England on Monday was closed. The streets were quiet. Few people moved about. No shops were open here in Blenheim. Instead, each had a photo of Elizabeth II in the window, with a reminder of the funeral.
More from Bill Bonner
Following the Leader
Looking at a long-term chart of wages, adjusted for inflation, we see that real US earnings stopped going up in the early ‘70s. Today, an average American worker earns about the same as he did in 1972. Now, that’s a Long-term Primary Trend!…a trip to nowhere over half a century.
Mr Powell: Iron Man?
Getting back to normal probably won’t happen. Too much of our economy now depends on very abnormal interest rates. As real rates go up, businesses, households, and the federal government will be unable to refinance. They will go broke, default, or, in the case of the feds, print more money.
Bill Bonner is the editor for
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