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Is The Long-Anticipated Crash Now Upon Us?

Is this the market's breaking point?
Friday, October 26, 2018, 5:45 PM

I admit: I'm a permabear.

This is no surprise to those who know and have followed me over the years. But I'm publicly proclaiming my 'bearishness' because doing so might open up a needed and long overdue dialog.

Here's my fundamental position:  Infinite growth on a finite planet is impossible. 

Cutting to the chase, this is why I predict a major crash/collapse across stocks, bonds and real estate is on the way. 

The recent market weakness seen over the past two weeks is nothing compared to what's in store.  As we’ve been carefully chronicling, bubbles burst from ‘the outside in’, starting at the weaker places at the periphery before progressing to the center.

Emerging market equities are now down -26% from their January highs and -18% year-to-date.  China's stock market is down -32%, even with substantial intervention by the government to prop things up.

The periphery has been weakening all year, and the contagion has now spead worldwide.

Taken as a whole, global equities have shed some $13 trillion of market capitalization for a -15% decline:

The rot has spread to the core with surprising speed. Now even the formerly bullet-proof US equity markets are stumbling.

The S&P 500 is now negative on the year:

It’s been obvious for a long time to those who have watched The Crash Course that endless growth is simply not possible. Not for a bacteria colony in a petrie dish, not for an economy, not for any species on the planet. Eventually, when finite resources are involved, limits matter.

But the vast majority of society pretends as if this isn't true.

The US government is (and has been for decades) adding to its massive pile of debt at a rate far faster than it's income (GDP) is growing. Pension managers have a horizon measued in decades, and yet they buy stocks and bonds that can only pay off if endless growth occurs (e.g., 100+ P/E ratios). Much of today's buildings and public works will need to be rebuilt/replaced within the next 50 years, yet no one is certain whether we'll have enough affordable energy to do so.

In regards to the financial markets specifically, history has given us clear lessons to heed. 1929, 1987, 2001 and 2008 each showed us that when the world gets so manic that investors must believe in perpetual perfection/endless growth to justify current asset prices, a painful correction ensues as the limits of reality re-assert themselves.

Bulls vs. Bears

My permabear-ishness is a by-product of peering into the future and not being able to align society's hopes with what I see as the current trajectory of the world.

As a baby boomer, this sets me apart somewhat from my age cohort, many of whom have benefitted as our generation has lived beyond its means. But it’s not all unusual to find young adults, peering ahead into a diminished future, who share my views. 

So when I look at today's markets, I ask: What’s the purpose or point of investing in financial assets that, by definition, depend upon a logical fallacy (endless growth) being true? None at all.

Now, in the short term, if you believe yourself to be smarter and more nimble than the rest, maybe you can find advantage in speculating over the short term. (And good luck with that, by the way...)

But for the average person? Is parking money in a 401k in a general index fund(s), crossing one’s fingers and hoping that the next twenty years will behave like the last twenty a good bet? Not if sustained economic growth continues to remain elusive the way it has since the 2008 crisis.

The Bull Trap

By definition, stock market bulls believe in growth, specifically endless growth. They believe, over time, the markets will head ever upwards.

As I’ve said I don’t believe that endless growth is possible. But more than that, I think, were it possible, it would be harmful to humans and planetary life in general.   

I used to believe in growth. In my early career as a consultant, I even helped companies chase it. But as I became more familiar with the scientific data and connected a few dots, I realized my views regarding growth were naive. And in some cases entirely backwards.

For instance: In my MBA courses, I was taught that at a high enough price, new supply will always emerge to meet the market demand. 

But a tiny bit of inquiry quickly reveals that the economy doesn’t deliver resources, instead we have an economy because there are natural resources to use.  No resources, no economy. The economy is a subset of the natural world, not the other way around. 

Most people get that intuitively, but it remains a mystery why so many stumble on the idea that ever more economic growth requires ever more resources. They ignore the reality that, at some point, resource limits matter.

And within the resource story, energy is THE master resource. No energy and you can’t have anything else. No economy. Nothing.   

Even more precisely, surplus energy (also called "net energy") is what powers everything you and I hold dear about our amazing, just-in-time, global lifestyle. If a Cheetah expends more calories hunting than it actually catches, it dies.  Every organism only thrives if it has a surplus of chemical energy compared to what it expends. 

Simply put, humans are using up hundreds of millions of years of stored ancient sunlight (via fossil fuels) in the equivalent of a geological microsecond. It's been a one-time-only bonanza for our species. One that is fast approaching it's end.

Hey, it’s been fun. And we’re doing some really cool things with all that surplus fossil energy, like space travel and smart phones. But one thing we haven't done is invest for a future that will function when all that tasty surplus fossil energy is gone.

And as we've often written about, the ramifications are already beginning to be felt, and will only get worse over the coming decades.

A critical factor is that our system for running the world is becoming increasingly unstable. As surplus energy decreases, we are using more and more debt to pull tomorrow's prosperity into today to keep the party going.

But that can't last forever. And as 2008 showed us, when the debt stops growing, even briefly, the whole system shudders to a stop. Our current system of credit/money is either expanding or threatening to collapse. It no longer has a middle ground:

The Social Fabric Is Starting To Rend

This idea of growth being dependent on surplus energy is not a very difficult train of logic to follow. But as I’ve learned the hard way when delivering this message over the years, data and logic rarely changes people's behavoir. 

People's actions are governed by their beliefs, which are stubbornly housed in our brain's emotional limbic system, not in the more rational cortex. When beliefs get challenged, emotions flare up. Data is irrelevant. Logic doesn’t matter. The backfire effect mushrooms and takes over.

We are now at the most important inflection point in all of human history, yet practically nobody knows about it. But try to raise people's awareness and – wow – does it ever challenge their belief systems. Fear and anger are the first emotions to get triggered, and listeners quickly search for any reason to reject the information.

This is wack-job conspiracy theory! This is failed Malthusian claptrap! This is fear-mongering! You're underestimating human ingenuity! If this were really true, I'd be reading about it in the media!

Over the years, I've heard thousands of these 'reasons' to reject looking critically at the data. It no longer bothers me, as I recognize it for what it truly is: an attempt to protect oneself from having to grapple with the possibility that the promise of endless growth, which our current prosperity is based on, just might not be real.

And I think many folks are nevertheless becoming aware of this on a subconcious level. It's that feeling in our gut we get when we see the 1% live so much better than the rest of us 99%. When we hear how "great" the employment rate is or the stock market is, yet we see so many households struggling to get by as the middle class get squeezed harder and harder between stagnant wages and the rising cost of living. When we see those who run our country and its corporations live by a different, more preferential, set of rules than the public is held to.

I think this explains why tensions and tempers are so high right now, even though very few seem to understand why. It explains why the country is so divided and increasingly desperate. It explains the hyper-partisanship, the turn to opioids, the pipe bombs.

To my way of thinking, a lot of the emotional energy being expended right now is due to the fact that our entire way of being is busy collapsing all around us.  Our main narrative of “how life works” is breaking down. This is resuting in an epidemic of grief, depression, anger and sorrow.

(Personal note: If you're near Turners Falls MA on November 6th, 2018 I and a number of other PP members will be attending Stephen Jenkinson’s Nights of Grief & Mystery Tour, which delves into coping strategies for dealing with these emotions head-on. If you want to join us, send an email here).

Is The Crash Upon Us?

So with the wipeout of all 2018's market gains this week, is the next crash upon us? Is the financial system in the process of breaking down, as it did in 2008?

There are a number of indicators we watch closely here at Peak Prosperity. While many are showing signs of distress, we're not yet seeing the kind of systemic arrest we'd expect to see preceding a market seisure. 

For instance, even as equities have pulled back, the weakest credit element, here represented by the ETF “JNK” that tracks junk bonds, has barely even budged during the current sell-off:

What tipped me off as a pre-indicator of the 2008 crash was the movement in both the credit markets and the financial companies most dependent on them. Remember, "stocks are for show but bonds are for dough". The serious money playing in the bond market typcially seeks safety before the more risk-loving players in the equity markets catch on.

Similarly, the prices for 'safe haven' US Treasury hasn't rallied by all that much. If there were a panic brewing, we'd expect to see these spiking more violently, even with China beginning to sell their stash and the Fed pulling back:

That “bounce” doesn’t even bring US 20-year bonds back to even for the month of October, let alone return them to where they were in September.

Similarly, gold hasn't rallied that much either in US dollar terms (in euros and yuan is another matter):

Add to the above that the US economy is not (yet) in recession, and a full-blown crash looks unlikely to unfold before us right now.

BUT, what we are seeing in the markets is exactly the kind of precusor activity we would expect to see in the final stage leading up to a crash.

In Part 2: How Close?, we lay out the indicators we're watching most closely and what they're currently forecasting about the timing of a major market breakdown, as well as reinforce the importance of prudently preparing yourself *now*.

This equity correction has my full attention. No, I don’t think it’s the big one (yet). But, yes, I think the big one is not far behind

In the immediate here and now, focus on getting yourself prepared as best as you can and remain above the emotional fray that's tormenting so many people. It's only going to get worse from here.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access

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31 Comments

brushhog's picture
brushhog
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No, not yet

The crash is not upon us, not the "big" one anyway. Realizing that this is a system of debt, it all boils down to, are we still able to mobilize creditors and raise enough debt to pull us out of the hole? Looking at our debt to GDP, revenues, credit rating, and other factors the answer is absolutely YES.

Japan is limping along with a 200% debt to GDP, and other nations are worse off than us and still going. Our debt to GDP is about 100%, that is high but not terribly so. Interest on the debt is around 300 billion, revenues about 3 trillion, spending about 4 trillion. Now, as Chris has reminded us many times the debt is growing exponentially [ and outpacing gdp exponentially ], so there WILL, absolutely with a doubt, come a time when the cost of servicing the debt will outstrip domestic and military spending. Even with suppressed interest rates it will become very difficult to pay the interest. When that day comes, and a crash, crisis or recession hits, they will not be able to borrow any more to pull us out.

THAT will be "the big one". And if something doesnt take us out first, that debt bomb certainly will. My humble opinion is that day is still a good 20-30 years from now.

Mark_BC's picture
Mark_BC
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They don't have to borrow;

They don't have to borrow; they can print. Which they have been doing overtly since 2008 and arguably more indirectly for 30-40 years since the dollar became the reserve currency and debt was needed to be printed out of nothing to provide to other countries in exchange for the importing of real goods, most notably oil.

The end could come as a result of a few things:

  1. confidence / credibility is lost in that money printing system (seems unlikely given TPTB's complete electronic control of the markets and ability to implement moderate deflationary corrections to balance the bubbles from money printing).
  2. The other countries in the world decide to take live a different global payment system, which China is implementing as we speak. I tend to think there is more international "cooperation" than is portrayed so I don't think China operates independently here.
  3. The world runs out of gold/silver. TPTB know exactly how much gold/silver is left so my bet is that they are timing this crash with what I expect the true trigger for a crash will be, in number 4 below:
  4. When TPTB decide it is time for a new system. When they have scraped as many middle-class wealth crumbs off the table from this system they will design and move on to the next.
Uncletommy's picture
Uncletommy
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Locking in your future?

As Brandon Smith points out"

The fact is, alternative economists have been RIGHT for the past 10 years and have been far ahead of the mainstream in terms of predicting fiscal trends based on real data. As I have always said, economic collapse is a process, not an event. It’s something that happens in stages or phases over time, not something that occurs overnight or in the span of a few days. People who think that a national or global disaster is a sudden and inexplicable affair watch far too much television. They also don’t understand that the historic moments of “crisis” we read about in books are the culmination of years of decline.

J.M. Keynes has oft been quoted that, "In the long term, we're all going to be dead". That's why keeping your eyes on the futures market is a pretty good idea,IMHO, if you want to make sense of apparent trends. Locking in realistic price and delivering make a lot more sense than speculating on derivatives. 

It does seem curious that the previous three Fed chairs were economists and the most recent is a lawyer, who appears to be more impressed with evidence than economic "exceptualism". Getting back to some form of reality (liquidity), rather than magic (debt) seems like a sound course to follow. Raising rates and dumping the balance sheet assets? seems like sound logic to me, in the short term.

pgp's picture
pgp
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Punishment deserved,

The human race deserves the future it gets.   True nobility is accepting that we all must pay for the stupidity of our culture and the inability of our specie to adapt emotionally to the unsustainable premises upon which modern society is built.

Ultimately the human race evolved to become smart enough to relentlessly exploit resources and prospoer but it never reached the level of emotional intelligence required to look past belief and custom at reality and appreciate the necessity of conservation.  Real conservation, the kind that demands population control, energy preservation and environmental protection.

The human limbic system is a vital part of every decision we make but it is too easily controlled by religion and the positive mass hysteria of "what others think". 

The cheetah starves to death if it fails to make enough kills.  Many species of animals become extinct if they can't adapt to new food sources, if they aren't able to relocate, take on different climates and obstacles.  The more sensitive animals under greatest threat are the ones able to change the least.  Humans like all animals faced with declining resource eventually die.  That's natural justice, not God's will or bad luck.

Its time for homosapien to stop blaming everyone and everything else and take a good look in the mirror... maybe a bit of reflection will finally trigger the evolutionary assention necessary to finally stop the endlessly repeated self-destruction our species is prone to.

 

 

S7's picture
S7
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What will the future energy be

Love the Backfire Effect. I encourage everyone to follow that link.

Hopefully we have the resources and will in the future to learn to tap into the vertical electric field of the Earth and draw upon and control the unlimited supply of electricity from the ionosphere. That could be the game changer.

Maybe a more efficient wind turbine. (ie James McCanneys "Wing Generator" would do it)

Also, I don't believe and there is no evidence to support we are burning through "fossil fuels" from millions of years of stored sunlight. Yes we are burning through an unbelievable amount of crude oil, and may only have a few hundred years left if we don't poison the planet before then.

But these hydrocarbons have been layered onto our planet for tens if not hundreds of millions of years as Earth and our solar system have traveled through the Milky Way, building up it's surface content and atmosphere to become habitable for our life, encountering many celestial events where these hydrocarbons exist. Maybe brought in on the tail of many comets. Just an alternative thought for the origins of oil. Hopefully I didn't upset anybodys core belief.

The Bible has record of one such encounter, it called it "Brimstone and Fire".

 

New_Life's picture
New_Life
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New_Life's picture
New_Life
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Bible vs Petroleum Geology ?
S7 wrote:

Also, I don't believe and there is no evidence to support we are burning through "fossil fuels" from millions of years of stored sunlight. Yes we are burning through an unbelievable amount of crude oil, and may only have a few hundred years left if we don't poison the planet before then.

But these hydrocarbons have been layered onto our planet for tens if not hundreds of millions of years as Earth and our solar system have traveled through the Milky Way, building up it's surface content and atmosphere to become habitable for our life, encountering many celestial events where these hydrocarbons exist. Maybe brought in on the tail of many comets. Just an alternative thought for the origins of oil. Hopefully I didn't upset anybodys core belief.

The Bible has record of one such encounter, it called it "Brimstone and Fire".

 

Oh dear. quoting a fictional religious book rather than the evidence based science of Petroleum Geology is not going to earn much credibility for your beliefs concerning how oil formed on our planet.

New_Life's picture
New_Life
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Financial stocks decline

Another great article by Chris. I do wonder if there are any niche areas of the market that will do better in a general market decline.

Security firms? Innovative Blockchain related companies? Pharmaceutical? Gold Miners ETF? (GDX)

locksmithuk's picture
locksmithuk
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Few hundred years of oil remaining
S7 wrote:

Yes we are burning through an unbelievable amount of crude oil, and may only have a few hundred years left 

 

A few hundred years? Seriiously? On what basis?

brushhog's picture
brushhog
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The definitely do have to borrow

The US government BORROWS every dollar that it spends and in fact, EVERY dollar is borrowed into existence with the promise to repay more in the future. No, they cannot simply "print", as the value of the dollar is tied to the 'full faith and CREDIT" of the US government and their ability to repay at a later date.

S7's picture
S7
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Fictional ?

The Bible, specifically the Old Testament, is a historical record book and geneology that has survived for thousands of years and tells of one nations pilgramage through life. It is very relevant to everyones life, however, many choose to ignore the possibility that there is more to this life than what we see, hear, touch and feel. The New Testament is a historical record of a supernatural intervention into the history of Earth that ties together and fulfills the prophecys that were written abount in the Old Testament, hundreds of years earlier, with the birth of Jesus Christ.

It is not a fictional religious book, maybe to you, but a map to give guidance into eternity. It takes spiritual discerment to understand, but God gives freely to all who ask. I would recommend you click the link to the "Backfire Effect", I suspect your core belief is in the confidence and authority of man.

It is not the only book of records that have such examples. There are those that have questioned the "Accepted" science of things, that have studied ancient civilizations and given their life to understanding such things, to translate and re-tell what the ancient civilizations lived through. Immanuel Velikovsky, James McCanney and Nikola Tesla come to mind as people that have offered scientific explanations that make more sense than what government employees tell us is truth. Comets are icy, dirty snowballs subliminating to cause their tales is a perfect example of an established belief in the astronomical communtiy that is accepted as fact that has been proven to be false, but they still believe it.

 

Mark_BC's picture
Mark_BC
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S7 wrote:Also, I don't
S7 wrote:

Also, I don't believe and there is no evidence to support we are burning through "fossil fuels" from millions of years of stored sunlight. Yes we are burning through an unbelievable amount of crude oil, and may only have a few hundred years left if we don't poison the planet before then.

But these hydrocarbons have been layered onto our planet for tens if not hundreds of millions of years as Earth and our solar system have traveled through the Milky Way, building up it's surface content and atmosphere to become habitable for our life, encountering many celestial events where these hydrocarbons exist. Maybe brought in on the tail of many comets. Just an alternative thought for the origins of oil. Hopefully I didn't upset anybodys core belief.

You wouldn't get too far with that hypothesis talking to a petroleum geologist. They search for oil by analyzing rocks for microscopic fossils of the plankton that fell to the ocean floor and turned into the oil. Oil is big money and they wouldn't be employed if they didn't know what they were doing and have a good understanding of how oil is formed.

S7's picture
S7
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Maybe

So how did the mass quantities of crude oil that were found in lake size quantities all over the surface of the Earth get there? 

S7's picture
S7
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I'm from the government and I'm here to help!

I was taught the same line of thinking. Plankton dies, accumulates on the sea floor, gets covered, massive pressures cook it into oil (Very simplified explanation), but that didn't make sense to me the older I got and started to explore deeper into what we are taught.

How does plankton get turned into oil when around 2000 BC, there were lake size pools of the black tar laying all over the middle east on the surface? When they consumed all of that source, they dug down and found a whole lot more. And all around the rest of the world for that matter. How does the same substance that occurs on the surface also occur several miles under the ocean? And is layered throughout the distance in between. I know, give anything a few million years +/-, and anything is possible.

Then about 7 years ago, I started listening to a self funded nuclear physicist named James McCanney. His scientific explanation of celestial mechanics and physics made a lot more sense than what I was taught, so I adopted a different line of thinking about these things, and that blends into all other areas of science.

Is it possible that he is partially or wholly incorrect? Possibly

Is it possible that the standard explanation for the origins of the universe, life on Earth and the geological processes that created our beautiful planet as taught by government controlled and paid for scientists be partially or wholly incorrect?   

My answer....  Absolutely.

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davefairtex
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physics

My sense is that the mainstream has the larger-order effects all pretty well sorted out.  F=ma, and so on.  Its the stuff on the fringes of newtonian physics that they understand less well.

Whether oil was deposited by magic wand, or by plankton eeons ago and then squished down into hydrocarbons through pressure matters less to me than the rate of discoveries.  They are dropping.  And the size and quality of said discoveries are dropping too.  That leaves us 2 choices of what to believe:

1) there is a grand conspiracy to hide oil discoveries from the world at large

2) oil is just getting a lot harder to find, because we've used up the easy-to-find stuff.

I'm going with #2, just because I assess it to be more likely than #1.  I love a good conspiracy, mainly because so many of them have proven to be fact, but that the evidence for #2 is really strong.  To me, its close to the same level of certainty as F=ma.   So in my world, all I really need to do is look at discoveries - production + time-lag to calculate where we are going next, and from that roughly assess how long it will take to get there.

Free energy would be awesome.  I'm happy to embrace it when it arrives on the scene.  Heck, those UFOs aren't powered by diesel.  Some interesting energy source other than what we know about probably exists.

But as I used to say to my team back in the day, "I'm a software guy, and that's a hardware problem."  Until free energy arrives, I'm going to be watching discoveries & production.

New_Life's picture
New_Life
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Hilarious

"It is not a fictional religious book, maybe to you, but a map to give guidance into eternity. It takes spiritual discerment to understand, but God gives freely to all who ask. I would recommend you click the link to the "Backfire Effect", I suspect your core belief is in the confidence and authority of man."

I've studied many religions and their claims, non have convinced me with evidence that their specific belief system is accurate. As for core beliefs I have none, other than the origin of the universe was a random event.

Out of all the religions in the world you chose to follow and quote Christianity, have you ever considered what quantitative analysis of all the possible religions that led you to that very specific decision?

As for you incredulously asking how lake sized pools of oil got there, I suggest you study basic Geological Science rather than preaching from historical books written by less well informed humans.

I'm confident most here would agree it's yourself that is demonstrating the "backfire effect" most perfectly.

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Doug
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brushhog's picture
brushhog
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S7 wrote: So how did the
S7 wrote:

So how did the mass quantities of crude oil that were found in lake size quantities all over the surface of the Earth get there? 

"Modern science is based on the principle 'give us one free miracle and we'll explain the rest'. And the one free miracle is all the matter and energy in the universe, and all the laws that govern it, from nothing in a single instant."

Brunel's picture
Brunel
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Energy return....

It really doesn't matter how much fossil fuel is left.  What matters is the energy cost of its extraction.  We've been here before.

New_Life's picture
New_Life
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Agreed

Yes I agree with the more balanced posts above, how oil got there is largely irrelevant. So yes trying to educate people of that is a low EROEI in itself.

Apologies for me taking the bait and engaging with those who are unwilling to reason with evidenced based logic.

What really matters to us all going forward is the net energy available to society of the remaining recoverable reserves and the impact to the planet in burning them.

New_Life's picture
New_Life
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Decline also looks like this...

https://www.theguardian.com/world/2018/oct/28/jair-bolsonaro-wins-brazil...

I've been wondering how long it will take the European Latin countries to follow the same fate as many of those in Latin America.

locksmithuk's picture
locksmithuk
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UK helicopter cash arrives

Right on cue after Charles' recent piece, I see the UK's cash-drop-for-the-masses has arrived (source: www.telegraph.co.uk)

 

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shastatodd
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My humble opinion is that day is still a good 20-30 years from

"My humble opinion is that day is still a good 20-30 years from now."

wow, you are sure optimistic!

Mark_BC's picture
Mark_BC
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brushhog wrote: The US
brushhog wrote:

The US government BORROWS every dollar that it spends and in fact, EVERY dollar is borrowed into existence with the promise to repay more in the future. No, they cannot simply "print", as the value of the dollar is tied to the 'full faith and CREDIT" of the US government and their ability to repay at a later date.

What was Quantitative Easing then?

Uncletommy's picture
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QE explained?
New_Life's picture
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Helicopter money = £520 better off
locksmithuk wrote:

Right on cue after Charles' recent piece, I see the UK's cash-drop-for-the-masses has arrived (source: www.telegraph.co.uk)

 

Approx £520 better off after increased NI contributions, hardly life changing for anyone on £50k..

Proportionally less for lower earners, can't imagine much stimulus from that.

https://www.theguardian.com/uk-news/2018/oct/29/philip-hammond-delivers-...

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Dr. Rasmus See's the Jolly Roger On The Horizon

https://www.podbean.com/media/share/pb-73e34-9d72e2

The Global Economy’s Growing Fragility

Dr. Rasmus reviews the current state of the global economy, discussing sectors where it’s slowing and growing financially more fragile. Quotes from JM Morgan, Forbes, Moody’s, Merrill Lynch surveys, IMF, and even other mainstream economists all predict a global recession coming 2020. Rasmus explains why it may be sooner, in late 2019. In Europe, the factors of Brexit, Italy, Euro banks weakness, ECB policy and US-Euro trade suggest a weakening further beyond a Euro slowdown already in progress. Emerging markets problems with currency decline, capital flight, and central bank rate hikes are not going away and portend spreading and deepening recessions. The IMF’s  EME bailout problem. A review of China and So. Korea efforts to re-stimulate their economies. China’s recent 6.5% GDP and problems with 30% stock market contraction underway as property and asset markets’ prices fall. China’s further problems with $6T in business debt, its trade dispute with US impact, slowing real investment as it crackdowns on shadow banks and speculators. China’s recent monetary stimulus and coming fiscal stimulus via tax cuts. Rasmus concludes with an early view of US GDP, being driven mostly by defense spending under Trump; how tax cuts aren’t ‘paying for themselves’; and a quick listing of weak sectors of US economy about to grow weaker. 

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Joined: Feb 6 2013
Posts: 565
Oh, thank god!

We're saved. There's a rumor afoot that China and the United States are discussing trade. All's well people! Buy moar stawks!!!

 

*shakes head*

ecb's picture
ecb
Status: Member (Offline)
Joined: Apr 7 2012
Posts: 20
comment to Doug #13

Doug: Be careful about what's posted on Wiki. While I am personally not familiar with McCaffrey, I am suspicious when Wiki labels him a crank and conspiracy theorist. They have said the same about G. Edward Griffin and his Creature from Jekyl Island, though after 20 + years no one has credibly disputed or disproven what he wrote. If Wiki doesn't like what you post, it gets deleted or changed. They are well known to marginalize those who they ( their editors) don't agree with. 

aggrivated's picture
aggrivated
Status: Platinum Member (Offline)
Joined: Sep 22 2010
Posts: 572
Wiki censors?

Wikipedia and other online platforms obviously do have working "memory holes". That's the irony of the internet you know; electrons are such mobile entities that even though we can access ideas in a flash, those same thoughts can transform or vanish in a nano second. Ponder the thought that if only all of us depended on the internet for all our knowledge what thought shaping could be achieved.

Sparky1's picture
Sparky1
Status: Member (Offline)
Joined: Jul 21 2016
Posts: 12
Wow! Stockman: Trump an ‘Economic Lunatic, He’s Playing with Fir

David's on fire in this CNBC interview.

 

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