French people are so underworked it’s leading to clinical depression

I was recently going through the checkout line and I overheard the cashier talking to the bagger. “Man, if I could just get paid for doing nothin’. That’d be sweet.”

I looked right at the cashier who was all of 18 or so and I said that I disagreed. A really sweet job was one which provided a living while one did meaningful and enriching work. Doing nothing is boring.

Both the cashier and the bagger agreed that meaningful work was better than doing nothing.

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Pheonix Capital: China’s is the First Central Bank to Lose Control… It Won’t Be the Last

It’s hard to overstate how important it is that despite massive, massive, intervention from the Bank of China and huge political pressure from Beijing the Chinese market continued and continues to sell off. This is the first instance of a central bank post-2008 really losing control. And this is happening in the world’s second largest economy and arguably the world’s chief engine of growth.

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Forget Recession: According To Caterpillar There Is A Full-Blown Global Depression

Caterpillar sales have been declining for over 2 years. Latin American sales have fallen off a cliff. Caterpillar makes heavy industry construction equipment. Draw your own conclusions.

It is interesting to note that the decline is not as sharp as during the “Great Recession,” it’s more stretched out and has been shallower. However it has been steady and steady declines are the thing of maturing depressions.

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Greece’s Problems Explained in Six Charts (and one movie clip)

See, now that we know what the problems are, getting the whole Greek economic crisis thing under control should be pretty easy.


Mohamed El-Erian says the Greek “no” vote is like this scene from the classic movie Network.

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James Grant Sets Stick of Dynamite to Bush/Obamanomics

In his new book, The Forgotten Depression, economic writer James Grant, editor of the prestigious Grant’s Interest Rate Observer, gives us the history of the depression of 1920-21.

It was a very deep depression, as deep as the one that succeeded in 1929. But in this case, the government did not intervene, and it was over in less than two years.

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Does debt lead to (psychological) depression?

I read something somewhere which went something like this;

“Those who don’t understand interest pay it. Those who do earn it.”

This is an oversimplification but the spirit is right on the money (so to speak.) Vast swathes of the suburbs are awash in debt. It contributes greatly to the quiet (so quiet that for many it is unspoken) desperation of the American middle class. It’s pretty sad actually. Particularly when the banks lending via credit cards are getting their money at near 0% interest from the Fed.

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Economic “ghosts of the 1930s”

Sweden cuts interest rates to below zero. The rest of Scandinavia looks about. Deflation looms. Ukraine fights. Greece revolts. France and Belgium are coming to terms with terrorist attacks. Obama asks for permission to widen the war in the Middle East. Russian billionaires spill into Switzerland forcing a de-peg from the euro. Russia herself writhes economic in crisis. China continues to slow. International shipping slows too.

Ghosts? We don’t believe in ghosts. But history and lessons learned or not learned is another issue.

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Life in the “Income Depression”

And remember this is with a totally gamed CPI number. It’s worse than it even looks.

Newsflash! Things are not good economically.

Most people make significantly less in inflation adjusted terms than they did prior to the 2008 Crash. And it should be noted that the economy prior to the Crash felt pretty hollow too. People forget this now. But nearly everyone was living off of the housing bubble in the Bush years. That’s why it hurt so bad when housing ate it.

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Japan has fallen victim to the Keynesian scam (And so have we)


Japan had “a lost decade.” Then it had another. We are past the halfway mark of the American “lost decade.”

Keynesianism has failed utterly and completely. It’s not that there wasn’t enough stimulus. It’s that the concept of “stimulus” is bunk. It’s real “voodoo economics.” It is a cult. A dream. And as is increasingly obvious even to the Keynesians, a nightmare.

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