Funny thing about gold – through war, peace, Marxism, Keynesianism, empire expansions and declines, people still want the “relic.”
Click HERE for a highly detailed and interactive map of the Syrian conflict.
Russia is one of the world’s chief crony capitalist states. China’s probably number one but Russia is right on up there. Of course we live in a global crony system which we should keep in mind, but Putin’s cadre of oligarchs is a particularly nasty club. Or gang. Of course the world is filled with gangs. (It likely will always will be, though some “gangs”
As we have said many times before we at ACC are generally for immigration. We are a “nation of immigrants” as is oft repeated. I am of Italian and Irish descent for the record. We are also completely neutral on the presidential election and all elections. But we do focus on cronyism and crony media is a big problem.
Below we see how narratives are crafted. There are perhaps 50 protesters max in this shot, yet the videographer stages his shot to create the impression of many more.
Who is better off on average (In terms of per capita GDP)? The people who live in Belgium or the people who live in New Mexico?
It’s in some ways a weird map. “Lego” is number one in Utah. “Burt’s Bees” is number one in North Carolina. This data, according to the attached article, comes from 2 weeks ago.
Image: Mint Press News
War is fundamentally crony. There is death and destruction and despair for most, but for some people, companies, and governments there is money to be made too. Sometimes very big money indeed. The conflict in Syria is an example. It’s not really about religion and terrorism. (Though these are hugely important factors.)
We have said in the past that the real economic “run for the hills” moment is the moment the dollar loses world reserve currency status. If that were to ever happen all sorts of things would cascade. Interest rates would shoot up. Our debt would become unmanageable. All sorts of dollar denominated assets would decrease in relative value. It would be a colossal mess.
This is unlikely to happen anytime soon. Though “dollar hegemony” has eroded somewhat since the 2008 Crash,
Robert Shiller, not always our favorite economist here, is warning that the stock market is looking particularly bubbly. This isn’t a huge story except that talk of a bubble is now coming from one of the accepted shamans of Keynesianism. Shiller also called the tech bubble and housing bubbles accurately. His book Irrational Exuberance is a classic.
Cheap money feels good initially. Nearly everyone is happy when central banks open the floodgates (or helicopter doors) and cash spills into the economy. Hooray! Money! Why is it here now instead of yesterday? Who knows? Get while the getting’s good. Look, the stock market’s rising – whoopee! Monetary tequila. Bottoms up!
But the morning, the aching, head thumping morning always comes after such a binge.
“All I know is Ben Bernanke was tending bar. Goldman Sachs was buying me drinks.
Government is inherently crony. That is its nature. It has an inherent tendency toward corruption. Crony entropy. Like water flowing downhill.
In Greece we see a relatively poor crony state languishing on the rocks while the Germans pick at its liver. And we pity the place. Yes, they’ve gotten themselves into this mess, but Brussels (and Berlin) are being stupid about things.
Not because they won’t give Greece another bailout. They are dying to give Greece more money truth be told.
There was a time when people in the West looked at the developing world and dismissed the corruption exhibited there as a disease of lesser economies. Nigeria, Belarus, Egypt, Brazil, all were (and are) chock full of insider dealing and bribery. In the West however we held ourselves to a higher standard. We had “clean” economies.
It wasn’t Wyoming or North Dakota. Idaho it looks like you get to stay. Arkansas you’re in too.
I look at it this way. Put yourself in the shoes of whoever makes the call to announce to the public that Ebola is now a problem which people need to concern themselves with in the United States.
We agree that this is very possible. Government is so large, so out of control, so unaccountable, and so expensive it is indeed likely to collapse one day. Less in a dramatic heap of rubble and more of a slow rusting rot. But perhaps a dramatic heap.