Tuesday , October 27 2020
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Tag Archives: On Economy

“In America Money Does Grow on Trees”

    Full Commitment This week provided additional confirmation that America is fully committed to a program of currency destruction.  Decades of terminal intelligence have gotten us to this special place.  We will have more on this in a moment.  But first some words on being fully committed. Say hello to the provider of bacon… lots of bacon, in this case. [PT] We have never gutted a hog.  But we hear it is a bloody mess.  The volume...

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In The Long Run We Are All Alive

  Prophet of Doom In 1976, economist Herbert Stein, father of Ben Stein, the economics professor in Ferris Bueller’s Day Off, observed that U.S. government debt was on an unsustainable trajectory.  He, thus, established Stein’s Law: “If something cannot go on forever, it will stop.” Herbert Stein, looking worried about the budget deficit. [PT] Stein may have been right in theory.  Yet the unsustainable trend of U.S. government debt...

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Central Planners At Work

  Consumption without Production “Every man is a consumer, and ought to be a producer”, observed 19th century philosopher Ralph Waldo Emerson.  “He is by constitution expensive, and needs to be rich.” Ralph Waldo Emerson (May 25, 1803 – April 27, 1882), who inter alia opined on consumers and the need to not only consume, but also produce. The latter activity has recently become even more severely hampered than it already was. And yet,...

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What You Will Find When You Follow the Money

  Lockdown Disaster It has been a rough go for California Governor Gavin Newsom. Late last week it was revealed that the state Department of Public Health had tickled the poodle on its COVID-19 record keeping. Somehow the bureaucrats in Sacramento under-counted new corona-virus cases by as many as 300,000. Governor Newsom gesticulating his way through the pandemic…  [PT] Perhaps this oversight prompted Newsom to imbibe a little...

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The Dollar Is Dying

  Insulting the Captive Audience This week, while perusing the Federal Reserve’s balance sheet figures, we came across a rather curious note.  We don’t know how long the Fed’s had this note posted to its website.  But we can’t recall ever seeing it.  The note reads as follows: “The Federal Reserve’s balance sheet has expanded and contracted over time.  During the 2007-08 financial crisis and subsequent recession, total assets increased...

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Best Laid Schemes

  A Really Neat Bridge   But, Mousie, thou art no thy-lane,In proving foresight may be vain;The best-laid schemes o’ mice an’ menGang aft agley,An’ lea’e us nought but grief an’ pain,For promis’d joy! – Robert Burns, To a Mouse, on Turning Her Up in Her Nest With the Plough (in extract), 1785 Installation of the final cable support pipes on the Gerald Desmond bridge replacement. Here is a drone video of the project. [PT] Photo by...

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The India-China Border Issue

    Deep-Seated Racism and Happy-Smiley Hypocrites In Delhi, people of the northeastern part of India, who have mongoloid features, are derogatorily called “chinky.” It is not unusual for men in Delhi to stop their cars to proposition a random girl from the northeast for a sexual encounter, assuming her to be “loose.” Indians’ ignorance about the geography of their own country, their irrationality, superstitions and bigotry have been...

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The Decline of the Third World

    A Failure to Integrate Values The only region in the world that has proactively tried to incorporate western culture in its societies is East Asia — Singapore, Japan, Hong Kong, South Korea, and Taiwan. China, which was a grotesquely oppressed, poor, Third World country not too far in the past, notwithstanding its many struggles today, has furiously tried to copy the West. Famous Greek philosophers: their thoughts are a cornerstone...

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Rate Cutters Unanimous

  Easy Money Becomes Even Easier Last week the FOMC surprised the markets with a rare inter-meeting rate cut. As the FOMC statement released on the occasion reveals, the decision to cut the  federal funds rate by a hefty 50 basis points was unanimous. The much-lamented “zero bound” is coming closer rather quickly. A happy little money tree… from “The Joy of Printing” As Mish notes here, Mr. Powell stated the following in remarks to...

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The Corona Virus Epidemic – Going Global

    Containment Fail We want to share a few observations about the growing COVID-19 epidemic, based on what we have seen so far. It has been obvious for a while now that the attempt to contain the spread of the virus has essentially failed. Ever since case numbers started to soar in South Korea, Italy and Iran, it was clear that hopes that the outbreak would remain confined to China were misplaced.   Doubleplus-ungood micro-organism...

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