Of Two Minds

The greater fools still partying in the first-class lounge are in denial that even the greatest, most technologically advanced ship can sink.On April 14, 1912, the liner Titanic, considered unsinkable due to its watertight compartments a…

As the inverted pyramid collapses, the effects will be non-linear.Round about late March, we entered a Financial FantasyLand in which all the sins and excesses of rampant financialization were going to be painlessly washed away. Mever mind the ent…

Our society has a legal structure of self-rule and ownership of capital, but in reality it is a Neofeudal Oligarchy.Now that the pandemic is over and the economy is roaring again–so the stock market says–we’re heading straight back up into the good o…

Virtue-signaling texts from your $100 million yacht no longer impress, they enrage.For the past five decades, celebrities and other wealthy folks have sought conventional status signifiers / symbols: a couple hundred thousand acres of ranchland, a…

Given the extremes of the stock market’s frauds and even greater extremes of wealth/income inequality it has created, tell me again why the stock market will still exist in 2024?When I read a financial pundit predicting a bull market in stocks through …

Not only will there not be a recovery, but there can’t be a recovery, as those brittle extremes have been lost for good.How did the global economy end up teetering on a precarious financial precipice? To formulate a cogent answer, let’s take a whi…