I’d say more about Big Tech but since they’ve ‘privatized totalitarianism’, I fear being ‘digitally disappeared’ if I dare criticize Big Tech. Mr. Bob Dylan was once again prescient: Everything Is Broken. You may think I’m referring to the political system or Big Tech or the Corporate Media, and certainly all those are very broken indeed, but I’m actually referring to everyday life systems that once worked fairly well.

The Fed has a binary choice: preserve America’s global hegemony or further enrich the billionaires. You can’t have both. The Fed will fail as a result of two dynamics: diminishing returns and the U.S. dollar’s role as a global reserve currency. The Fed’s reign as the godhead of financier-banker supremacy has been fun and games for the past 12 years of stock market euphoria, but that’s about to change.

Allow me to translate the risible claims of Jay Powell and Janet Yellen that their stimulus policies haven’t boosted wealth inequality to the moon: “Let them eat cake.” The euphoria of ever greater monetary and fiscal stimulus overlooks the diminishing returns and higher risks generated by near-exponential increases in stimulus.