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Readers ask for specific recommendations for successfully navigating the post-credit/speculative-bubble era and I try to do so while explaining the impossibility of the task.As the bogus prosperity economy built on exponential growth of debt …

Longtime correspondent Paul B. suggested I re-publish three essays that have renewed relevance. This is the second essay, from July 2008. Thank you, Paul, for the suggestion.I received this timely inquiry from astute reader Paul B.:I’m interested in # …

If someone were to ask for a less risky survival strategy, I would suggest moving into town and start showing a little generosity rather than a lot of hoarding.I’m not trying to be difficult, but I can’t help cutting against the grain on topics like su…

This is how it happens that boats that were once worth tens of thousands of dollars are set adrift by owners who can no longer afford to pay slip fees.The increasing concentration of the ownership of wealth/assets in the top 10% has an under-appreciate…

By bailing out the sources of systemic fragility with trillions of dollars, the Fed has shifted the risk to the entire financial system and the nation’s currency.That the global economy is fragile is painfully obvious to all. What is less obvious …

And so we’ve reached the precarious state of disunion in which the only thing the warring elites can agree upon is that the Federal Reserve should rescue their private wealth, regardless of cost or consequences.America’s divides are proliferating and d…

Since superfluous demand was the core driver of most consumer spending, and that demand is in free-fall, what’s the upside of re-opening?The mainstream view assumes everyone will be gripped by an absolutely rabid desire to return to their pre…

Everything, including a rational, connected-to-reality, effective financial system, is on back-order and unlikely to ship any time soon.While the stock market euphorically front-runs the Fed and a V-shaped recovery, the reality is the crash has only ju…

Basing one’s decisions on analogs from the past is entering a fool’s paradise of folly.Like addicts who cannot control their cravings, financial analysts cannot stop themselves from seeking some analog situation in the past which will clarify the swirl…

When reality and truth become the sworn enemies of society’s political and economic elites, the society is well and truly doomed.The risks of Covid-19 and the lockdown have been explored across a wide spectrum of opinion. To hit just a few of too …

Pulling the sleeve down to hide the tracks doesn’t mean the addict is cured.Just for a change of pace, can we be bluntly honest about the U.S. economy? It’s difficult to do because we’ve chosen to ignore all the realities, much like a family that …

Sadly, as markets stall and crash, participants will still be in their seats thinking all is well.The tragic 2009 crash of Air France Flight 447 offers an apt analogy for the global economy and central bank-driven false signals. Flight 4…