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Dear Governments, Spend as Much as You Can

Dear Governments, Spend as Much as You Can This week we heard further details about more trillions in upcoming spending and even changing monetary issuance laws (for CBDCs) worldwide. The International Monetary Fund (IMF), what critics might call a supranational leveraged buyout bank, was out this week making calls for governments worldwide to spend as […]

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The Wonders of Free Money in Two Pictures

The Wonders of Free Money in Two Pictures Lesson of the Day If you give away enough free money, spending recovers. Census Report on Advance Retail Sales  The Census report on Advance Retail Sales provides half of our “Lesson of the Day“. Adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, July sales […]

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Rabobank: “We Live In A Pretty Crazy World Right Now”

Rabobank: “We Live In A Pretty Crazy World Right Now” Crazy World I think we can all agree that we live in a pretty crazy world right now: and that’s an appropriate title for the Daily today too, for reasons that will be explained shortly. It’s a world where we are seeing staggering increases in […]

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The World Is Drowning In Debt

The World Is Drowning In Debt According to the IMF, global fiscal support in response to the crisis will be more than 9 trillion US dollars, approximately 12% of world GDP. This premature, clearly rushed, probably excessive, and often misguided chain of so-called stimulus plans will distort public finances in a way in which we have not […]

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Bankrupting America

Bankrupting America Source: AP Photo/Alex Brandon Two weeks ago, President Donald Trump signed the largest stimulus bill in U.S. history: more than $2 trillion. For once, both Republicans and Democrats agreed. The Senate voted 96-0. The House didn’t even bother with a formal vote. At the White House, a reporter asked the president, pointing out […]

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The Prophet

The Prophet Oh how I miss George Carlin. Yes he was mainly known as a stand up comedian, but he was more than that, much more. He was a social critic, he challenged that status quo, he dared to go where society wasn’t prepared to go: Look at ourselves critically. He did it with biting […]

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Not Modern, Not About Money, and Not Really Much of a Theory

NOT MODERN, NOT ABOUT MONEY, AND NOT REALLY MUCH OF A THEORY “Ignoring MMT’s rising popularity would be about as smart (and effective) as a dog barking at the waves in the ocean.”–KEVIN MUIR, author of the avant garde financial newsletter, The Macro Tourist “I believe that all good things taken to an extreme become self-destructive […]

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The Most Important Chart in Economics?

The Most Important Chart in Economics? Earlier this month, the U.S. Federal Reserve quietly released the Financial Accounts of the United States. Like most government data, the 198-page report (known to insiders as the Z1) is almost impossible to understand. However, to the economists and accountants who wade their way through the mess, the implications are […]

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Federal Borrowing Crosses the Rubicon

Federal Borrowing Crosses the Rubicon A year ago, Republicans in control of Congress suspended the cap on federal borrowing. The limit was automatically re-imposed on March 1st. Politicians now have a few months to hammer out legislation to raise the cap as the Treasury employs “extraordinary measures” to fend off default. The federal deficit is […]

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Tax Cuts Without Reducing Government Outlays Is Not Possible

TAX CUTS WITHOUT REDUCING GOVERNMENT OUTLAYS IS NOT POSSIBLE According to many economic experts and commentators, an effective way to generate economic growth is through the lowering of taxes. The lowering of taxes, it is held, is going to place more money in consumer’s pockets thereby setting in motion an economic growth. This way of […]

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Trump Administration on Track for $1 Trillion Budget Deficit This Year

Trump Administration on Track for $1 Trillion Budget Deficit This Year The Trump administration is on track to post a 2019 fiscal year budget deficit of over $1 trillion. These are the kind of budget deficits we would expect to see during a deep recession, not an “economic boom.” The government got off to a […]

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The Economic Consequences Of Debt

The Economic Consequences Of Debt Not surprisingly, my recent article on “The Important Role Of Recessions” led to more than just a bit of debate on why “this time is different.” The running theme in the debate was that debt really isn’t an issue as long as our neighbors are willing to support continued fiscal largesse. As I […]

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Why Bad Economics Makes Such Good Politics

Why Bad Economics Makes Such Good Politics As the election nears, politicians will more and more frantically point out what wonderful favors they’ve done for the voters — or what favors they will do for the voters, if elected. Of course, they never mean all the voters. They mean groups or individuals within the voting […]

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Disaster Awaits: National Debt Will Be 6 Times The Size Of The Economy

Disaster Awaits: National Debt Will Be 6 Times The Size Of The Economy Even without changes to the current spending policy, the government’s spending is on an unsustainable path. By the time a child born in 2018 reaches retirement age, the United States national debt will be six times the size of the economy according to […]

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Getting Serious About Debts and Deficits

Getting Serious About Debts and Deficits Photo Source CafeCredit.com | CC BY 2.0 With the possibility that the Democrats will retake Congress and press demands for increased spending in areas like health care, education, and child care, the deficit hawks (DH) are getting prepared to awaken from their dormant state. We can expect major news […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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