Establishment and votes for Hillary. Etatiste tool […]
Alan “Bubbles” Greenspan Returns to Gold
Alan “Bubbles” Greenspan Returns to Gold Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. […] The abandonment of the gold standard made it possible for the welfare statists to use the […]
Planet Debt
Planet Debt Low Interest Rate Persons She is a low-interest-rate person. She has always been a low-interest-rate person. And I must be honest. I am a low-interest-rate person. If we raise interest rates, and if the dollar starts getting too strong, we’re going to have some very major problems. — Donald Trump Two low interest rate persons! The Trumpsumptive president […]
When Government Controls All Wealth
When Government Controls All Wealth Sliding Into Absurdity BALTIMORE – Stock markets continued their rebound on Wednesday. The Dow rose 284 points… or just over 1.5%. London’s FTSE 100 Index was up 3.6%. And Europe’s equivalent of the Dow, the Euro Stoxx 50, was up 2.7%. No wonder the Dragon and his partners in crime […]
The Fed’s Doomsday Device
The Fed’s Doomsday Device Bezzle BALTIMORE – Barron’s, in a lather, says the market is facing the “Two Horsemen of the Apocalypse.” Huh? Only two? There were four last time! Supposedly, the so-called Brexit – the vote in Britain this Thursday on whether to leave or remain in the European Union (EU) – and uncertainty […]
Janet Yellen’s $200-Trillion Debt Problem
Janet Yellen’s $200-Trillion Debt Problem Blame “Brexit” BALTIMORE – The U.S. stock market broke its losing streak on Thursday [and even more so on Monday, ed.]. After five straight losing sessions, the Dow eked out a 92-point gain. The financial media didn’t know what to say about it. So, we ended up with the typical […]
The Fed Has Lost Its “Myth Magic”
The Fed Has Lost Its “Myth Magic” Myths Are Worth Wondering About Wondering is what we do, here at the Diary, especially wondering about myths. “Myths” are not necessarily untrue. They just can’t be known or proven in the way, say, that Archimedes could prove that the king’s crown was made of gold. Antiquity’s most famous […]
Free Money Leaves Everyone Poorer
Free Money Leaves Everyone Poorer Destroying Lives BALTIMORE – A dear reader reminded us of the comment, supposedly made by Groucho Marx: “A free lunch? You can’t afford a free lunch.” Groucho dispensing valuable advice Photo via imdb.com He was responding to last week’s Diary about the national referendum in Switzerland on Saturday. Voters will decide whether to […]
Bread and Circuses
Bread and Circuses Preposterous Initiative BALTIMORE – No whining and kvetching about the Deep State today. Instead, we sit at its feet, admire the cut of its jaw, and sing its praises. We are grateful to it… and not just as a source of amusement. In short, we delight in its incompetence. Excavation of the […]
The Power Elite: Bumbling Incompetents
The Power Elite: Bumbling Incompetents Geniuses in Charge BALTIMORE, Maryland – Is there any smarter group of homo sapiens on the planet? Or in all of history? We’re talking about Fed economists, of course. Not only did they avoid another Great Depression by bold absurdity…giving the economy more of the one thing of which it clearly had […]
