Of Two Minds

All of which sounds very pretty indeed, but it does raise a question: can risk really be destroyed, or can it only be transferred? And if it can only be transferred, then what’s it been transferred to? What a remarkable moment in time: every asset is lofting higher, with no limits in sight.

Inequality is America’s Monster Id, and we’re continuing to fuel its future rampage daily. What’s changed and what hasn’t in the past year?

Perhaps the aliens’ keen interest in Earth’s central bank magic and its potential for destruction results from a wager. You’ve probably noticed the recent uptick in UFO sightings and video recordings from aircraft of the extraordinary flight paths of these unidentified objects. Perhaps it’s not coincidence that UFO sightings are soaring at the same time as central banks pursue unprecedented monetary policies.

Buyers know there will always be a greater fool willing to pay more for an over-valued asset because the Fed has promised us it will always be the greater fool. I realize nobody wants to hear that most of their “wealth” is nothing more than wispy Cloud Castles in the Sky that will dissipate in the faintest zephyr, but there it is: that which was conjured out of thin air will return to thin air.

As the level of Fed smack and crack needed to maintain the high increases, system fragility increases geometrically. You know the plot point in the horror film where the highway is blocked and a detour sign directs the car full of naive teens off onto a rutted track into the wilderness?

If health is wealth, and it most certainly is the highest form of wealth, then we would be well-served to take charge of our health-wealth in terms of what behaviors we can sustainably modify. Longtime correspondent J.F. (MD) recently shared a fascinating graphic ranking the leading causes of death in the U.S. (2016 data, pre-pandemic) compared to searches on Google and what the media reports.