In the early 2000s, I covered the bond market for Dow Jones. "Conspiracy" theorists used to talk about something called "The Plunge Protection" team, a secretive group that stood ready to bail out the market. It was laughed off by market "experts" who would argue that the US was at heart a market driven economy. Quaint.
The market drives everything -- the executive branch, the legislative branch, the regulatory agencies, the monetary authorities, political fundraising, 401Ks, consumer spending. LOL.
Excellent essay Chris! Just noticed the addition to your disclaimer where you mention that as of May 20, 2026, you no longer actively trade. I clicked on the link and once again read your engaging essay from that day, in which you also mention no longer engaging in fantasy sports. I've engaged in fantasy sports for the past 18 years and find it relaxing, mentally stimulating, fun whether I win or lose, though winning is more fun. I manage three fantasy football leagues, one a fundraiser for a non-profit, and am amazed when some players drop out of the leagues due to stress. I tell them it is fantasy, make believe, what stress? Stress is facing a person wielding a knife who won't drop it and you need to decide whether to shoot the guy or continue to back off, and if you do, will non action risk danger to another. Stress is facing somebody with a weapon, or stopping a car not knowing anything about the driver or passengers. Other jobs have other life stressors that can be just as life altering. So I guess it is relative. I am also in a fantasy baseball league which I never understood so just paid entry fees to play for the fun of it. Once learning the strategy I've gotten lucky and come in first place three times in the past six years. More fun winning than losing, but fun either way. Stress over fantasy sports? Nothing that occurs in fantasy sports is life altering. Brother, or should I say young man since I'm old enough to be your father, I just don't get it.
Two fantastic pieces in a row. The creative juices are really flowing and I hope the Winged Wizard gets a third piece out before the juices dry up like an August creek bed in west Texas.
Wise words below:
"A market that cannot survive without permanent monetary life support is no longer a healthy market, it is a managed dependency system."
Hi Chris - An excellent summary of the ongoing socio-politico-economic catastrophe as it unfolds before our eyes. I don't know when the "phase change" will occur and the contemporary equivalent of the Bastille will fall - only that it will. "That which cannot continue - won't!"
Open your wallet and pull out a dollar bill. The bill itself was printed but the money itself was created. There was no "Burrrrr" only a "click" as a central bank offered that dollar to someone and committed to buy it back at some point in the future for $1.043. Those first in line get to extract the most wealth from that $0.043. No paper, no bands nothing but a "click".
I can't improve on the many compliments in this thread, so I won't try, except to say "yes to what everyone else said."
If I missed the following, I apologize:
The two words creeping around the edges of the essay but unspoken are "dual mandate." Ironically, the requirement that the Fed worry over unemployment was supposed to help the middle and lower middle-class wage earners but instead has given policymakers all the excuse they need to play the "socialize the losses" games you aptly identified.
As you have recently written, it is also possible to game the inflation measurements. But if the Fed had been restrained to just price stability over the last three decades, then the political focus on prices would make it more challenging to manipulate.
We need to put the money printing responsibility into an AI that is trained to behave like 1979 Paul Volcker at all times, with no exceptions.
And we wonder why millions celebrate the killing of an insurance company executive as an expression of activism? People turning to the likes of “Democratic Socialists” who run in open D seats, who are not Democrats, but (mostly Jew and Israel haters) Socialists. People may be low information voters, but they see the pernicious effects of inflation, and the rewarding of Fuckery by NASDAQ, “reforming” it’s rules so multi trillion dollar rakes can force the marks, all invested, if at all, in passive index funds that have to buy that crap, until it ends with lots of bangs. People can only take so much abuse before their dopamine, alcohol, and nicotine fueled high wears off. Then what? Led by figures like Maximilien Robespierre Sanders, they advocate for egalitarian democracy and set the table for orchestrating a 21st century Reign of Terror to protect the republic.
The fraud and waste in government is so bad that it doesn’t even hide anymore. For example, my family and I live in Florida and my grandfather, who was shot in the back in France, had a 100% disabled license plate because he could barely freakin’ walk. NOW, I see a conga-line of BRAND NEW MASSIVE GMC trucks with 100% disabled plates driven by jacked dudes everywhere I drive now. How the hell can a guy who is not supposed to be able to work afford a >$100,000 truck? And on top of that, suddenly car dealers are making money. Hmmm. Could the two be related?
Excellent article Chris. This is why so many smart people gravitate towards Bernie sanders or AOC. The problem though is, their solution is not the answer. Capitalism is the answer, but what we have now is not that. I’ve ridden the coattails of those early in the system so I’ve done well. But my children entering adulthood are going to have a hard road.
Does the zebra have black stripes, or does it have white stripes? It has both but it's still just one animal. So to goes our political parties in America. They may appear different, but they are still the same animal.
This article hits Ground Zero as to the Root Problem Americans "Should Be" angry about.
What makes this turn Devilishly Evil, is that the financial beneficiaries have manufactured a Race War, and more recently a Gender War as a distraction to keep us fighting each other 50%/50%, while the bottom 80% get fleeced in what should be the Actual War. I "think/hope" many know this now. That's why, for the reasons stated in this article, the Mamdani Experiment is going to be so interesting - it's the subject we're not supposed to me talking about. They can't win a 20%/80%, or 10%/90% war and they know that.
It's flat evil that they have intentionally baited our citizenry with triggers designed to have us screaming at each other....while an occasional bullet lands, as well. I sincerely hope people begin to understand WHY everything seems so crazy and confusing and upside down. It's a Design Feature supported with pre-made signage, paid agitators and dark money -- The ultimate distraction to the real problem mentioned in this article.
In the end....my Character is the only real currency I have.
The stock market is now a matter of national security (it's not from me I read it somewhere) and it's true. It can go down because if it does all their plans, which need a constant influx of money, will go the way of the Dodo. Remember when Bondi was grilled by congress about Epstein ? She had one answer, which sounded something like that ; what's your problem, the Dow is at 50,000!
Chris, while I agree with your analysis and description of the perils, I take issue with the idea that Congress folks actually understand any of that. Let's face it, very few have ever shown themselves to be terribly bright, and the number who have any direct financial expertise is virtually nil. they understand that the current process helps them, but not 1%, in my estimation, could explain what is happening and why
Again with brilliant insightful commentary, directed correctly to political operators, Chris. Warren isn't economically stupid, though her talking points may be.
Brother, you're no idiot. This is yet another inspired piece of truth, so well crafted. Your writing lately has truly been remarkable.
Thanks Danny. Means a lot.
In the early 2000s, I covered the bond market for Dow Jones. "Conspiracy" theorists used to talk about something called "The Plunge Protection" team, a secretive group that stood ready to bail out the market. It was laughed off by market "experts" who would argue that the US was at heart a market driven economy. Quaint.
This were the good old days with the Committee to Save the World.
It is a market driven economy.
The market drives everything -- the executive branch, the legislative branch, the regulatory agencies, the monetary authorities, political fundraising, 401Ks, consumer spending. LOL.
Excellent essay Chris! Just noticed the addition to your disclaimer where you mention that as of May 20, 2026, you no longer actively trade. I clicked on the link and once again read your engaging essay from that day, in which you also mention no longer engaging in fantasy sports. I've engaged in fantasy sports for the past 18 years and find it relaxing, mentally stimulating, fun whether I win or lose, though winning is more fun. I manage three fantasy football leagues, one a fundraiser for a non-profit, and am amazed when some players drop out of the leagues due to stress. I tell them it is fantasy, make believe, what stress? Stress is facing a person wielding a knife who won't drop it and you need to decide whether to shoot the guy or continue to back off, and if you do, will non action risk danger to another. Stress is facing somebody with a weapon, or stopping a car not knowing anything about the driver or passengers. Other jobs have other life stressors that can be just as life altering. So I guess it is relative. I am also in a fantasy baseball league which I never understood so just paid entry fees to play for the fun of it. Once learning the strategy I've gotten lucky and come in first place three times in the past six years. More fun winning than losing, but fun either way. Stress over fantasy sports? Nothing that occurs in fantasy sports is life altering. Brother, or should I say young man since I'm old enough to be your father, I just don't get it.
It's because expectations change when you get older.
And time becomes more valued.
Two fantastic pieces in a row. The creative juices are really flowing and I hope the Winged Wizard gets a third piece out before the juices dry up like an August creek bed in west Texas.
Wise words below:
"A market that cannot survive without permanent monetary life support is no longer a healthy market, it is a managed dependency system."
Hi Chris - An excellent summary of the ongoing socio-politico-economic catastrophe as it unfolds before our eyes. I don't know when the "phase change" will occur and the contemporary equivalent of the Bastille will fall - only that it will. "That which cannot continue - won't!"
Open your wallet and pull out a dollar bill. The bill itself was printed but the money itself was created. There was no "Burrrrr" only a "click" as a central bank offered that dollar to someone and committed to buy it back at some point in the future for $1.043. Those first in line get to extract the most wealth from that $0.043. No paper, no bands nothing but a "click".
Manufactured wealth.
That being the case.....then thin air has value.
If you get the first breath.
I can't improve on the many compliments in this thread, so I won't try, except to say "yes to what everyone else said."
If I missed the following, I apologize:
The two words creeping around the edges of the essay but unspoken are "dual mandate." Ironically, the requirement that the Fed worry over unemployment was supposed to help the middle and lower middle-class wage earners but instead has given policymakers all the excuse they need to play the "socialize the losses" games you aptly identified.
As you have recently written, it is also possible to game the inflation measurements. But if the Fed had been restrained to just price stability over the last three decades, then the political focus on prices would make it more challenging to manipulate.
We need to put the money printing responsibility into an AI that is trained to behave like 1979 Paul Volcker at all times, with no exceptions.
And we wonder why millions celebrate the killing of an insurance company executive as an expression of activism? People turning to the likes of “Democratic Socialists” who run in open D seats, who are not Democrats, but (mostly Jew and Israel haters) Socialists. People may be low information voters, but they see the pernicious effects of inflation, and the rewarding of Fuckery by NASDAQ, “reforming” it’s rules so multi trillion dollar rakes can force the marks, all invested, if at all, in passive index funds that have to buy that crap, until it ends with lots of bangs. People can only take so much abuse before their dopamine, alcohol, and nicotine fueled high wears off. Then what? Led by figures like Maximilien Robespierre Sanders, they advocate for egalitarian democracy and set the table for orchestrating a 21st century Reign of Terror to protect the republic.
The fraud and waste in government is so bad that it doesn’t even hide anymore. For example, my family and I live in Florida and my grandfather, who was shot in the back in France, had a 100% disabled license plate because he could barely freakin’ walk. NOW, I see a conga-line of BRAND NEW MASSIVE GMC trucks with 100% disabled plates driven by jacked dudes everywhere I drive now. How the hell can a guy who is not supposed to be able to work afford a >$100,000 truck? And on top of that, suddenly car dealers are making money. Hmmm. Could the two be related?
Excellent article Chris. This is why so many smart people gravitate towards Bernie sanders or AOC. The problem though is, their solution is not the answer. Capitalism is the answer, but what we have now is not that. I’ve ridden the coattails of those early in the system so I’ve done well. But my children entering adulthood are going to have a hard road.
Does the zebra have black stripes, or does it have white stripes? It has both but it's still just one animal. So to goes our political parties in America. They may appear different, but they are still the same animal.
When the Devil is you!
This article hits Ground Zero as to the Root Problem Americans "Should Be" angry about.
What makes this turn Devilishly Evil, is that the financial beneficiaries have manufactured a Race War, and more recently a Gender War as a distraction to keep us fighting each other 50%/50%, while the bottom 80% get fleeced in what should be the Actual War. I "think/hope" many know this now. That's why, for the reasons stated in this article, the Mamdani Experiment is going to be so interesting - it's the subject we're not supposed to me talking about. They can't win a 20%/80%, or 10%/90% war and they know that.
It's flat evil that they have intentionally baited our citizenry with triggers designed to have us screaming at each other....while an occasional bullet lands, as well. I sincerely hope people begin to understand WHY everything seems so crazy and confusing and upside down. It's a Design Feature supported with pre-made signage, paid agitators and dark money -- The ultimate distraction to the real problem mentioned in this article.
In the end....my Character is the only real currency I have.
The stock market is now a matter of national security (it's not from me I read it somewhere) and it's true. It can go down because if it does all their plans, which need a constant influx of money, will go the way of the Dodo. Remember when Bondi was grilled by congress about Epstein ? She had one answer, which sounded something like that ; what's your problem, the Dow is at 50,000!
"...this would be a great lesson for us to remember and empower ourselves with."
I guess being aware and understanding is half the battle. Still trying to figure out the other empower half.
Exactly, toughest question is how to keep navigating the path from the back seat through a rigged system/roadway when someone else is driving the bus.
Yep, that's the challenge.
Chris, while I agree with your analysis and description of the perils, I take issue with the idea that Congress folks actually understand any of that. Let's face it, very few have ever shown themselves to be terribly bright, and the number who have any direct financial expertise is virtually nil. they understand that the current process helps them, but not 1%, in my estimation, could explain what is happening and why
Again with brilliant insightful commentary, directed correctly to political operators, Chris. Warren isn't economically stupid, though her talking points may be.