Saying subprime was contained and calling for transitory inflation turned out to both be humiliating predictions. Now here's the next odious lie coming down the bullshit economic turnpike...
They lied about Global Warming, they lied about Trump and Russia, they lied about a cover-up, they lied about COVID and the shot, they Lied about Hunter's Notebook, they lied about Russia and the Ukraine, they lied about the Nordstream pipeline, they are lying about the Biden, etal corruption. Do you think that the economic data that is presented by these same people really is the truth???
Gold? What gold? Oh you mean the gold I buried on my sons 20 acres, but now I have dementia and can’t even recall what I had for dinner last night. I guess you’ll need a backhoe.
Pretty ironic for Jamie Dimon, whose firm is the largest short seller of paper gold on the planet, to advocate banning short selling on banks.
What a piece of fucking pond scum.
I think you are spot on here with respect to the economy and the stock market. To me, the biggest concern is that the Fed/Treasury simply cannot accept a sharp market decline and will quadruple down with money printing and YCC to try to prevent it, ultimately making it that much worse.
First I love Sunny in Philadelphia - top 10 show of all time!
I feel like we live in bizzarro world - nothing makes sense.
We see the train wreck coming in the monetary policies we have - yet the stock market continues to chug along. Although the bond market is screaming - "Nasa we have a problem"
Big cities let crime run ramped with zero consequences and their solution is to just raise taxes on businesses (which trickle down to everyone in higher prices) in the hopes of creating a socialist world.
Our government has openly turned into what the US supposedly opposed in other countries by attacking your political opponents. They are not even hiding the corruption anymore, if you oppose them - you just a ultra MAGA white supremacist.
I am just hoping that one day I wake up and this was all just a really bad dream.
Excellent piece! A page turner for sure
"Putting aside whether or not the Fed is nefarious or simply incompetent..."
These folks are graduates of Ivy League institutions and are part of the 1%. Let's not fool ourselves...they are not incompetent by any stretch. They know full well what they are doing and why. To me it is clear they want to maintain the status quo as the 1% stands the most to gain for keeping things the way they are. They must have read 1984 in college as they have mastered the art of double-speak!
You are spot on with this article. Reading it brought one of my favorite quotes to mind. It is a favorite because it opened my eyes to the standardized playbook of liars, and how the packaging may have changed but the contents remain the same.
"If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State." -- Goebbels (Yes, I believe he said it.)
Never before in the history of the world has the repetition of a lie been made so easy or comprehensive as that of the "communication age." It is clear that the sheeple are being shielded from the consequences of the lies by the massive deficit spending of the liars. Dissent is being repressed like never before in my lifetime.......and it is clearly obvious that any truth is the enemy of Washington, D.C.
I desire consequences for our country. For only consequences will bring back reality. Truth will only be seen when consequences are experienced first hand. Lies destroy; Truth gives life. The shielding and masking of consequences is destroying our country.
As you have clearly stated, when consequences come, the standard modus operandi is for the liars to deflect blame to those who have been screaming the truth. What we need are men willing to step into the fray and take the assault, the false accusations, the consequences.......but never back away from the truth.
Excellent article, Quoth .The stock market no longer revolves around market driven forces. It is a command and control entity driven by ESG,DEI, and the joint alliance between the Federal Reserve and BlackRock. All of your Austrian technical and fundamental analysis means nothing. Aladdin controls the stock market. I agree that based on our paradigm ,something's got to give. Larry Fink , Ole Yeller and JPow believe nothing's gonna give.
I am hoping for us all that JPow does not reverse policy “at some point” and return to lower rates. Time to end that practice of what has been called the Fed Put (since Greenspan) and let the economy put on its big girl panties and work the way it is supposed to. We need to be for forcibly removed from that financial crack pipe. The higher rates will weed out malinvestment over time, even investments that were thought sound at the time. The nimble will adjust and move on, but there will be carnage, which will be purchased and priced based on real rates not phony Zero bound monstrosities of the modern monetary theorist era, and growth will start again. When credit cards are maxed out, the spending will stop, I suppose. Should be the same way for our government, right?
Collapsing the financial system gives them the power centralization of FDR on digital steroids. The collapse of banks gets people to beg for CBDC to be shoved down their throats. The idea thus isn’t all planned seems naive, no?
Zombie government zombie economists for the zombie economy.
I mean they even all LOOK like zombies now, this is getting silly.
Have they ever predicted a recession? Silly how we hang on every word, even as they assure the plebes that all is well (while the smart money positions for the short side). I still don’t know how anyone that understands the predicament we’re in would take the job (or a 2nd term) as Fed Chair. They must buy their own bullshit, ignorant to the Austrian School. That’s a scary thought... End the Fed!
I think you’ve nailed this. The lack of originations and slow down in housing has become way more visible in the softness of HD/LOW. Perhaps the surge in homebuilder’s stocks will hit a wall.
One major contributing factor to what ails us has been the destruction of energy independence by the climate fanatics/Biden administration. This obviously helped reset inflation on a much higher trajectory, while the appliance manufacturer lobbyists push for new/higher standards so they can roll out a new generation of more efficient “compliant” stoves, heaters and dishwashers. While China and India burn coal like there is no tomorrow.
Outstanding article and summation of the mess the Western World is in. Not just USA... Canada is a mess.
There is a great interview on QuiteFrankly from last night regarding an FBI whistleblower:
the system can't fix itself Its like cancer fixing cancer