Of Two Minds

Just as the rewards of central-bank bubbles have not been evenly distributed, the pain created by the collapse of the bubbles won’t be evenly distributed, either.We’ve reached an interesting juncture in history, and I don’t mean the pandemic. I’m …

The pendulum swung to an extreme of globalization, financialization, centralization and monopoly, all of which created extreme systemic fragility.Here’s what to expect in the rapidly evolving New Normal: extremes become even more extreme as the st…

The only realistic Plan B is a fundamental, permanent re-ordering of the cost structure of the entire U.S. economy.The fantasy of a V-shaped recovery has evaporated, and expectations for a W or L-shaped recovery are increasingly untenable. So forg…

Once you allow your economy to become dependent on extremes of debt, leverage, inequality, legalized looting, monopoly, pay-to-play politics and speculative asset bubbles, a depression is inevitable.The pandemic lockdown will be blamed for the Gre…

In the false religion of data, heresy is asking for data that is not being collected because it might reveal unpalatably unprofitable realities.Here’s how every modern con starts: let’s look at the data. Every modern con starts with an earnes…

The last shred of power the elites hold is the belief of the masses that the elites are still in control.I understand the natural desire to believe somebody’s in charge: whether it’s the Deep State, the Chinese Communist Party, the Kremlin or Agen…