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Prepare for the Repricing of Risk Globally
Prepare for the Repricing of Risk Globally There are no more “saves” available for the next market meltdown. The past 24 years can be viewed as an era in which risk declined due to the dynamics of globalization and financialization. The ascent of China as “workshop of the world” generated a deflationary wave of lower […]
Our Crisis of Competence
Our Crisis of Competence If this is what passes for competence while we cheerlead “the Roaring 20s”, then our delusion has reached “what looks like a permanently high plateau.” That America is mired in a crisis of competence appears to be yet another issue that can’t be addressed directly as it might upset the narrative control that all […]
Today’s Contemplation: Collapse Cometh CLXXV–Energy and Its Interconnections With Our Financialised Economic System
Today’s Contemplation: Collapse Cometh CLXXV Teotihuacan, Mexico (1988). Photo by author. Energy and Its Interconnections With Our Financialised Economic System Petroleum geologist Art Berman recently posted an article discussing an issue regarding the mainstream energy transition narrative that I wanted to highlight. This is the connection between our monetary/financial/economic systems and energy, something that as Art argues […]
Today’s Contemplation: Collapse Cometh LV–Expediting ‘Collapse’: Financialisation of Our Economic System
Today’s Contemplation: Collapse Cometh LV Rome, Italy (1984). Photo by author. Expediting ‘Collapse’: Financialisation of Our Economic System A very short contemplation that deviates from the ‘series’ I’ve been writing on several psychological mechanisms that impact our cognitions regarding overshoot and collapse. This is a brief comment (with a slight edit) on an article by The Honest […]
It’s a New Era
It’s a New Era This dynamic–making problems much worse by forcing more of whatever worked in the previous era into a saturated, increasing unstable new era–receives little attention or understanding. Eras may last decades, and only those who’ve lived long enough to recall previous eras have experienced the transition from one era to the next. The […]
The EU’s Crisis Is Global: Neocolonialism, Hyper-Financialization and Hyper-Globalization Come Home to Roost
The EU’s Crisis Is Global: Neocolonialism, Hyper-Financialization and Hyper-Globalization Come Home to Roost The EU’s crisis isn’t limited to energy. It is a manifestation of the global breakdown of Neocolonialism, Financialization and Globalization. The European Union (EU) was seen as the culmination of a centuries-long process of integration that would finally put an end to the […]
Serf-Expression
Serf-Expression Eventually the “flock of timid and industrious animals” changes their minds about how much exploitation by the few is acceptable. You may have noticed the news flow beyond the hot war in Ukraine is largely focused on capital: financial capital (markets, liquidity, interest rates, commodities, central bank tightening, etc.) and political capital (geopolitical maneuvering, sanctions, revising energy and defense […]
Why Shortages Are Permanent: Global Supply Shortages Make Fantastic Financial Sense
Why Shortages Are Permanent: Global Supply Shortages Make Fantastic Financial Sense The era of abundance was only a short-lived artifact of the initial boost phase of globalization and financialization. Global corporations didn’t go to all the effort to establish quasi-monopolies and cartels for our convenience–they did it to ensure reliably large profits from control and […]
The Global Financial End-Game
The Global Financial End-Game The over-indebted, overcapacity global economy an only generate speculative asset bubbles that will implode, destroying the latest round of phantom collateral. For those seeking a summary, here is the global financial endgame in fourteen points: 1. In the initial “boost phase” of credit expansion, credit-based capital ( i.e. debt-money) pours into […]
If “Getting Ahead” Depends on Asset Bubbles, It’s Not “Getting Ahead,” It’s Gambling
If “Getting Ahead” Depends on Asset Bubbles, It’s Not “Getting Ahead,” It’s Gambling Given that the economy is now totally and completely dependent on inflating asset bubbles, it makes no sense to invest for the long-term. Beneath the endlessly hyped expansion in gross domestic product (GDP) of the past two decades, the economy has changed […]
Vampire finance sucks the lifeblood out of the economy
Vampire finance sucks the lifeblood out of the economy We need democratic control of the financial sector. An interview with Saskia Sassen The World Economic Forum. Photo by Studio Roosegaarde (Flickr) Every year to coincide with the World Economic Forum, the Transnational Institute based in Amsterdam launches a State of Power report to expose and deepen our understanding […]
A Global People’s Bailout for the Coming Crash
A Global People’s Bailout for the Coming Crash When the global financial crisis resurfaces, we the people will have to fill the vacuum in political leadership. It will call for a monumental mobilisation of citizens from below, focused on a single and unifying demand for a people’s bailout across the world. *** A full decade […]
Can US-China trade war rivalry reverse the worst economic trends in both countries?
Can US-China trade war rivalry reverse the worst economic trends in both countries? The door for compromise and restoring a functional relationship between the United States and China appears to have closed. The 10 per cent tariffs on US$200 billion of Chinese goods, rising to 25 per cent from January 1, is the final straw. […]
The U.S. Economy In Two Words: Asymmetric Gains
The U.S. Economy In Two Words: Asymmetric Gains The Status Quo is in trouble if the bottom 95% wake up to the asymmetric gains that are the only possible output of our hyper-financialized economy. The core dynamic of the U.S. economy in this era is asymmetric gains: the gains in income, wealth and power are […]
The Destabilizing Consequences of Globalization
The Destabilizing Consequences of Globalization Gordon T. Long and I discuss the failure of the status quo’s “New Normal” in a new 34-minute YouTube program. It is not possible to coherently discuss the “New Normal” economy without discussing financialization–the substitution of credit expansion and speculation for productive investments in the real economy–and its sibling: globalization. Globalization is […]
