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Is This Complacency, Idiocy, Or Both?
Is This Complacency, Idiocy, Or Both? If one listens to the financial media mavens give their detailed analysis of late, you would have thought the The Onion™ decided to try its hand at TV and radio. Since last Friday as they anticipated the most recent “jobs” report with bated breath to be announced, into this week that […]
How Venture Capitalists Came to Rule the World
How Venture Capitalists Came to Rule the World Jobless Growth and the Lottery Economy Before the gale-force hurricane of Reaganomics swept through the United States in the 1980s, America very briefly entertained the adoption of a deliberate industrial policy. As in South Korea and certain European nations, the U.S. government would pick economic winners and […]
Local Production Means Jobs and Prosperity
Local Production Means Jobs and Prosperity With over 93 million unemployed working age adults in America and the economy beginning to go negative again, if you are fortunate enough to have a job it may not last much longer. It is easy to keep a positive attitude about the economy when you get a paycheck every […]
If Your BS Detector Isn’t Shrieking, It’s Broken
If Your BS Detector Isn’t Shrieking, It’s Broken Wishing it was true doesn’t make it true–it makes you a chump who fell for the con. Once upon a time in America, no adult could survive without possessing a finely tuned BS detector. Herman Melville masterfully captured America’s fascination with cons and con artists in his 1857 […]
The Gardens of Plenty
The Gardens of Plenty Editor’s Note: In France, Gardens of Plenty help provide not just vegetables but training and job skills. Yardfarms can be developed not just in backyards but in community spaces around towns and cities, helping to train others to not just make a living but to make their communities more sustainable, more food […]
Rise of the ‘precariat,’ the global scourge of precarious jobs
Rise of the ‘precariat,’ the global scourge of precarious jobs Barely one in four of the global workforce has a stable job, UN reports With relatively little notice, the world passed a modern milestone recently, one that makes any yearning for more stable times seem very farfetched — the global jobless total passed 200 million. To […]
Are You Ready for the Coming Debt Revolution?
Are You Ready for the Coming Debt Revolution? Gualfin (“End of the Road”), Argentina Dear Diary, There is a specter haunting America… and all the developed nations of the world. It is the specter of a debt revolution. We left off yesterday talking about how the economy of the last 30 years – and especially that […]
A Generational Storm Is Coming
A Generational Storm Is Coming Dear Diary, Yesterday, we began our high-minded graduation speech to the Class of 2015. We explained how the young graduates were not only the most heavily indebted in history, but also the least likely to be able to pay their debts. Median wages have been going down since these graduates were about […]
A Tale Of Two Graphs——Why Bubble Finance Will Fail
A Tale Of Two Graphs——Why Bubble Finance Will Fail On Friday the BLS reported, among other things, that full-time employment in April had dropped by 252,000 from the prior month and that the weekly earnings of production workers had risen by the grand sum of 67 cents (0.1%) before inflation and taxes. But why should still another confirmation that […]
The Goldilocks Illusion
The Goldilocks Illusion Why Market Participants Liked the Payrolls Report Some people have wondered why the stock market reacted with such a big rally to last Friday’s payrolls data. After all, the report wasn’t much to write home about, especially if one ponders the details. In addition, the already weak March payrolls data were revised lower […]
Economic Disinformation Keeps Financial Markets Up
Economic Disinformation Keeps Financial Markets Up Today’s payroll jobs report is more of the same. The Bureau of Labor Statistics claims that 223,000 new jobs were created in April. Let’s accept the claim and see where the jobs are. Specialty trade contractors are credited with 41,000 jobs equally split between residential and nonresidential. I believe […]
Chinese Company Moves to Replace 90% of its Workforce with Robots
Chinese Company Moves to Replace 90% of its Workforce with Robots I’m not one of those people who thinks robots taking over menial labor from human employees is a bad thing. On the contrary, I think such a displacement could ultimately prove very positive for the species. Nevertheless, the short-term pain and suffering that this could […]
A Practical Utopian’s Guide to the Coming Collapse – David Graeber on “The Phenomenon of Bullshit Jobs”
A Practical Utopian’s Guide to the Coming Collapse – David Graeber on “The Phenomenon of Bullshit Jobs” Graeber’s argument is similar to one he made in a 2013 article called “On the Phenomenon of Bullshit Jobs”, in which he argued that, in 1930, economist John Maynard Keynes predicted that by the end of the century technology would have […]
Steen Jakobsen: Get Ready For The Biggest Margin Call In History
Steen Jakobsen: Get Ready For The Biggest Margin Call In History A recommendation to move to cash Economist Steen Jakobsen, Chief Investment Officer of Saxo Bank, believes 2015 will be another “lost year” for the economy. And he predicts the Federal Reserve will indeed start to raise rates later this year, surprising the market and […]
One Last Look At The Real Economy Before It Implodes – Part 4
One Last Look At The Real Economy Before It Implodes – Part 4 In the first three installments of this series, we examined the realities behind supply and demand, unemployment and personal debt, and national debt. As has been proven in each consecutive article with ample evidence, mainstream establishment numbers are, for the most part, […]
