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Albert Edwards: “Citizen Rage” Will Soon Be Directed At “Schizophrenic” Central Banks
Albert Edwards: “Citizen Rage” Will Soon Be Directed At “Schizophrenic” Central Banks
Perhaps having grown tired of fighting windmills, it was several weeks since Albert Edwards’ latest rant against central banks. However, we were confident that recent developments out of the Fed and BOE were sure to stir the bearish strategist out of hibernation, and he did not disappoint, lashing out this morning with his latest scathing critique of “monetary schizophrenia”, slamming all central banks but the Fed and Bank of England most of all, who are again “asleep at the wheel, building a most precarious pyramid of prosperity upon the shifting sands of rampant credit growth and illusory housing wealth.”
Follows pure anger from the SocGen strategist:
These of all the major central banks were the most culpable in their incompetence and most prepared with disingenuous excuses. And 10 years on, not much has changed. The Fed and BoE are once again presiding over a credit bubble, with the BoE in particular suffering a painful episode of cognitive dissonance in an effort to shift the blame elsewhere. The credit bubble is everyone’s fault but theirs.
First, some recent context with this handy central bank holdings chart courtesy of Deutsche Bank’s Jim Reid which alone is sufficient to make one’s blood boil.
For those familiar with Edwards’ writings over the years, the gist of his note will come as no surprise: after all, how many different ways can you say that central banks have broken the market, have caused a credit bubble, and will be responsible for the crash when they finally run out of cans to kick.
…click on the above link to read the rest of the article…
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 Prius, Volvo, Lexus, etc.) before the Days of Rage start. As I’ve explained before ( As the “Prosperity” Tide Recedes, the Ugly Reality of Wealth Inequality Is Exposed), the rage of the masses who have been losing ground while the Financier Oligarchs, the New Nobility and the technocrat class reap immense gains for decades has been suppressed by the dream that they too could join the Upper Caste.
But once the realistic odds of that happening (low) sink in, the Days of Rage will begin. For those still who don’t know the facts of rising inequality, here’s what you need to know.
The top 1% skim 23% of all income:
While the top 5% has enjoyed substantial income gains over the past 45 years, adjusted for inflation, the bottom 90% have lost ground:
The last time there was mass unrest in America was the civil rights/Vietnam War era. The power of the civil rights movement arose from the core injustice of segregation (separate and unequal) and institutionalized racism/bias. This institutionalized injustice drew people from all classes and ethnicities into the streets, where they were promptly beaten by police.
…click on the above link to read the rest of the article…
