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What’s Collapsing Can’t Be Saved: Our Fraudulent Economy
Pulling the sleeve down to hide the tracks doesn’t mean the addict is cured.
Just for a change of pace, can we be bluntly honest about the U.S. economy? It’s difficult to do because we’ve chosen to ignore all the realities, much like a family that hides all the addictions, drunkenness and lies in a dysfunctional household to maintain the outward illusion of a happy functioning family. Continue reading
America Finally Found the Lost City of Gold
In the early 1530s, a Spanish conquistador named Diego de Ordaz was exploring modern-day Venezuela when he first heard rumors of a nearby City of Gold.
Ordaz thought he was about to hit the jackpot. And he wasted no time ordering expeditions of the area to find this city – what eventually became known as El Dorado.
The mission failed, and most of Ordaz’s men died. But one survivor, a crewman named Juan Martinez, claimed that he had been captured and held prisoner for 10 years in El Dorado… Continue reading
Banks pressured to repeat causes of 2008 financial crises
As the media begins to roil with reports of bank delays in the distribution of business recovery loans from the government plan to save business from the effects of quarantine and closure, it is important to ask if there is more to the story than the mere miserly attitude of the run-of-the-mill bank.
Back in early 2000, Barney Frank and a lot of other politicians passed legislation forcing banks to throw away traditional mortgage underwriting guidelines to make mortgages to low-income Americans (or no income Americans). If the banks didn’t, they would not get permission to open new branches and grow. That contributed largely to the 2008 financial crisis, in which eight trillion dollars in mortgages failed, an amount that broke the system because it simply couldn’t all be insured. The very same politicians then blamed the banks for reckless lending and resisted the bailouts. Continue reading
Why Americans Don’t Have Any Savings
In response to a likely worldwide recession, governments have turned on full blast the fiscal and monetary spigots. A $2 trillion spending plan has just been approved in the USA, central banks are on a buying spree, and the $1200 stimulus payment is just helicopter money. Since the government does not have a magical tree of plenty and can only redistribute from the left pocket to the right by taxing, borrowing, or printing money, how does this make any economic sense or make any country better off? Continue reading
The US Will Never Get Back to Pre-Coronavirus Spending Levels, History Suggests…
… and that means trouble – with a capital “T”
Not only does the US government never pay back what it has borrowed, somehow the emergency stimulus spending always becomes the new normal.
It just took a couple of weeks for the world to go from business-as-usual to dark-even-for-a-scifi-movie. It wasn’t long ago that people worried about things like doing their jobs, taking classes, and planning summer vacations. Now we all wonder how long we can stay in our homes before losing our sanity, how we can make a living and pay the bills, and even where we can find toilet paper. And everywhere we turn, it’s all coronavirus all the time.
It feels for all the world that it’s the end of the world. Continue reading
COVID-19 and the War on Cash: What Is Behind the Push for a Cashless Society?
Cash may well become a casualty of the COVID-19 pandemic.
As these COVID-19 lockdowns drag out, more and more individuals and businesses are going cashless (for convenience and in a so-called effort to avoid spreading coronavirus germs), engaging in online commerce or using digital forms of currency (bank cards, digital wallets, etc.). As a result, physical cash is no longer king.
Yet there are other, more devious, reasons for this re-engineering of society away from physical cash: a cashless society—easily monitored, controlled, manipulated, weaponized and locked down—would play right into the hands of the government (and its corporate partners). Continue reading
Total system failure will give rise to new economy
Covid-19 driven collapse of global supply chains, demand and mobility will painfully spawn next great tech-led economic models
Is the world on a collision course with the financial and economic equivalent of a meteor impact with shock wave? Fractal illustration: AFP
Nobody, anywhere, could have predicted what we are now witnessing: in a matter of only a few weeks the accumulated collapse of global supply chains, aggregate demand, consumption, investment, exports, mobility.
Nobody is betting on an L-shaped recovery anymore – not to mention a V-shaped one. Any projection of global gross domestic product (GDP) in 2020 gets into falling-off-a-cliff territory.
In industrialized economies, where roughly 70% of the workforce is in services, countless businesses in myriad industries will fail in a rolling financial collapse that will eclipse the Great Depression. Continue reading
Date of Economic Death for the United States is 1 May 2020
AE Global Solutions Letter to President Trump: Date of Economic Death for the United States is May 1, 2020. [Appropriately, MAY Day ~ Ed.] Continue reading
