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The Coming Wave Of High-Tech Authoritarianism
The Coming Wave Of High-Tech Authoritarianism One of history’s hard lessons is that collapsing financial systems beget authoritarian politics. Today’s world, alas, is following this script, as rising debts lead to wrenching political changes in nearly every country that holds free elections, while fascism and socialism are once again being taken seriously by people who […]
Central Banks Cave, Usher In The Crack-Up Boom
Central Banks Cave, Usher In The Crack-Up Boom This was going to be the year when the other big central banks joined the Fed in “normalizing” interest rates and reversing the past decade’s QE experiment. Instead, the other central banks blinked and went back to aggressive ease, and the Fed is following them. This is a […]
Poetic Justice For The Aristocracy
Poetic Justice For The Aristocracy Two points about today’s political economy – and then a prediction involving Illinois: Point One: What’s coming is poetic justice for the aristocracy. The wave of populism/socialism/proto-fascism that’s sweeping the US and Europe is a direct result of the breathtaking hubris of a ruling class that didn’t know when to quit […]
Remember, The Fed Hasn’t Actually Done Anything Yet
Remember, The Fed Hasn’t Actually Done Anything Yet When the financial markets got, um, choppy towards the end of 2018, the Fed caved almost instantly. But only rhetorically. Fed chair Powell promised to stop raising interest rates and shrinking the money supply, and the financial markets, trained to salivate at the sound of Fed happy […]
Doug Noland: Central Banks Are “Hostages Of Market Bubbles”
Doug Noland: Central Banks Are “Hostages Of Market Bubbles” Doug Noland’s weekly Credit Bubble Bulletin is always required reading. The latest – befitting the amazing things that have happened lately – is more necessary than usual. But at 10,000 words it’s also a lot longer than usual. So while everyone should definitely read the whole thing, here are some […]
If You Could Design A Perfect World For Gold…
If You Could Design A Perfect World For Gold… Are you sick of your gold just sitting there when it was supposed to have long since made you rich? Have you been fantasizing about a world in which your gold really does make you rich? If so you’re in good – or at least numerous – company. […]
Jay Taylor: Gold Is The Go-To Safe Haven Of 2019
Jay Taylor: Gold Is The Go-To Safe Haven Of 2019 2019 is looking like one of those either/or years, where growing financial instability leads to either a 2008-style financial crash or another round of asset inflation. In Jay Taylor’s latest newsletter, he concludes that both scenarios are good for gold: Which Safe Haven Markets Will […]
Three Things That Will Definitely Happen In 2019
Three Things That Will Definitely Happen In 2019 Much about 2019 is uncertain. But a few things are pretty much guaranteed, including the following: Government debt will rise at an accelerating rate Like a life-long dieter who finally gives up and decides to eat himself to death, the US is now committed to trillion-dollar deficits […]
The Yield Curve Flattens And Bank Stocks Plunge. Here’s The Connection – And The Prediction
The Yield Curve Flattens And Bank Stocks Plunge. Here’s The Connection – And The Prediction Despite all the ominous press being devoted to the soon-to-be-inverted yield curve, it’s not always clear why such a thing matters. In other words, how, exactly does a line on a graph slipping below zero translate into a recession and […]
Yet Another Trillion-Dollar Unfunded Liability: WHY California Is Burning
Yet Another Trillion-Dollar Unfunded Liability: WHY California Is Burning The apocalyptic fires that hit California last month have left observers scratching their heads and wondering how destruction on that scale could be possible – and how much it will cost in the future if the causes aren’t addressed immediately. This morning’s Wall Street Journal concludes […]
Why We’re Ungovernable, Part 17: In Latin America, Soaring Population + Soaring Debt = “Brutal Justice”
Why We’re Ungovernable, Part 17: In Latin America, Soaring Population + Soaring Debt = “Brutal Justice” There are two ways of looking at the intersection of debt and population. One way says that if debt is rising population should also rise to allow future workers to pay for the retirement of today’s. More people thus […]
The Makings of a Global Debt Crisis Are in Place
The Makings of a Global Debt Crisis Are in Place In 2017, the financial world was filled with talk of synchronized sustainable growth in major economies for the first time since before the 2008 global financial crisis. This was being proclaimed by global financial elites including Christine Lagarde, head of the IMF. Now that vision […]
Empty Words Are Failing. A Timeline For What Comes Next
Empty Words Are Failing. A Timeline For What Comes Next A quick recap of the past couple of months: Stocks plunge. The politicians, bureaucrats and bankers who depend on artificially-elevated financial asset prices start to panic. The Fed announces that maybe it won’t have to raise interest rates any more, and the president announces a temporary […]
