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“In America Money Does Grow on Trees”
“In America Money Does Grow on Trees” Full Commitment This week provided additional confirmation that America is fully committed to a program of currency destruction. Decades of terminal intelligence have gotten us to this special place. We will have more on this in a moment. But first some words on being fully committed. Say hello […]
How to Tackle the Depression Head On
How to Tackle the Depression Head On “I want to see people get money.” – Donald J. Trump, U.S. President, September 17, 2020 “Now is not the time to worry about shrinking the deficit or shrinking the Fed balance sheet.” – Steven Mnuchin, U.S. Secretary of the Treasury, September 14, 2020 Money for the People The real […]
In The Long Run We Are All Alive
In The Long Run We Are All Alive In 1976, economist Herbert Stein, father of Ben Stein, the economics professor in Ferris Bueller’s Day Off, observed that U.S. government debt was on an unsustainable trajectory. He, thus, established Stein’s Law: “If something cannot go on forever, it will stop.” Stein may have been right in […]
Central Planners At Work
Central Planners At Work Consumption without Production “Every man is a consumer, and ought to be a producer”, observed 19th century philosopher Ralph Waldo Emerson. “He is by constitution expensive, and needs to be rich.” Ralph Waldo Emerson (May 25, 1803 – April 27, 1882), who inter alia opined on consumers and the need to not only consume, but also […]
What You Will Find When You Follow the Money
What You Will Find When You Follow the Money It has been a rough go for California Governor Gavin Newsom. Late last week it was revealed that the state Department of Public Health had tickled the poodle on its COVID-19 record keeping. Somehow the bureaucrats in Sacramento undercounted new coronavirus cases by as many as […]
The Dollar Is Dying
The Dollar Is Dying Insulting the Captive Audience This week, while perusing the Federal Reserve’s balance sheet figures, we came across a rather curious note. We don’t know how long the Fed’s had this note posted to its website. But we can’t recall ever seeing it. The note reads as follows: “The Federal Reserve’s balance sheet […]
Best Laid Schemes
Best Laid Schemes A Really Neat Bridge But, Mousie, thou art no thy-lane,In proving foresight may be vain;The best-laid schemes o’ mice an’ menGang aft agley,An’ lea’e us nought but grief an’ pain,For promis’d joy! – Robert Burns, To a Mouse, on Turning Her Up in Her Nest With the Plough (in extract), 1785 Installation of the […]
Game Over Spending
Game Over Spending Second quarter 2020 came and went like a California wildfire. The economic devastation caused by the government lockdowns was swift, the destruction immense, and the damage lasting. But, nonetheless, in Q2, the major U.S. stock market indices rallied at a record pace. The Dow booked its best quarter in 33 years. The […]
Pandemic, Economic Collapse, Full Societal Breakdown
Pandemic, Economic Collapse, Full Societal Breakdown “And the will of Zeus was moving towards its end.” – Homer Symbiotic Disharmony The recline and flail of western civilization beats on. Pandemic, economic collapse, full societal breakdown. The sequence grooves from one to the next with the symbiotic disharmony of a minor pentatonic scale. Peaceful protests devolved to […]
Destruction By Definition
Destruction By Definition Major U.S. stock market indexes yo-yoed about all week. On Monday, panic selling from last week turned to panic buying. Decades of Fed intervention have conditioned stock market investors to step in front of semi-trucks to scoop up nickels. The Dow Jones Industrial Average (DJIA) jumped 1,290 points. This marked its biggest-ever […]
The Triumph of Madness
The Triumph of Madness Viewing the past through the lens of history is unfair to the participants. Missteps are too obvious. Failures are too abundant. Vanities are too absurd. The benefit of hindsight often renders the participants mere imbeciles on parade. Was George Armstrong Custer really just an arrogant Lieutenant Colonel who led his men […]
How Xi Jinping will Save the World from Coronavirus
How Xi Jinping will Save the World from Coronavirus In 1349, when Black Death was ravaging Europe, many of the day’s best and brightest banded together in pursuit of a common cure. They had little choice. Black Death was rapidly spreading across the continent. Nothing could stop it. Boils were lanced with precision. Blood was […]
The Impulses of Lunar Fed Policy Under Repo Madness
The Impulses of Lunar Fed Policy Under Repo Madness This week, while you were busy working, Jamie Dimon, CEO of JP Morgan Chase, took time out from rubbing elbows with fellow movers and shakers at the World Economic Forum in Davos, Switzerland, to share his trepidations: “The only thing I have trepidation about is negative interest […]
Every Bubble Eventually Finds its Pin
Every Bubble Eventually Finds its Pin The transfer of wealth from workers and savers to governments and big banks continued this week with Swiss-like precision. The process is both mechanical and subtle. Here in the USA the automated elegance of this ongoing operation receives little attention. NFL football. EBT card acceptance at Del Taco. Adam […]
The Fed’s Answer to the Ghastly Monster of its Creation
The Fed’s Answer to the Ghastly Monster of its Creation The launch angle of the U.S. stock market over the past decade has been steep and relentless. The S&P 500, after bottoming out at 666 on March 6, 2009, has rocketed up over 370 percent. New highs continue to be reached practically every day. Over […]
