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Only the wealthy will benefit from ZIRP, and the benefits of “the wealth effect” and “trickle down” have not just diminished–they’re now negative. Welcome to the era of ZAP.

Is this scenario guaranteed? No, of course not. But that doesn’t mean it’s excluded from the realm of possibility.

While we focus on AI and finance, society is crumbling beneath our feet.

GDP is like collecting data on passenger satisfaction with the dessert cart on the Titanic and declaring everyone is delighted as the great “unsinkable” ship settles into the icy waters of the Atlantic.

The pool of speculative fervor will be drained, as impossible as that seems in this moment in history.

Self-discipline isn’t supposed to be punishing. Rather, it’s friendly and encouraging. The encouraging Master is strict only in holding fast to moderation.

As I often note, making Plans B and C is free.

“The most useful expert, of course, is the one who can lie.” Guy Debord

The lines of dominoes being toppled run through every nook and cranny of the economy.

This exploitation is indeed profitable, but there is a very high price to be paid for abusing our trust.

Are we wise enough to refuse politicians’ offer of “free money” to spend today that was stolen from our future, and from our future generations? Probably not.

If “growth” is all that matters, that leads to depending on credit and asset bubbles, which are self-liquidating in ways few see because, well, it’s complicated.

The consensus holds there will be another bubble after the Everything Bubble pops, but this might be misplaced confidence in the godlike powers of central banks.

Debt has moral implications, and in denying this, we’re choosing a rendezvous with Nemesis

Or maybe it’s just me, and all is well. Time will tell.

Or maybe it’s just me, and all is well. Time will tell.