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If We Don’t Change the Way Money Is Created and Distributed, We Change Nothing
If We Don’t Change the Way Money Is Created and Distributed, We Change Nothing The only real solution in my view is to create and distribute money at the base of the pyramid rather than to those in the top of the pyramid. Many well-intended people want to reform the status quo for all sorts […]
Central Banks Have Pushed the Middle Class Down into Neofeudal Serfdom
Central Banks Have Pushed the Middle Class Down into Neofeudal Serfdom The injustice of central-bank enforced neofeudalism cannot be suppressed like interest rates. In traditional feudal systems, serfs were the landless peasantry who worked the land of their feudal lords in exchange for protection. In our present-day neofeudal system, serfdom has a different definition: present-day serfs own little […]
The Velocity of the American Consumer
The Velocity of the American Consumer I was reading something yesterday by my highly esteemed fellow writer Charles Hugh Smith that had me first puzzled and then thinking ‘I don’t think so’, in the same vein as Mark Twain’s recently over-quoted quote: “It ain’t what you don’t know that gets you into trouble. It’s what […]
Our “Star Wars” Economy: The Fed-Farce Awakens
Our “Star Wars” Economy: The Fed-Farce Awakens The Fed’s hubris has led it to the Dark Side. It’s not just a movie, it’s real life: the Fed-Farce awakens. Now that the Federal Reserve has finally voted to “restore order to the galaxy” with a tiny .25% rate increase, the true measure of our travesty of a mockery […]
Money Velocity Is Crashing–Here’s Why
Money Velocity Is Crashing–Here’s Why The inescapable conclusion is that Fed policies have effectively crashed the velocity of money. That the velocity of money has been crashing while the money supply has been exploding doesn’t seem to bother the mainstream pundits. There is always a fancy-footwork explanation of why whatever is crashing no longer matters. Take […]
There’s No Upside Left
There’s No Upside Left The upside is ephemeral, illusory or wishful thinking; the downside is real and lasting. There’s no upside left–not just in the real economy, but in jobs, politics or policy tweaks. Yes, there will be huge relief rallies in the stock market–relief that the Fed is still omnipotent, that the Fed didn’t destroy […]
The Fallacy that Weakening Your Currency Generates Prosperity
The Fallacy that Weakening Your Currency Generates Prosperity Those demanding that the purchasing power of the currency be devalued are impoverishing everyone who holds the currency. Of the many economic policies that are accepted as true yet are absolute nonsense, perhaps none is more achingly nonsensical than the notion that weakening a nation’s currency will […]
Look Out Below: the Real Economy Just Hit Stall Speed
Look Out Below: the Real Economy Just Hit Stall Speed Look out below, for even with bloated federal spending, the real economy has hit stall speed. What do we mean when we say the U.S. economy is at stall speed? Stall speedrefers to the air speed and angle of the wing (called the angle of attack) needed to […]
Why Even a Modest Disruption Will Shatter the Status Quo
Why Even a Modest Disruption Will Shatter the Status Quo Any modest reduction in debt, tax revenues, consumption or new borrowing will bring the entire Status Quo crashing down. Consider this clipping from the August 1932 San Francisco Chronicle newspaper: “Reduction of salaries of municipal employees and limitation of city positions to only one member […]
Profound Political Disunity Is Now Pitting Rising Elites Against Fading Elites
Profound Political Disunity Is Now Pitting Rising Elites Against Fading Elites The American Power Elite may yet discover that throw the bums out applies to all existing Establishment parties and Elites. As I have often noted, historian Michael Grant identified profound political disunity in the ruling class as a key cause of the dissolution of the Roman Empire. Grant described […]
Is This How the Next Global Financial Meltdown Will Unfold?
Is This How the Next Global Financial Meltdown Will Unfold? In effect, a currency crisis is simply the abrupt revaluation of the currency to reflect new realities. I have long maintained that the structural imbalances of debt and risk that triggered the Global Financial Meltdown of 2008-2009 have effectively been transferred to the foreign exchange […]
The Federal Reserve, Interest Rates and Triffin’s Paradox
The Federal Reserve, Interest Rates and Triffin’s Paradox There is no way Fed policy can be win-win-win for all participants. One result of the global dependence on central bank interventions is a unhealthy fixation on the slightest changes in those interventions, oops I meant policies. Since the slightest pull-back in central bank inflation of asset bubbles […]
Why The Status Quo Is Doomed, Part 1
Why The Status Quo Is Doomed, Part 1 The current world-system is as doomed as the Titanic. We’re like the passengers on the Titanic 10 minutes after the mighty ship struck the iceberg: there is virtually no evidence to those on deck or those snug in their warm cabins that everything they reckoned was safe and secure was […]
No Serious Financial Repercussions from the Paris Attacks? Don’t Be Too Sure
No Serious Financial Repercussions from the Paris Attacks? Don’t Be Too Sure Global sentiment might switch decisively from “risk-on” to “risk-off” with far-reaching consequences. Goldman Sachs has helpfully announced that any financial repercussions from the attacks in Paris will be short-lived, and the political repercussions will be medium-term: Increased uncertainty likely to weigh on activity and […]
The Class War Has Already Started
The Class War Has Already Started Here’s what’s obvious, but unacceptable: we need a new system. Pundits and apologists are quick to chastise anyone who even speaks of class war, as if the words alone might spark what the pundits and apologists fear. The pundits and apologists dread the words because they know the Class War […]
