The Yarvin Rule: invest in the reverse of whatever Curtis says. Previous profitable examples: Going long BTC in 2013 when Curtis said to short it. Going short Silver in Feb 2021 when Curtis said to long it.
So time to buy OTM puts on oil and semiconductors?
Very nice illustrations describing MMT, that system that sacrifices the store of value function at the altar of velocity! The distortions created by the financial repression and resultant absence of a risk deflator may perhaps be discussed for centuries when the collapse happens.
How much growth does the global system really need and for whose benefit?
If the growth is truly inflationary, there would be serious implications for the US dollar. Inflation in the US destroys the value of the US dollar reserves held by banks and governments all over the world. From the perspective of US trade partners this is a form of economic warfare. From the perspective of US allies/client-states this is simply an increasing imposition that needs to be absorbed by one or more element of their own population. The attraction of alternatives to the US dollar thereby rises.
Non-inflationary growth requires sustained increases in productivity. There are no signs that anything like that is in the offing.
One likely scenario involves an aggravated form of stagflation: negative real interest rates coupled by severe sectoral and regional recessions.
Negative real interest rates will force small and medium property-owners to sell assets (in many cases as distressed sellers), while excess liquidity (thanks to quantitative easing) in the hands of corporations, private equity etc., will enable the transfer of ownership on a grand scale. The Keynesian euthanasia of the rentier class enacted upon the lower strata of the bourgeoisie.
Any recession (especially if protracted) would place substantial further pressure upon the US dollar, with implications for the bond market. Given existing federal, state and municipal liabilities (especially in the major Blue States) we may expect rolling financial crises. The resulting chaos will be managed by the fast-evolving social credit system while the Great Reset and the green energy agenda will be used as a ruse to perform a pea and thimble trick with the bond-market liabilities that threaten to bankrupt the bond-holders.
The Yarvin Rule: invest in the reverse of whatever Curtis says. Previous profitable examples: Going long BTC in 2013 when Curtis said to short it. Going short Silver in Feb 2021 when Curtis said to long it.
So time to buy OTM puts on oil and semiconductors?
Very nice illustrations describing MMT, that system that sacrifices the store of value function at the altar of velocity! The distortions created by the financial repression and resultant absence of a risk deflator may perhaps be discussed for centuries when the collapse happens.
So much Nostalgia(tm)
This is your 99th non-poetry piece on this substack. Next one is #100! Maybe a book chapter to celebrate? ;)
Most construction workers aren't American citizens? Globally that's true ;). But not in the US or even close
How much growth does the global system really need and for whose benefit?
If the growth is truly inflationary, there would be serious implications for the US dollar. Inflation in the US destroys the value of the US dollar reserves held by banks and governments all over the world. From the perspective of US trade partners this is a form of economic warfare. From the perspective of US allies/client-states this is simply an increasing imposition that needs to be absorbed by one or more element of their own population. The attraction of alternatives to the US dollar thereby rises.
Non-inflationary growth requires sustained increases in productivity. There are no signs that anything like that is in the offing.
One likely scenario involves an aggravated form of stagflation: negative real interest rates coupled by severe sectoral and regional recessions.
Negative real interest rates will force small and medium property-owners to sell assets (in many cases as distressed sellers), while excess liquidity (thanks to quantitative easing) in the hands of corporations, private equity etc., will enable the transfer of ownership on a grand scale. The Keynesian euthanasia of the rentier class enacted upon the lower strata of the bourgeoisie.
Any recession (especially if protracted) would place substantial further pressure upon the US dollar, with implications for the bond market. Given existing federal, state and municipal liabilities (especially in the major Blue States) we may expect rolling financial crises. The resulting chaos will be managed by the fast-evolving social credit system while the Great Reset and the green energy agenda will be used as a ruse to perform a pea and thimble trick with the bond-market liabilities that threaten to bankrupt the bond-holders.
What are your thoughts on the World Economic Forum and the Great Reset?