Mouth of the South
The quality of America’s public and elected officials seems to have declined sharply over the last 50 years. Glancing back at the Watergate scandal we wonder if the Epstein Saga will go the same way.
In Thrall to Foreign Gods
In Thrall to Foreign Gods
The days of consensual democracy are clearly over. We are in some kind of Banana Republic/Strongman phase. This was highlighted yesterday in a news item that showed the strongman signing another EO.
Is AI a ‘Super Sell’?
Is AI a ‘Super Sell’?
Of the entire GDP gain for last year — $174 billion — fully three quarters of it were from capital investment in the AI/high tech industry. Take it away…and most of the ‘growth’ vanishes.
Ugly Prices
Ugly Prices
Stock prices are ‘mean reverting,’ which is to say that they always go back to a ‘normal’ range. And when they are extremely overvalued as they are today, they have a lot of ground to cover (losses!).
Who led the Oligarchic Revolt of 375 BC?
Who led the Oligarchic Revolt of 375 BC?
That is the essential insight of the classics – that there may be progress in man’s material world, but not in his intellectual world. Ideas come and go… and then come again.
Banana Republic Prices
Banana Republic Prices
The US has become a banana republic without the bananas. The practical importance: shouldn’t its capital assets — its stocks and bonds, primarily — be marked down to banana republic levels?
Beyond Reckoning
Beyond Reckoning
As an indicator of real wealth, happiness, or progress, GDP is worthless. All you have to do to raise GDP is to invite in more immigrants. As each one buses and schleps, total output goes up.
The Real Secret of Government
The Real Secret of Government
The murders got the world’s attention. Hardly noticed was the economy…because, after the communist takeover, it disappeared. You could not say ‘the economy declined.’ There was no economy.
Until the Pips Squeak
Until the Pips Squeak
One major consequence of diddling rates to the downside is that debt builds up…which will eventually cause a debt crisis and make it impossible to pay for the free stuff politicians promised.
No Safety, No Surprise
No Safety, No Surprise
Both parties now accept deficits. Both approve of more debt…and of diddling interest rates to make it easier to borrow. Both now offer the voters ‘something for nothing.’
