Money, Credit, Growth and Depression: It’s Complicated
Many people anticipate the demise of fiat currencies, for good reasons. This is the motivation for calls to return to the gold standard–currency backed…
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Not What We Expected: Why Our Fixes Will Fail
We like fixes to pressing problems, and we like them to be simple: the simpler the better. When presented with complexity, we freeze up…
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Is This the Last Bubble?
The consensus holds that central banks–the Federal Reserve in the US–will gradually inflate away the world’s rising debt burden while propping up assets and…
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The Moral Decay of Debt
Let’s start with a household analogy. A married couple have four fine children, and since expenses are higher than income, they borrow money in…
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What’s Been Lost: Why This Time is Different
I’ve been referencing historian Peter Turchin’s 50-year cycles of integration and disintegration for the past eight years, along with Howe and Strauss’s 80-year cycle…