Quote of the day—John Yarmuth

We are not broke as a nation. We are not bankrupt. We can’t go bankrupt. We absolutely cannot go bankrupt because we have the power to create as much money as we need to spend to serve the American people.

John Yarmuth
Chairman of the Budget Committee
U.S. Representative (D-KY)
September 9, 2021
Democrat Budget Committee Chairman: ‘We Have Power to Create as Much $$ as We Need to Spend’

This claim will not age well.

If this were true then why not create enough money for every person in the U.S. to have an “universal basic income” of $100K per year? Everyone, if they wanted, could just retire in comfort and live happily ever after. And why stop there? Why not create and distribute enough money for everyone on the planet to comfortably retire?

One has to conclude he is one or more of the following:

  • Incredibly Insane.
  • Incredibly stupid.
  • Incredibly evil.

Prepare appropriately.—Joe]

Quote of the day—Tom Luongo

The big reveal in Afghanistan is that what happened there can happen here, quickly. Those goat-herders just showed us how to defeat an Empire abroad. Now it’s time to defeat the empire within.

Tom Luongo
August 16, 2021
What If Afghanistan is More Than Just a Failed War?
[I suspect the rot is very deep and collapse could be much closer than what 99% of the people realize.—Joe]

Quote of the day—Michael Snyder

Congress is going to pass wild spending package after wild spending package, and the Fed is just going to continue to pump billions upon billions of fresh dollars into the financial system.

This is the greatest financial bubble in the history of the world, and it will be fascinating to watch how long it can last before it finally implodes.

Michael Snyder
August 11, 2021
I Feel Like I Am Living In Crazytown
[For certain values of “fascinating”.

Prepare appropriately.—Joe]

Quote of the day—Jim Rickards

The case against Bitcoin as an investable asset is long and compelling. It has no use case; there’s almost nothing you can buy with a Bitcoin, and it has no return other than higher prices based on an application of the greater fool theory.

A glance at the price chart shows it’s clearly a bubble, the worst in history, worse than NASDAQ in 2000 during the dot.com frenzy and worse than the Japanese stock market in 1989.

Bitcoin will never be a reserve currency because its capped issuance amount makes its price deflationary, which is unattractive to borrowers. Without a Bitcoin bond market, there can be no securities in which central banks can invest reserves.

Worse yet, the Bitcoin price is a Ponzi scheme driven by the issuance of the stable coin Tether, which has never accounted for the billions of dollars that have been taken from naïve Tether investors. That said, none of this matters.

Bitcoin has become a belief system. The true believers see what they want, hear what they want and are immune to the arguments of the non-believers.

Bitcoin will never displace the dollar, but it could destroy confidence in the dollar by its all-encompassing impact. This could cause social disorder and contribute to the decline of linear, rational civilization.

My solution to this conundrum is to hold physical gold. For the Bitcoin believers (and others), the solution is always… more Bitcoin.

The market is becoming unhinged. Gold can be your anchor.

Jim Rickards
March 15, 2021
The “Bros” Are Preparing Their Next Attack
[I’m not certain it is as compelling as Rickards appears to claim. And you will notice he is not consistent. He claims it has no use case but how can it “destroy confidence in the dollar by its all-encompassing impact” if it can’t be used for anything?

But I am in general agreement with him. I own zero Bitcoin. I do own some gold.—Joe]

Quote of the day—Caroline Glick

The polarization of opinion on Israel that we are witnessing in American politics between Republicans who support Israel and Democrats who oppose Israel, is an expression of a much larger division within American society. The heartbreaking but undeniable fact is that today you can’t talk about “America” as a single political entity.

Today there are two Americas, and they cannot abide by one another. One America – traditional America – loves Israel and America. The other America – the New America – hates Israel and doesn’t think much of America, either.

Traditional America believes that the U.S. brought the promise of liberty to the world and that even though it is far from perfect, the United States is the greatest country in human history. In the eyes of the citizens of Traditional America, Israel is a kindred nation and the U.S.’s best friend and most valued ally in the Middle East.

New America, in contrast, believes that America was born in the sin of slavery. New Americans insist America will remain evil and an object of scorn at home and abroad so long it refuses to exchange its values of liberty, capitalism, equal opportunity and patriotism with the values of racialism and equity, socialism, equality of outcomes, and globalization. For New Americans, just as the U.S. was born in the sin of white supremacy so Israel was born in the sin of Zionism. In New America, Israel will have no right to exist so long as it clings to its Jewish national identity, refusing to become a “state of all its citizens.”

Caroline Glick
May 28, 2021
Dark Clouds: Google, Amazon, Israel and the New America
[Via email from Paul K.

In recent months, more so than in previous years, it has been made more and more clear the conflict of visions (no, not this conflict of visions) may be irreconcilable via peaceful means. One vision is of collective rights, planning, and responsibility. The other is of individual rights, planning, and responsibility.

This collective rights and collective responsibility inevitably lead to individual injustice. The process of achieving equality of outcomes because a moral imperative and an easy sale to many people. Today we have calls for reparations. Even if this were conceded it would not end. Distribution of property equally or according to need will follow. Some time after that would be the demands for retribution. And so it would continue until the final true equality is clearly in sight and a remaining majority, or powerful enough minority, put a stop true equality.

The bottom line is that achieving equality of outcomes becomes an unending task because:

Full equality comes with death. And it should come as no surprise the political left is well acquainted with death on a very large scale.

This is the unspoken promise of the collective vision. Today, the collective vision is making itself more visible and more insistent on making “progress”.

Prepare appropriately.—Joe]

Quote of the day—Jim Rickards

There is some part of the DNA, I don’t have it but some people do, where they just wake up in the morning and they just want to tell people what to do… You do this, do that, etc.

And there’s no end to it. Even if you agree they will have something else. I’m kinda like, just get on your bike and do what you like. I try to leave people alone.

The point being … something like COVID becomes a platform and a perfect cover and a perfect excuse for the inner neo fascist in people all over the world and those in political positions. And they cannot resist the opportunity to boss people around. And the way you do this, it’s tried and true, you put people in fear. You make people very, very, fearful. You tell them they are going to die if they don’t listen to you.

Jim Rickards
May 5, 2021

[Via The New Great Depression, with Jim Rickards.—Joe]

No surprise to me

After gold being below $1700 in March and now near $1900/ounce we have this:

Bitcoin, ethereum plunge as sell-off smashes crypto sector:

Bitcoin and ether tumbled on Wednesday to 3-1/2 month lows, on track to post their largest one-day loss since March last year, in the wake of China’s move a day ago to ban financial and payment institutions from providing cryptocurrency services.

At one point during the meltdown, nearly $1 trillion was wiped off the cryptocurrency’s market capitalization.

“Bitcoin’s sharp price drop should come as no shock to the market,” said Gavin Smith, chief executive officer of crypto consortium Panxora.

“Any asset which has risen as much as bitcoin over the past year can be expected to have pullbacks as some investors withdraw profits, like we’re currently seeing. While often a brilliant investment opportunity, traders must remember that Bitcoin is still an emerging asset class and will continue to experience large price swings,” he added.

It’s only a brilliant investment opportunity if you don’t have any moral qualms about “fleecing the sheep” and have good timing.

This is no surprise to me and apparently not Tam either.

Quote of the day—Tal Bachman

Wokism is now the official state religion of the United States of America.

By constitutional standards, this means something has gone wrong. The United States isn’t supposed to have a state religion. The First Amendment specifically prohibits the establishment of a state religion. Yet it now has one, and its name is Wokism.

Tal Bachman
May 7, 2021
We Have Met the Enemy, part II
[And as everyone should well know Theocracies are some of the most dangerous forms of government known. Combined with socialism/communism, as this one is, and the deadliness is indisputable.

Take appropriate action.—Joe]

Quote of the day—Scott Adams @ScottAdamsSays

Either national debt is not a real problem or our government knows there is an asteroid the size of Mars heading directly towards Earth so it doesn’t matter.

I have to believe one of those things is true. Otherwise we are governed by morons.

Scott Adams @ScottAdamsSays
Tweeted on May 12, 2021
[There are many more than those three options. The most obvious and likely are:

  • Our politicians are evil.
  • Our politicians are evil and/or morons.
  • Our politicians believe what morons and/or evil people tell them.

Prepare accordingly.—Joe]

Quote of the day—J.D. Tuccille

There really are limits to how much governments can spend without inflicting pain on the people suffering under their mismanagement. Not that the people elected to Congress and the White House have shown any signs of comprehension or concern.

Given that these are people capable of running for public office without feeling any apparent sense of shame, is it possible that they’re just too stupid to understand our reports? you can imagine CBO economists asking one another as they tossed around the idea for the recent infographic. Does anybody have any crayons?

J.D. Tuccille
May 5, 2021
Looming Budget Catastrophe in Pictures So Simple Even Congress Can Understand
[There is at least one other alternative not mentioned in the article or by the Congressional Budget Office (CBO). That alternative is that the economic destruction of our country is intentional.—Joe]

He left out a profession

I am quite perplexed. The first thing I thought of when I thought of the “most durable professions” isn’t even on the list:

Durable Trades: Professions That Have Stood the Test of Time for Hundreds of Years:

The top 10 durable professions, according to Groves, are:

  1. Shepherd (rancher, livestock farmer, dairyman)
  2. Farmer
  3. Midwife
  4. Gardener (arborist, vinedresser, landscaper, flower farmer)
  5. Woodworker (cabinetmaker, finish carpenter)
  6. Carpenter (a builder of structures)
  7. Painter (siding contractor, wall covering specialist)
  8. Cook (chef, caterer, restauranteur)
  9. Brewer (winemaker, distiller)
  10. Innkeeper (hotelier)

Groves follows up the top 20 list with dozens of professions that received “honorable mentions.” The author cautions that his research focused on historical data rather than projecting which professions might be important in the future. Still, the longevity of professions that made the list are certain to give the readers pause before writing off trades in favor of more modern professions.

Even if he did purposefully (it had to be on purpose, right? Who could forget it?) ignore the world’s oldest profession, it’s still an interesting list.

Existential threat to Bitcoin

I don’t trust the stability of Bitcoin. I trust it even less than fiat U.S. dollars. I see mining bitcoin as wasting electricity to produce… well, what does “mining” actually turn those gigawatt hours into? Isn’t it simply faith in it’s value by some subset of the worlds population? What if people start losing their faith? Doesn’t the value of Bitcoin decrease exponentially with this loss of faith? Once some sufficiently large number of people lose faith isn’t there a high likelihood of an avalanche of people losing faith? Isn’t it likely Bitcoin will go down in the history books as another Tulip bulb or Mississippi bubble?

There is also the risk of one or more countries declaring it illegal and reducing it’s trading value to near zero in that country.

It turns out there are far more subtle yet greater or equal threats to it’s value: Bitcoin’s Greatest Feature Is Also Its Existential Threat: The cryptocurrency depends on the integrity of the blockchain. But China’s censors, the FBI, or powerful corporations could fragment it into oblivion.

Quote of the day—Zuckerman, Chung, and Farrell

Wall Street is sifting through the aftermath of the biggest single-firm meltdown since the financial crisis. Mr. Hwang alone lost approximately $8 billion in 10 days, a person familiar with the matter said, in what traders and investors say was one of the fastest losses of such a large sum they had ever seen.

The firm’s implosion has rippled through the financial world, eroding tens of billions of dollars from the shares of media conglomerates and investment banks.

Gregory Zuckerman, Juliet Chung, and Maureen Farrell
April 1, 2021
[I”m reminded of Understanding Complexity  by Scott E. Page and similar content in RIckards’ books The Death of Money: The Coming Collapse of the International Monetary System and The New Great Depression: Winners and Losers in a Post-Pandemic World

The hidden interconnectedness of entities, the unpredictable tipping points,the emergent behavior, etc. The fragility of a critical component of all modern human society could be exposed and shattered in less than a week.

I doubt that this event is “the big one” but it reminds us there could be, and probably is, such a big one hidden in the non-linear, mostly opaque, complex, world financial system. And it probably is just a matter of time before the system implodes.—Joe]

Quote of the day—James Rickards

The Federal Reserve does not understand that money creation can be an irreversible process. At a certain point, confidence in money can be lost, and there is no way to reconstitute it; an entirely new system must rise in its place. A new international monetary system will rise from the ashes of the old dollar system, just as the dollar system rose from the ashes of the British Commonwealth at Bretton Woods in 1944, even before the flames of the Second World War had been extinguished.

When the inevitable crash came, the losses were not apportioned to those responsible—the banks and bondholders—but were passed on to the public through federal finance. From 2009 to 2012, the U.S. Treasury ran a $5 trillion cumulative deficit, and the Federal Reserve printed $1.2 trillion of new money. Similar deficit and money-printing programs were launched around the world, as derivatives creation by banks continued unabated. Only a portion of the private debt defaults were written off.
The bankers’ jobs and bonuses were preserved, but nothing was achieved for the benefit of citizens. A private debt problem had been replaced with public debt larger than the private debt had ever been. These debts are unpayable in real terms, and defaults will soon follow. The defaults by smaller nations like Greece, Cyprus, and Argentina will be through nonpayment of bonds and losses for bank depositors. Defaults for larger nations such as the United States will come from across-the-board inflation that will steal from savers, depositors, and bondholders alike.

James Rickards
The Death of Money: The Coming Collapse of the International Monetary System
[I mentioned this book a month ago and said, after consuming about 25% of it, that it is a good book. I have finished the book and I stand by that assertion.—Joe]

Quote of the day—Egon von Greyerz

In the coming bear market for currencies and bull market for precious metals, gold and silver will not just maintain purchasing power but massively outperform and become the must have investment.

But above all, do not buy gold and silver for speculative purposes. Gold and silver is your insurance against the coming end of a monetary era when all currencies and bubble assets will implode.

Egon von Greyerz
March 24, 2021
[I’ve been hearing hints of the coming collapse for 20 years now. And “it has to happen soon” since 2008.

And, of course, if you dig just the tiniest bit most people, including this guy, advocating precious metals just so happen to have some precious metals they would love to sell to you.

They may still be right. But I’m very skeptical of those who have some direct gain from people taking their advice.

And everyone who claims gold will “preserve your wealth” seem to gloss over, at best, that Roosevelt banned the private ownership of gold by executive order and got away with it. So, what’s the path to wealth preservation when your wealth is tied up in contraband?—Joe]

Quote of the day—James Rickards

Once the cattle (that’s us) have been herded into the digital slaughterhouse, we will be told to “use it or lose it” when it comes to our own money. In other words, either we spend the money, or the government will take it away.

Of course, the spending can be channeled into politically correct causes by excluding unpopular vendors such as gun dealers or conservative social media platforms from the payment system. This represents total domination of human behavior through world money + digital currencies + confiscation.

This is not speculation anymore; it’s happening in front of our eyes. The Great Reset is coming fast. The future is here.

The only solution is to use a non-digital, non-bank store of wealth that cannot be traced or manipulated. Given the planned dollar devaluation, it’s one more reason to own physical gold and silver.

Get it while you still can.

James Rickards
February 22, 2021
The Great Reset Is Here
[While I can see his claim is more than plausible, I’m not certain it’s as dire and certain as Rickards says it is. But, he’s far more qualified than I am to make that judgement.

I’m currently listening to his book The New Great Depression: Winners and Losers in a Post-Pandemic World which was published January 12th of this year. I suspect he will make his case for the QOTD conclusions in the latter portions of the book which I have not yet reached.—Joe]

Three paths, seven signs, and five investments

James Rickards’s book, The Death of Money: The Coming Collapse of the International Monetary System, gives the signposts as to when the collapse of the dollar is eminent and which of three different paths the collapse will take. The three paths are:

The first is world money, the SDR; the second is a gold standard; and the third is social disorder. Each of these outcomes can be foreseen, and each presents an asset-allocation strategy best able to preserve wealth.

In the book he goes into detail on all three.

The signposts are (slightly edited for brevity):

  1. The first sign is the price of gold. Although the price of gold is manipulated by central banks, any disorderly price movements are a signal that the manipulation scheme is disintegrating, despite efforts at leasing, unallocated sales, and futures sales. A rapid price rise from the $1,500-per-ounce level to the $2,500-per-ounce level will not be a bubble but rather a sign that a physical buying panic has commenced and that official shorting operations are not producing the desired dampening effect. Conversely, if gold moves to the $800-per-ounce level or lower, this is a good sign of severe deflation, potentially devastating to leveraged investors in all asset classes.
  2. Gold’s continued acquisition by central banks. Purchases by China in particular are a second sign of the dollar’s demise. The announcement by China in late 2014 or early 2015 that it has acquired over 4,000 tonnes of gold will be a landmark in this larger trend and a harbinger of inflation.
  3. IMF governance reforms. This third sign will mean larger voting power for China, and U.S. legislation to convert committed U.S. lines of credit into so-called quotas at the IMF. Any changes in the SDR currency-basket composition that reduce the dollar’s share will be a dollar inflation early warning. … The acceleration of the baseline SDR-as-world-money plan.
  4. The failure of regulatory reform. A fourth sign will be bank lobbyists’ defeat of efforts by U.S. regulators and Congress to limit the size of big banks, reduce bank asset concentration, or curtail investment banking activities. … Absent reform, the scale and interconnectedness of bank positions will continue to grow from very high levels and at rates much faster than the real economy. The result will be another systemic and unanticipated failure, larger than the Fed’s capacity to contain it.
  5. System crashes. A fifth sign will be more frequent episodes like the May 6, 2010, flash crash in which the Dow Jones Index fell 1,000 points in minutes; the August 1, 2012, Knight Trading computer debacle, which wiped out Knight’s capital; and the August 22, 2013, closure of the NASDAQ Stock Market. From a systems analysis perspective, these events are best understood as emergent properties of complex systems. These debacles are not the direct result of banker greed, but they are the maligned ghost in the machine of high-speed, highly automated, high-volume trading. Such events should not be dismissed as anomalies; they should be expected. An increasing tempo to such events could indicate either that trading systems are going wobbly, moving to disequilibrium.
  6. The end of QE and Abenomics. The sixth sign will be a sustained reduction in U.S. or Japanese asset purchases, giving deflation a second wind, suppressing asset prices and growth. This happened in the United States when QE1 and QE2 were ended, and again in 2012 when the Bank of Japan reneged on a promised easing. However, as asset purchases are curtailed, a new increase should be expected within a year as deflationary effects develop.
  7. A Chinese collapse. The seventh sign will be financial disintegration in China as the wealth-management-product Ponzi scheme collapses. China’s degree of financial interconnectedness with the rest of the world is lower than that of the major U.S. and European banks, so a collapse in China would be mainly a local affair, in which the Communist Party will use reserves held by its sovereign wealth funds to assuage savers and recapitalize banks. However, the aftermath will include a resumption of Chinese efforts to cap or even devalue the yuan in foreign exchange markets to promote exports, create jobs, and restore wealth lost in the collapse. In the short run, this will prove deflationary as underpriced Chinese goods once again flood into global supply chains. In the longer run, Chinese deflation will be met with U.S. and Japanese inflation, as both countries print money to offset any appreciation in the yen or the dollar. At that point, the currency wars will be reignited, never really having gone away.

He goes on to point out:

Not all of these seven signs may come to pass. The appearance of some signs may negate or delay others. They will not come in any particular order. When any one sign does appear, investors should be alert to the specific consequences described and the investment implications.

And what I think is the most important section of the book are in the section Five Investments. This is his advice as to how to preserve your wealth in the coming collapse. Part of the reason for posting this is because a short time back one of my daughters said she wanted to discuss where to invest some money. I said I would be glad to discuss it with her, even though I did not consider myself an expert (by a LONG SHOT!). Before any discussion took place she proudly invested in Game Stop at, lets say, an unhealthy price.

Let the following be suggestions for my other daughters and the perhaps the first who invested before getting advise from her father.

Again, I have edited for brevity. Read the book for more elaboration on why he makes these recommendations:

  1. Gold. An allocation to gold of 10 to 20 percent of investable assets has much to commend it. The allocation should take physical form as coins or bullion in order to avoid the early terminations and cash settlements that are likely to affect paper gold markets in the future. Secure logistics, easily accessed by the investor, should be considered, but bank storage should be avoided, because gold stored in banks will not be accessible when most needed.
  2. Land. This investment includes undeveloped land in prime locations or land with agricultural potential, but it does not include land with structures. As with gold, land will perform well in an inflationary environment until nominal interest rates exceed inflation. Land’s nominal value may decline in deflation, but development costs decline more rapidly. This means that the land can be developed cheaply at the bottom of a deflationary phase and provide large returns in the inflation that is likely to follow.
  3. Fine art. This includes museum-quality paintings and drawings but is not intended to include the broader range of collectibles such as automobiles, wine, or memorabilia. Fine art offers gold’s return profile in both inflation and deflation, without being subject to the manipulation that affects gold. Central banks are not concerned with disorderly price increases in the art market and do not intervene to stop them.
  4. Alternative funds. This includes hedge funds and private equity funds with specified strategies. Hedge fund strategies that are robust to inflation, deflation, and disorder include long-short equity, global macro, and hard-asset strategies that target natural resources, precious metals, water, or energy. Private equity strategies should likewise involve hard assets, energy, transportation, and natural resources.
  5. Cash. This seems a surprising choice in a world threatened with runaway inflation and crashing currencies. But cash has a place, at least for the time being, because it is an excellent deflation hedge and has embedded optionality, which gives the holder an ability to pivot into other investments on a moment’s notice. A cash component in a portfolio also reduces overall portfolio volatility, the opposite of leverage.

Rickards further advises:

On the whole, a portfolio of 20 percent gold, 20 percent land, 10 percent fine art, 20 percent alternative funds, and 30 percent cash should offer an optimal combination of wealth preservation under conditions of inflation, deflation, and social unrest, while providing high risk-adjusted returns and reasonable liquidity. But no portfolio intended to achieve these goals works for the “buy-and-hold” investor. This portfolio must be actively managed. As indications and warnings become more pronounced, and as greater visibility is offered on certain outcomes, the portfolio must be modified in sensible ways.

The book was written in 2014. That is at least close to seven years ago. Before investing substantial assets please become informed using more recent and diversified sources and use your best judgment.

Quote of the day—James Rickards

Global markets today seem irresistible to central bankers with plans for better times. Planning is the central bankers’ baleful vanity, since, for them, markets are a test tube in which to try out their interventionist theories.

Central bankers control the price of money and therefore indirectly influence every market in the world. Given this immense power, the ideal central banker would be humble, cautious, and deferential to market signals. Instead, modern central bankers are both bold and arrogant in their efforts to bend markets to their will. Top-down central planning, dictating resource allocation and industrial output based on supposedly superior knowledge of needs and wants, is an impulse that has infected political players throughout history. It is both ironic and tragic that Western central banks have embraced central planning with gusto in the early twenty-first century, not long after the Soviet Union and Communist China abandoned it in the late twentieth. The Soviet Union and Communist China engaged in extreme central planning over the world’s two largest countries and one-third of the earth’s population for more than one hundred years combined. The result was a conspicuous and dismal failure. Today’s central planners, especially the Federal Reserve, will encounter the same failure in time. The open issues are, when and at what cost to society?

The impulse toward central planning often springs from the perceived need to solve a problem with a top-down solution. For Russian Communists in 1917, it was the problem of the czar and a feudal society. For Chinese Communists in 1949, it was local corruption and foreign imperialism. For the central planners at central banks today, the problem is deflation and low nominal growth. The problems are real, but the top-down solutions are illusory, the product of hubris and false ideologies.

James Rickards
The Death of Money: The Coming Collapse of the International Monetary System
[See also Book Review: ‘The Death of Money’ by James Rickards which concludes with:

Rickards book is packed with cutting edge analysis and rational perspectives on pretty much every topic the world citizen has to know about. As of this moment, there is no other book offering explanations and solutions to the most pressing problems the world is facing, making “The Death of Money” an absolute must read.

I’m only about 25% into the book and find it fascinating. I found the market intelligence and financial war sections particularly interesting. Rickards and others worked with the CIA to design and implement a system which could have predicted the 9/11 attack a few days before it happened based on the shorting of airline stocks by people in the social networks of the hijackers. It also has other uses related to insider trading.

“An absolute must read”? I probably wouldn’t go that far, at least not based on what I have read so far. But it’s highly recommended.—Joe]

Quote of the day—John Rubino

If you’re over 40 you’ve lived through at least three epic financial bubbles: junk bonds in the 1980s, tech stocks in the 1990s, and housing in the 2000s. Each was spectacular in its own way, and each threatened to take down the whole financial system when it burst.

But they pale next to what’s happening today. Where those past bubbles were sector-specific, which is to say the mania and resulting carnage occurred mostly within one asset class, today’s bubble is spread across, well, pretty much everything – hence the term “everything bubble.”

When this one pops there won’t be a lot of hiding places.

John Rubino
February 8, 2021
Is This The Biggest Financial Bubble Ever? Hell Yes It Is
[I wrote about complex systems and emergent behavior last night. Our financial markets are another example of emergent behavior. The rule sets are large and complex but behavior still emerges that some may claim can only be explained by a conspiracy. But, again, no conspiracy need exist.

There is a financial bubble about to pop. Simultaneously there is a growing mass delusion about the existence of millions of “extremists” who must be “canceled” or even killed. And there is a pandemic (real or imagined, it doesn’t matter much in the context here) that are all contributing to epic shear forces in our society.

Prepare accordingly. It’s going to be a bumpy ride.—Joe]