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How much private credit has been put in place but isn’t in the official credit total is unknown and very likely unknowable. That means total systemic risk is also unknowable.

We no longer care who’s behind the curtain because we’re in charge of our own lives now.

As I said, having a sense of humor will get you in trouble nowadays, and this whole thing would be funny if I wasn’t in leg-irons.

A rebalancing of the economy and society will ultimately prove very positive, but first we must navigate the model collapse of insane financial extremes.

Every nation is operating on models that are collapsing without those at the controls being aware that the implicit assumptions of their models no longer map reality.

This is why “knowledge is power”: those who define what is “knowable” and “known” shape the reality of everyone in the model / system.

I reckon it prudent to see the next decade as a journey through a wilderness few of us have experienced.

Tunnel-vision greed and blindness to what is unseen and therefore “unknowable” is self-reinforcing.

No wonder the world seems deranged–it is deranged by the immense strength of an Old Guard clinging onto power by any means available even as the world around them spins into incoherence.

Greed is good up to the point that it delivers ruin.

The conclusion that soaring asset prices mean the economy is strong is a hallucination that goes unrecognized because the entire financial system is hallucinating.

If each of these is not a part of any ‘reform,’ than all that is being done is pouring money into a monopolizing cartel, just in a slightly different way.

Things large and small worthy of recognition and gratitude.

There are times when the only triumph within reach is survival.

Borrowing more to maintain spending is hanging on by one’s fingernails, not middle-class security.

Yes, AI is a catalyst. But for what is not yet knowable.

What we’ve lost are the foundations of a healthy standard of living / quality of life.

In refusing to recognize that inequality had the potential to bring down the entire system, our delay has made that reckoning inevitable.