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One True Measure of Stagnation: Not in the Labor Force
One True Measure of Stagnation: Not in the Labor Force This is a stark depiction of underlying stagnation: paid work is not being created as population expands. Heroic efforts are being made to cloak the stagnation of the U.S. economy. One of these is to shift the unemployed work force from the negative-sounding joblesscategory to the benign-sounding Not […]
Welcome to the Future: Downward Mobility and Social Depression
Welcome to the Future: Downward Mobility and Social Depression If you don’t think these definitions apply, please check back in a year. The mainstream is finally waking up to the future of the American Dream: downward mobility for all but the top 10% of households. A recent Atlanticarticle fleshed out the zeitgeist with survey data that suggests […]
The Dangerous Illusion That Risk Can Be Offloaded Onto Others
The Dangerous Illusion That Risk Can Be Offloaded Onto Others This confidence in central banks raises a pernicious systemic risk. Do you drive carelessly because your auto is equipped with airbags? Perhaps not. But would you drive more cautiously if you were perched on the front bumper? If even the slightest collision would crush the driver’s […]
You Can’t Separate Empire, the State, Financialization and Crony Capitalism: It’s One Indivisible System
You Can’t Separate Empire, the State, Financialization and Crony Capitalism: It’s One Indivisible System The great irony is what’s unsustainable melts into thin air no matter how many people want it to keep going. Disagreement is part of discourse, and pursuing differing views of the best way forward is the heart of democracy. Disagreement is abundant, […]
Following in Ancient Rome’s Footsteps: Moral Decay, Rising Wealth Inequality
Following in Ancient Rome’s Footsteps: Moral Decay, Rising Wealth Inequality If you want to understand why Rome declined, look no further than the moral decay of ruling Elites. There are many reasons why Imperial Rome declined, but two primary causes that get relatively little attention are moral decay and soaring wealth inequality. The two are of […]
The Echo Bubble in Housing Is About to Pop
The Echo Bubble in Housing Is About to Pop And here’s the knife in the heart of the Echo Housing bubble: declining household income. The Federal Reserve-induced Echo Housing Bubble is finally starting to roll over, and the bubble’s pop won’t be pretty. Why is the bubble finally popping now? All the factors that inflated the […]
Time to Trade in Your Jag, Benz, BMW for a Dented Econobox: Days of Rage Are Coming
Time to Trade in Your Jag, Benz, BMW for a Dented Econobox: Days of Rage Are Coming The resistance will take the form of subverting the signifiers of wealth that exemplify the few who have benefited so greatly while everyone else lost ground. It’s time to trade in your Jag, Mercedes, BMW (and maybe your […]
As the “Prosperity” Tide Recedes, the Ugly Reality of Wealth Inequality Is Exposed
As the “Prosperity” Tide Recedes, the Ugly Reality of Wealth Inequality Is Exposed This chart of median household income illustrates why so many of us feel poorer–we are poorer in terms of the purchasing power of our income. A rising tide raises all boats, from rowboats to yachts–this is the narrative of “prosperity.” A rising tide […]
Here’s Why the Status Quo Is Doomed
Here’s Why the Status Quo Is Doomed The problem is the Status Quo only works in a world with plenty of room to expand. The central illusion of this era is that the Status Quo can be reformed or saved.All we need to do is (or so we’re told): 1. Get money out of politics […]
The Next Financial Crisis Won’t be Like the Last One
The Next Financial Crisis Won’t be Like the Last One It seems increasingly likely the next Global Financial Meltdown will arise in the FX/currency markets. Central banks are like generals: they tend to fight the last war. The Great Financial meltdown of 2008 was centered in too big to fail, too big to jailtransnational banks and other […]
The Decline of Oil: Head-Fake or New Normal?
The Decline of Oil: Head-Fake or New Normal? When production does finally collapse, that will set up the “nobody saw this coming” ramp in the price of oil. In May 2008 I proposed the Oil “Head-Fake” Scenario in which global recession pushes oil demand down as oil exporters pump their maximum production in a futile attempt […]
Why the Market Could Soar From Here
Why the Market Could Soar From Here Does the Fed really have a choice, given that the game is now for all the marbles? We all know the global economy is slowing, so why would stocks soar from here? The basic answer was articulated by Chris Martenson: because this game is for all the marbles. If the […]
Where the Rubber Meets the Road: Community, Health and Enterprise
Where the Rubber Meets the Road: Community, Health and Enterprise What are you doing every day to build community, health and productive enterprises? Every month I have wide-ranging conversations with three long-time collaborators: Gordon T. Long of Macro Analytics, Chris Martenson of Peak Prosperity, and Drew Sample of The Sample Hour. I do dozens of interviews in the course […]
Why Capital Is Fleeing China: The Crushing Costs of Systemic Corruption
Why Capital Is Fleeing China: The Crushing Costs of Systemic Corruption What China will be left with a poisoned land stripped of talent and capital. Corruption isn’t just bribes and influence-peddling: it’s protecting the privileges of the few at the expense of the many. Rampant pollution is corruption writ large: the profits of the polluters are being protected […]
Will the Fed Have to Save Emerging Markets with QE4?
Will the Fed Have to Save Emerging Markets with QE4? The risk-off tide is rising, and sand castles of QE will only hold the tide back for a brief period of apparent calm. A funny thing happened on the way to permanently expanding global markets: unintended consequences. Borrowing cheap, abundant U.S. dollars seemed like a good […]
