Of Two Minds

Any economy that concentrates its wealth and income in the top tier is a fragile economy.There are two structural reasons why consumer spending will not rebound, no matter how “open” the economy may be. Virtually everyone who glances at headlines …

Financialization was never sustainable, and neither was the destructive globalization it enabled.All the happy-story analogies to past pandemics being mere bumps in the road miss the mark. A popular claim is that the 1918-1919 flu pandemic killed …

The core problem is the U.S. economy has been fully financialized, and so costs are unaffordable.To understand the long-term consequences of the pandemic on Main Street and local tax revenues, we need to consider first and second order effects. Th…

Monopolies, quasi-monopolies and cartels are inherently exploitive and thus evil.What was “normal” for the past two decades was to turn a blind eye to the moral and financial bankruptcy of the American culture, the rot at the heart of its social, …

As Jackson Browne put it: Don’t think it won’t happen just because it hasn’t happened yet.We can summarize all that will unfold in the next few years in one line: The way of the Tao is reversal. This is the opening line of Chapter 40 of Lao T…

It’s not that hard to forecast a populist revolt against the parasitic class that’s grown obscenely wealthy as a direct result of Fed policies.Under the tender care of the Federal Reserve, America’s wealth inequality has skyrocketed to new heights of o…