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There are only two ways to survive a decline in income and net worth: slash expenses or default on debt.In post-World War II America, the cultural zeitgeist viewed frugality as a choice: permanent economic growth and federal anti-po…

The feedback loop has reversed: by saving more, people will spend, borrow and speculate less, draining the fuel from any broadbased expansion.In eras of confidence and certainty, people save less and spend more freely. When we’re confident that go…

The feedback loop has reversed: by saving more, people will spend, borrow and speculate less, draining the fuel from any broadbased expansion.In eras of confidence and certainty, people save less and spend more freely. When we’re confident that go…

The collateral supporting the global mountain of debt is crumbling as speculative bubbles deflate.A great many freebies are being tossed in the Helicopter Money basket. That households experiencing declines in income need immediate support is obvious, …

Essential home lockdown reading.The pandemic is revealing to all what many of us have known for a long time: the status quo was designed to fail and so its failure was not just predictable but inevitable.We’ve propped up a dysfunctional, wast…