We have a serious debt problem, but solutions such as the World Economic Forum’s “great reset” are not the future we want. It’s time to think outside the box for some new solutions… by Ellen Brown on Scheerpost: In ancient Mesopotamia, it was called a Jubilee. When debts at interest grew too high to be […]
Mises Institute: Inflation, quick and dirty
All of a sudden everyone is an expert on inflation. Your brother-in-law, your local paper, and even dilettantes at dubious outlets like the Washington Post or The Atlantic feel compelled to explain our current predicament… by Jeff Deist at the Mises Institute: With the admitted rate of consumer inflation running somewhere around 8 percent, and the real rate […]
Charles Hugh Smith: Staring Into the Abyss
So sorry, but “you’ll own nothing and be miserable–oops, we mean happy, yes, deliriously happy” doesn’t count as a solution. All the big problems have been dismissed, ignored or papered over with PR-happy-talk “solutions” that only make the problem worse…. by Charles Hugh Smith: The global economy is perched on the edge of an abyss, […]
Fatal Dependency: America’s reliance on foreigners for money could crater the dollar
One used to read about the demise of dollar in the newsletters of monetary cranks; now we read about it in research reports by Credit Suisse. Goldman Sachs now warns that the dollar will go the way of the British pound due to “high U.S. inflation.” by David P. Goldman on The American Mind: The United […]
Charles Hugh Smith: Debt Saturation – Off the Cliff We Go
From Charles Hugh Smith: When the system can’t borrow more and distribute the insolvency, it implodes. I started writing about debt saturation back in 2011. The basic idea is we can continue to borrow and spend as long as one of two conditions hold: 1) real (inflation-adjusted) income is rising, so there’s more income to […]
Tom Woods Answers Three Very Important Questions
From TomWoods.com: A reader wrote to me yesterday to ask about, and politely challenge, some of what I had written. He’s a supporter and sympathizer and not hostile. But his questions are good ones and come up a lot, so I’m going to answer them for everyone’s sake: First off, we are in “debt”? To […]
Jay Taylor: Can The Fed Outrun Debt Deflation Without Destroying The Dollar?
From J Taylor’s Gold, Energy and Tech Stocks newsletter: I am indebted to former Federal Reserve economist Lacy Hunt for his insights in a recent interview he did with Adam Taggart that I used in my presentation on March 10 at the Metals Investor Forum. Lacy explained that massive federal debt taken on by policymakers […]
Because Debt Slaves Don’t Have Enough Ways To Borrow…
This week, US household debt jumped by the most in 14 years to a new all-time record. The last time it did something like this was in 2007, just as the housing mania was cresting and the Great Recession was looming. The biggest part of the recent gain was from mortgages (it’s official, we’re in […]
This Is How A State Goes Bankrupt, Illinois Edition
Somewhere back in the depths of the 20th century, a bunch of governors, mayors, and public sector union leaders got together and cooked up one of history’s greatest financial scams. They would offer teachers, cops, and firefighters extremely generous pensions but would avoid raising taxes to fund the resulting future obligations. Grateful workers would vote […]
Will A Weak Dollar Bail Out Emerging Markets? Nope
Back in the simpler days of 2019, there was this (now completely forgotten) impending crisis in which emerging market countries’ dollar-denominated debt was going to blow up their – and by extension the rest of the world’s – economies. The short version of the story is that China, Brazil and some other up-and-comers decided to […]
Doug Noland Explains Q1’s “Extraordinary” Debt Binge
Credit Bubble Bulletin’s Doug Noland saves the rest of us a lot of time by digging through the Fed’s quarterly financial reports and presenting the results in an understandable form. These reports are always terrifying, but Q1 2020 is in a class of its own. Here, mostly in Noland’s words, are some of the highlights […]
Bankrupt Cities And States Get The National Disaster They’ve Been Hoping For
The people running states like New Jersey and cities like Chicago know they’re broke. Ridiculously generous public employee pensions – concocted by elected officials and union leaders who had to have understood that they were writing checks their taxpayers couldn’t cover – are bleeding them dry, with no political solution in sight. They also know […]
A Perfect Storm For Emerging Markets
Pretend for a minute that it’s 2019 and you’re Brazil. Or maybe Turkey, your choice. You’ve got a lot of infrastructure to build if you want to keep your people happy, and to fund those projects you’ll need to borrow a lot of money. That’s not a problem, because borrowing is easy. The whole world […]
Retirees Getting Screwed — One Last Time
To understand the impossible situation in which most retirees find themselves, let’s begin with interest rates. When governments raise or lower the cost of credit, they’re communicating with the rest of us. Higher interest rates send the message that “cash is more valuable, so save more and spend less.” Lower rates say the opposite: “Cash […]
Why You Shouldn’t Borrow Too Much Money, China Edition
When the US housing bubble burst in 2007, most observers were focused on the threat to Wall Street banks and their massive derivatives books. This was a legitimate fear, since the worst case scenarios involved the death of Goldman Sachs and JP Morgan Chase, with all the stock market carnage that that implied. But for […]
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