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.
Remember the sea of realtors? At one point – around 2006 – it was basically impossible to go to a barbecue without meeting a realtor or a mortgage person. Idiot sons across the country were making money hand over fist, buying Suburbans, and getting in on rental properties. Where did all those people go? Actually don’t tell me. That the depression has wiped out this crowd is one the few positive outcomes of the last few years in my estimation.
As the market continues up – and may continue to go up – voices like Faber’s increasingly sound like the voices which warned of the impending housing bubble crash circa 2006-2007.
2 of the most interesting people in political thought. Both of whom in my experience are actually decent human beings too.
Almost everyone knows Ron Paul but more people should be familiar with Tom Woods who’s book Meltdown is a fantastic (and very accessible) explanation of the 2008 Crash. You can read his work and listen to his show at TomWoods.com.
The Swiss people may vote to once again partially back their currency with gold. This is a fantastically good idea. I know I will find a way to own at least a few Swiss francs if that happens.
My bet is that it’s higher than this actually. And by “survive” it appears they mean to actually “survive.” That is scary. Credit is a helluva drug.
Just a little window into the state of affairs currently.
On the one hand the security people are doing their jobs and the videographer does appear to wander onto private property. (Though it is not marked and he immediately retreats back to the public sidewalk.) The rent-a-cops would probably lose their jobs if they didn’t confront the kid. On the other hand it’s pretty creepy that a mere camera elicits this kind of response. The intimidation methods employed are also pretty suspect. At one point one of the security guards reaches into his breast pocket clearly trying to give the impression that he is reaching for a weapon. (Whether he was is not clear.) That is not OK.
Remember, this is just a kid with an iPhone.
It is also interesting to note that once security realizes the kid is well versed in his rights their tone changes considerably.
Another good one from Charles Hugh Smith.
I wouldn’t say that we’ve ever totally had classical capitalism and truly free prices, but we have been light years closer to them than we are now.
We keep going down this path and the results just keep disappointing. There’s more smoke. There’re more mirrors. But there’s less and less high quality economic activity.