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Daily Reckoning Article On Debt

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Fraud begets fraud...swindle begets swindle...error begets error and the whole cycle soon becomes woebegotten. In America today, the Fed’s phoney new money – created out of thin air - feeds phoney house price increases that turns into phoney consumer demand that coaxes businessmen in China to make bad capital investments. When the cycle tops, almost everyone everywhere will feel the pain. Because the funny money drew out real resources – oil, labour, steel - that might have been put to better use.

Don’t get us wrong; we love the Fed as much as everyone else. In the Soviet Union resources were misallocated by force. In the Fed’s empire, they are misallocated by fraud. This is undoubtedly a big improvement.

For one thing, it is much more entertaining.



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Yep – it’s when not if the reckoning happens

I can’t see it happening while the US is raising rates – but as soon as the rates start to come down – this is when in my opinion the sticky stuff will really hit the fan

Edited by look to the past

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  • 335 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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