Tuesday, March 21, 2023

Welcome to the Era of Warring Elites

What the Warring Elites don't want us to realize is that a system of transparent competition in which no fiefdom is allowed to become dominant best serves the interests of society at large.

I've been writing about Warring Elites for a long time (since 2007). As I have often noted, historian Michael Grant identified profound political disunity in the ruling class as a key cause of the dissolution of the Roman Empire.

More recently, I've observed that Our Fragmentation Accelerates (December 20, 2019).

Eras of Warring Elites have two key dynamics. One is that the Elites' interests diverge from those of the society as a whole. In expansive eras, the many competing interests within the Elite class find common ground in supporting the status quo, and relegate their turf squabbles to the private club rooms. On the whole, the shared interests of the Elite class align with society at large.

Since I see the global status quo as fundamentally neofeudal, we can say the interests of the Nobility and Peasantry overlap: each class benefits from political and social stability, economic expansion and broad-based distribution of prosperity.

In disintegrative eras, this integrative, shared dynamic breaks down and the interests of the Elite diverge from those of society at large. The competition between neofeudal camps in the Elite class breaks into open conflict, and the result is a profound political disunity of hardened camps fighting to protect their fiefdoms from any diminishment of wealth or power.

This leads not just to political fragmentation but to social fragmentation as the Elite fiefdoms wage a propaganda battle for the hearts and minds of the Technocrat Class and the Peasantry. The propaganda war is not just to establish the traditional us and them divisions in which we are good and they are evil, it's also about cultivating The Plantation of the Mind so that all the neat rows of thoughts and emotions serve the interests of the Plantation Owners. I've discussed this for many years: Colonizing the Plantation of the Mind (August 25, 2010) and Social Media's Plantation of the Mind (May 28, 2020).

Each neofeudal fiefdom hopes we've seen too many movies in which the line between Good and Evil is cartoonishly clear. Each Elite fiefdom seeks to mask its single-minded devotion to its own self-interest behind fine-sounding claims of noble ideals: a Multipolar World (in which we're free to pillage the planet), Freedom of Speech (controlled by us, of course), Decentralized Finance (which just so happens to be owned and controlled by the few) and a vast spectrum of other cover stories for the enrichment of Elite fiefdoms at the expense of society at large.

With the emergence of AI Chatbots, each Warring Fiefdom now has the means to overwhelm the media with billions of automated messages about the good and noble and idealistic goals of our Fiefdom and how the evil Central State is scheming to limit our powers of predation (Central State, Bad, our Fiefdom, Good!) or some rabble of Peasantry threatens our extraction of wealth and our death-grip on power (Nobility-owned Fiefdom, Good, Peasantry, Bad!).

The core message is always the same: increasing our wealth, power, profits and control is good for you, too. You'll all benefit if you help us secure our fiefdom from any threats.

The propaganda is designed to not just colonize our minds but eliminate any urge to ask cui bono, to whose benefit? The single-minded self-interest of each Elite fiefdom must be hidden lest the powerless lower classes start asking if the expansion of one fiefdom's power and control actually benefits society at large or not.

In this no-holds-barred existential struggle for supremacy, Elite fiefdoms will tear down society to weaken any potential resistance. So national interest is cast as Evil, while Multipolar Wonderfulness is Good (now the whole world can finally sing happy songs around the campfire!), any regulatory restraints are Evil while the rigged "free market" is Good (let the "market" which we control choose winners and losers; hey, surprise, we won!). Every fiefdom should be free to pillage without restraint ("Ask your doctor about Euphorestra," etc.).

In the Era of Warring Elites, Everything is Staged (October 22, 2020). The Elite fiefdoms don't care if society and the economy fragment and collapse; they welcome the dissolution of national purpose, civic virtue and shared sacrifice as obstructions to their own limitless greed for more power and control.

In a weakened Nation-State, the fiefdoms will be free to pillage without restraint. If society is an obstruction, they will gladly tear it down with propaganda designed to fragment the Peasantry and undermine any entity which might have the power to restrain their limitless greed. (I discuss the essential roles of national purpose, civic virtue and shared sacrifice in my book Global Crisis, National Renewal.)

Before you buy into a slickly scripted depiction of what needs to be undermined to hasten its collapse, ask to whose benefit? Exactly who benefits from promoting the collapse of this or that? We already know the answer: the Elite fiefdoms who will be free to pillage once any source of resistance has been broken into pieces.

What the Warring Elites don't want us to realize is that a system of transparent competition in which no fiefdom is allowed to become dominant best serves the interests of society at large. Before we tear everything down, ask who will rush to fill the power vacuum with their own self-serving agenda?

In the meantime, "Ask your doctor about Euphorestra."




New Podcast: Turmoil Ahead As We Enter The New Era Of 'Scarcity' (53 min)

My new book is now available at a 10% discount ($8.95 ebook, $18 print): Self-Reliance in the 21st Century.

Read the first chapter for free (PDF)

Read excerpts of all three chapters

Podcast with Richard Bonugli: Self Reliance in the 21st Century (43 min)


My recent books:

The Asian Heroine Who Seduced Me (Novel) print $10.95, Kindle $6.95 Read an excerpt for free (PDF)

When You Can't Go On: Burnout, Reckoning and Renewal $18 print, $8.95 Kindle ebook; audiobook Read the first section for free (PDF)

Global Crisis, National Renewal: A (Revolutionary) Grand Strategy for the United States (Kindle $9.95, print $24, audiobook) Read Chapter One for free (PDF).

A Hacker's Teleology: Sharing the Wealth of Our Shrinking Planet (Kindle $8.95, print $20, audiobook $17.46) Read the first section for free (PDF).

Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World
(Kindle $5, print $10, audiobook) Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake (Novel) $4.95 Kindle, $10.95 print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 Kindle, $15 print)
Read the first section for free


Become a $1/month patron of my work via patreon.com.




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Monday, March 20, 2023

We've Forgotten That Business-Cycle Recessions Are Essential

A stagnating zombie economy never recovers.

Four decades of rising markets punctuated by crisis-induced crashes seems to have fostered an unspoken belief that no one should ever get hurt in markets or the economy. Everything "should" always get better for everyone, without any messy loss or pain. Not only is this not realistic, it overlooks the role business-cycle recessions play in restoring the vibrancy of economies and markets distorted by excesses.

The global economy has been plagued by excessively easy financial conditions for 25 years, and so a vast array of marginal and superfluous activity was funded that would never have been funded in more prudent financial conditions. Too many marginal structures were built and too many marginal enterprises and ventures were funded.

As a result, we ended up with too many malls, too much retail space, too many office towers and too many empty houses and flats being kept off the long-term rental market so the investor/owners could feast on the riches of the short-term tourist rental market (AirBnB et al.), a market that is now starting to implode as cities ban or restrict these rentals.

Throw in marginal IPOs, SPACs and meme-stock manias, and we have a Mulligan Stew of excessive risk-taking. When money can be borrowed at near-zero rates, and "opportunities" for quick gains proliferate (FTX, etc.), excessive borrowing and speculation become "the smart thing to do." In this mindset of raging "animal spirits," only chumps hesitate to borrow big and chase some of the easy gains filling everyone's pockets.

Everyone who staked capital or a livelihood in these marginal assets / enterprises will get hurt. Everyone who bought a bond that yields 1% as rates rise to 4% got hurt. Everyone counting on nearly free capital to flow forever will get hurt. Everyone chasing a speculative bubble higher will get hurt. Everyone counting on a greater fool to buy an overvalued asset will get hurt, as all credit-fueled asset bubbles pop and all credit-fueled business-cycle expansions roll over into contraction as marginal borrowers and lenders go bust and enterprises without profits or prospects of profits expire.

The forest fire analogy applies: the occasional lightning-strike ignited fire burns away the deadwood that's collected, enabling new growth to obtain nutrients and sunlight. If authorities suppress these naturally occurring fires out of the mistaken belief that "all fires are bad," the deadwood piles up and when a fire inevitably starts, it turns into a massive conflagration due to the excessive deadwood that piled up during the suppression of natural fires / recessions.

Another useful analogy is the Zombie Economy in which households, enterprises and entities that cannot survive without continual fresh injections of new borrowing are kept alive lest "somebody will get hurt" (usually gamblers and speculators, i.e. "shareholders." After all, markets should be risk-free.).

As a result, debt-dependent Zombies proliferate, crowding out productive lending and investment. The Great Stagnation is the inevitable result of zombie banks being kept alive, zombie corporations being kept alive and zombie consumers being given more credit to enable more consumption.

In speculative frenzies fueled by easy money, the difference between prudent investments and high-risk gambles is obscured. Gains have been so steady that they appear guaranteed. Every new vacation rental flat is filled with guests paying top dollar, every meme stock soars to previously unimaginable heights, and so on.

Eventually the market is saturated, and there's too much of everything: debt, risk, condo towers, strip malls, SPACs, IPOs, shared office spaces, etc.

Recessions are the process that clears the economy of deadwood that chokes off productive growth. Recessionary conflagrations are not fair or just. Previously well-managed companies make a bad bet that in good times gets absorbed but in recessions proves fatal. Previously prudent households lost their discipline and over-leveraged their income on risky bets that went bust. Governments assumed that the flood-tide of capital gains taxes would never ebb. And so on.

The greater the quantity of deadwood that has been allowed to pile up, the greater the intensity of the eventual recessionary conflagration. If systemic adaptation is also at work, one recession might not be enough. The 1970s offers one template for a decade of profound structural adaptations plus recurring business-cycle recessions plus a secular shift from low inflation to embedded inflation.

A stagnating zombie economy never recovers. More credit is dumped into marginal and superfluous entities on life support and so the deadwood piles up, stifling any productive growth. Eventually low productivity and massive debt burdens generate inflation (more credit-money is chasing fewer goods and services) and the resulting conflagration doesn't just burn the deadwood, it burns down the entire forest--needlessly.

Rather than suppress recessions, we should embrace the discipline they impose as the essential dynamic of productive growth.




New Podcast: Turmoil Ahead As We Enter The New Era Of 'Scarcity' (53 min)

My new book is now available at a 10% discount ($8.95 ebook, $18 print): Self-Reliance in the 21st Century.

Read the first chapter for free (PDF)

Read excerpts of all three chapters

Podcast with Richard Bonugli: Self Reliance in the 21st Century (43 min)


My recent books:

The Asian Heroine Who Seduced Me (Novel) print $10.95, Kindle $6.95 Read an excerpt for free (PDF)

When You Can't Go On: Burnout, Reckoning and Renewal $18 print, $8.95 Kindle ebook; audiobook Read the first section for free (PDF)

Global Crisis, National Renewal: A (Revolutionary) Grand Strategy for the United States (Kindle $9.95, print $24, audiobook) Read Chapter One for free (PDF).

A Hacker's Teleology: Sharing the Wealth of Our Shrinking Planet (Kindle $8.95, print $20, audiobook $17.46) Read the first section for free (PDF).

Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World
(Kindle $5, print $10, audiobook) Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake (Novel) $4.95 Kindle, $10.95 print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 Kindle, $15 print)
Read the first section for free


Become a $1/month patron of my work via patreon.com.




NOTE: Contributions/subscriptions are acknowledged in the order received. Your name and email remain confidential and will not be given to any other individual, company or agency.

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Thursday, March 16, 2023

Funny Things Happen on the Way to "Restoring Financial Stability"

We can also predict that the next round of instability will be more severe than the previous bout of instability.

Everyone is in favor of "doing whatever it takes" to "restore financial stability" when the house of cards starts swaying, but funny things happen on the way to "Restoring Financial Stability." Whatever "emergency measures" are rushed into service to "stabilize" an inherently unstable system resolve the immediate problem but opens unseen doors to new sources of instability that eventually trigger another round of systemic instability that must be addressed with more "emergency measures."

These unintended consequences proliferate as policy extremes are pushed to new extremes, and "emergency measures" become permanent sources of the very instability they were supposed to eliminate.

As @concodanomics recently observed on Twitter: "A major flaw of finance is that it nearly always mutates the very instruments meant to protect investors into crisis-inducing time bombs."

Another major flaw in finance is the self-serving pressure applied by politically influential players to "enable innovation," a.k.a. new opportunities for skims and scams. The usual covers for these "innovations" are 1) deregulation ("growth" will result if we let "markets" self-regulate) and 2) technology (generating guaranteed profits by front-running the herd is now technically possible, so let's make it legal).

Broadening the pool of punters who can be skimmed and scammed is also a favored form of financial "growth" and "innovation." "Democratizing markets" was the warm and fuzzy cover story for enabling everyone with a mobile phone to dabble in risk-on gambles with margin accounts (cash borrowed against a portfolio of stocks).

Mixing "innovation," "democratizing markets" and "deregulation" enabled funny things like the FTX debacle, which admirably displayed every dynamic of our rickety tar-paper-shack of a financial system, a shelter that seems fine on a summer day but starts coming apart as soon as it rains: absurdly transparent influence-buying; Ponzi schemes presented as "innovative finance," insider dealing, corruption, fraud, malfeasance, shrill proclamations of innocence, etc.

Unintended consequences have their own unintended consequences, a.k.a. second-order effects. So broadening the pool of people who qualified for a jumbo mortgage by lowering lending standards in the mid-2000s sounded very fine and progressive, i.e. "democratizing homeownership," but handing out jumbo mortgages to uncreditworthy households ended up "democratizing" fraud on such a scale that the ensuing collapse almost took down the entire global financial house of cards.

To backstop the resulting mess, the Federal Reserve bought a couple trillion dollars of mortgage-backed securities and dropped mortgage rates to historic lows. These "saves" ended up (surprise!) inflating an even more extreme housing bubble which is currently popping, as all bubbles eventually do, with the usual devastating results to punters who were swept up in the "fear of missing out" frenzy that inflates bubbles.

In real-time, it's not that easy to discern how the latest policy "fixes" are creating new perverse incentives and opening new loopholes for insiders to exploit. While we may not have clarity on the specifics, we can confidently predict that the latest policies to "restore financial stability" will create new perverse incentives and open new loopholes which will lead to the next round of panicky instability.

We can also predict that the next round of instability will be more severe than the previous bout of instability. This is what happens when the system starts sliding down the backside of the S-Curve, and doing more of what worked in the past transforms into doing more of what's failed spectacularly.

The irony is rather rich, isn't it? The policies rushed into service to "restore financial stability" insure the next round of financial instability will be even harder to stabilize, until the instability undergoes a phase change that puts it out of reach of all stabilization policies.

Yes, the tar-paper shack is full of cracks that are widening as it settles deeper into the swamp, but no worries, we've got some financial reports right here we can stuff into the cracks. A few more rounds of "innovation," "democratizing markets" and policy "saves" and this place will be transformed into a palace, just you wait.




New Podcast: Turmoil Ahead As We Enter The New Era Of 'Scarcity' (53 min)

My new book is now available at a 10% discount ($8.95 ebook, $18 print): Self-Reliance in the 21st Century.

Read the first chapter for free (PDF)

Read excerpts of all three chapters

Podcast with Richard Bonugli: Self Reliance in the 21st Century (43 min)


My recent books:

The Asian Heroine Who Seduced Me (Novel) print $10.95, Kindle $6.95 Read an excerpt for free (PDF)

When You Can't Go On: Burnout, Reckoning and Renewal $18 print, $8.95 Kindle ebook; audiobook Read the first section for free (PDF)

Global Crisis, National Renewal: A (Revolutionary) Grand Strategy for the United States (Kindle $9.95, print $24, audiobook) Read Chapter One for free (PDF).

A Hacker's Teleology: Sharing the Wealth of Our Shrinking Planet (Kindle $8.95, print $20, audiobook $17.46) Read the first section for free (PDF).

Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World
(Kindle $5, print $10, audiobook) Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake (Novel) $4.95 Kindle, $10.95 print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 Kindle, $15 print)
Read the first section for free


Become a $1/month patron of my work via patreon.com.




NOTE: Contributions/subscriptions are acknowledged in the order received. Your name and email remain confidential and will not be given to any other individual, company or agency.

Thank you, Andrew D. ($50), for your splendidly generous contribution to this site -- I am greatly honored by your support and readership.

 

Thank you, David B. ($50), for your marvelously generous contribution to this site -- I am greatly honored by your support and readership.

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Tuesday, March 14, 2023

Banks, Banks, Banks: The Elephant Nobody Even Sees

Our faith in the wobbling world of hyper-financialization will soon be tested.

It's interesting, isn't it, that amidst a tsunami of commentary about banks, nobody mentions the proverbial elephant in the room, which is the overwhelming dominance of finance in the economy and society, a dominance which raises the big question: is the dominance of finance healthy for the economy and society?

The reason why nobody even sees this elephant is we've come to believe "it's always been this way" and "this is the natural order of things." Both are false. Yes, debt and lending have been integral to "money," trade and civilization from the beginning, as David Graeber so memorably detailed in his book Debt: The First 5,000 Years. But essential isn't the same as dominant.

Without much in the way of recognition or inquiry, we've allowed finance to become the foundation of the entire economy. The entire economy will now grind to a halt without trillions of dollars of credit sluicing through every rivulet, stream and river of commerce. From overnight lending facilities to 30-year mortgages, debt/credit is the lubricant of the economy.

What's been forgotten is the economy that once relied not just on credit but on savings and cash. In the pre-financialization economy, capital and credit were scarce; capital commanded a premium, and lending / credit sluiced through very narrow channels: conservatively underwritten conventional 30-year mortgages, debit cards such as American Express that had to be paid in full every month (and such cards were hard to get, by the way), and conservatively underwritten loans to enterprises.

Credit cards required evidence of fiscal prudence and had low limits, generally just enough to buy an appliance and pay it off in a few months.

What we take for granted--auto loans and credit card limits equal to or higher than an annual wage--would have been viewed as incomprehensibly imprudent and fantastical. Loans for vehicles were available, but only to the credit-worthy and if the buyer put down 50% in cash.

At higher levels of finance, outright scams such as SPACs (Special Purpose Acquisition Company) were not allowed. The foundation of absurd stock market overvaluations--corporate buybacks--were also restricted.

The astounding expansion of credit and financialized skims and scams are now the lifeblood of the economy, and any pause in their endless expansion triggers shivers of terror. Good golly, what kind of horrors would we suffer if J. Citizen can't buy a $50,000 car or truck with $1,000 down? How could we survive without 3% down payment mortgages? What doom would await us if corporations were no longer able to raise billions of dollars in the credit markets and use that money to buy back their own shares?

Rather than be viewed correctly as a necessary evil that must be strictly constrained lest it eat the heart of the real economy, debt/credit is now seen as our most precious bodily fluid, without which we perish. In this peculiar psychosis of hyper-financialization, the reality that ultra-loose credit and capital that carries no premium inevitably jacks up prices and costs to the moon, fatally distorting the real economy, is not even visible.

What is visible is the "necessity" of putting a lavishly over-priced Disney World vacation on a credit card and the "necessity" of a $60,000 new pickup truck. Or what the heck, a new $110,000 Wagoneer. We all deserve everything credit enables, from buying meme stocks on margin to designer jeans.

OK, so we have $160,000 in student loan debt-- a university degree was "necessary" regardless of cost. (Needless to say, the issuers and owners of all that debt are as wealthy as we are poor. That's how credit works.) And we really needed a vacation, so that's one $20,000 credit card maxed out. Then there were "surprises" (what we once called "normal everyday life") such as a broken water heater.

Hey why is everything so poorly made now? Globalization. You know, quality no longer matters, only the "low" (heh) price. ( Stainless Steal.)

We're too tired to cook real food (but manage to spend hours every day staring at screens after work) so we need to order meal delivery, and keep the house well-stocked with unhealthy snacks and beverages, and so on top of all the other "surprises" in an inflationary global economy, there's another $20,000 credit card maxed out.

Our clunker car needed repairs so it was necessary to get a $30,000 auto loan for a new car--the cheapest one on the lot.

This profligacy and dependence on ever-expanding credit just to sustain "normal life" is scale-invariant, meaning every city, county, state and federal agency also needs ever-expanding credit just to stave off collapse, and every zombie company / entity also needs ever-expanding credit just to avoid the slippery slope to bankruptcy and liquidation.

The elephant nobody even sees much less gets alarmed about is the entire financialization era has slipped over the top of the S-Curve. Doing more of what worked in the past only accelerates the slide to further extremes, more distortions, increasing instability and eventual "adjustment," i.e. reckoning.

Our faith in credit, debt and finance is forced, as we've forgotten how to live without it. Kind of like, you know, ahem, an addict for whom the next fix is not seen as a disaster but as the restoration of an unstable pretense of stability.

Our faith in the wobbling world of hyper-financialization will soon be tested. Once we lose faith in this state of fiscal psychosis, then we can awaken to the reality that the cure for unaffordable lifestyles is a collapse of hyper-financialization and the asset bubbles it inevitably inflates.






New Podcast: Turmoil Ahead As We Enter The New Era Of 'Scarcity' (53 min)

My new book is now available at a 10% discount ($8.95 ebook, $18 print): Self-Reliance in the 21st Century.

Read the first chapter for free (PDF)

Read excerpts of all three chapters

Podcast with Richard Bonugli: Self Reliance in the 21st Century (43 min)


My recent books:

The Asian Heroine Who Seduced Me (Novel) print $10.95, Kindle $6.95 Read an excerpt for free (PDF)

When You Can't Go On: Burnout, Reckoning and Renewal $18 print, $8.95 Kindle ebook; audiobook Read the first section for free (PDF)

Global Crisis, National Renewal: A (Revolutionary) Grand Strategy for the United States (Kindle $9.95, print $24, audiobook) Read Chapter One for free (PDF).

A Hacker's Teleology: Sharing the Wealth of Our Shrinking Planet (Kindle $8.95, print $20, audiobook $17.46) Read the first section for free (PDF).

Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World
(Kindle $5, print $10, audiobook) Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake (Novel) $4.95 Kindle, $10.95 print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 Kindle, $15 print)
Read the first section for free


Become a $1/month patron of my work via patreon.com.




NOTE: Contributions/subscriptions are acknowledged in the order received. Your name and email remain confidential and will not be given to any other individual, company or agency.

Thank you, Roger Van V. ($120), for your outrageously generous contribution to this site -- I am greatly honored by your support and readership.

 

Thank you, Marty M. ($5/month), for your marvelously generous pledge to this site -- I am greatly honored by your support and readership.

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Saturday, March 11, 2023

Chart of the Month: Any Questions?

The next Bull Market will start when everyone has given up on the stock market as the means to "get rich quick" or even "get rich slowly."

Here's the chart of the month: a weekly chart of the S&P 500 (SPX) showing the giant wedge going back to January 2022 has broken decisively down.



Any questions? Wow, so many have raised their hands, we'll try to answer as many as we can in our allotted time.

Isn't there a "bull flag," i.e. a technical pattern that projects a continuation of the Bull move higher?

No.

Isn't there a "Bullish breakout" that projects a continuation of the Bull move higher?

No.

Isn't the economy going to avoid a recession due to a strong job market, i.e. "no landing"?

No.

Isn't the economy going to have a "soft landing" due to the strong job market?

Maybe "soft" for some but "hard" for others. "Recession" is somebody else losing their job and/or losing their shirt in the stock market / bank failure / crypto meltdown, etc., a "depression" is losing your job and/or losing your shirt in the market / bank failure, etc.

Won't the Federal Reserve "pivot" to lowering interest rates and restarting stimulus (QE) because Silicon Valley Bank failed?

No.

Won't the Fed "pivot" once a recession becomes undeniable?

No.

Won't the strong job market inoculate the economy and market from bad things?

No. Neither full employment nor high unemployment can unwind 23 years of financial distortion, corruption and moral hazard.

What's the new hot sector that will power the next speculative frenzy that will push the market to breathtaking new highs?

Digital currencies backed by bat guano or quatloos issued by the Central Bank of Mars.

When will the next Bull Market start?

Overlay the past 40 years of the stock market's rise to dominance on this chart of the 1950s to the 1980s. We are at the point equivalent to Q4 1972. The next Bull Market will start when everyone has given up on the stock market as the means to "get rich quick" or even "get rich slowly."




New Podcast: Turmoil Ahead As We Enter The New Era Of 'Scarcity' (53 min)

My new book is now available at a 10% discount ($8.95 ebook, $18 print): Self-Reliance in the 21st Century.

Read the first chapter for free (PDF)

Read excerpts of all three chapters

Podcast with Richard Bonugli: Self Reliance in the 21st Century (43 min)


My recent books:

The Asian Heroine Who Seduced Me (Novel) print $10.95, Kindle $6.95 Read an excerpt for free (PDF)

When You Can't Go On: Burnout, Reckoning and Renewal $18 print, $8.95 Kindle ebook; audiobook Read the first section for free (PDF)

Global Crisis, National Renewal: A (Revolutionary) Grand Strategy for the United States (Kindle $9.95, print $24, audiobook) Read Chapter One for free (PDF).

A Hacker's Teleology: Sharing the Wealth of Our Shrinking Planet (Kindle $8.95, print $20, audiobook $17.46) Read the first section for free (PDF).

Will You Be Richer or Poorer?: Profit, Power, and AI in a Traumatized World
(Kindle $5, print $10, audiobook) Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake (Novel) $4.95 Kindle, $10.95 print); read the first chapters for free (PDF)

Money and Work Unchained $6.95 Kindle, $15 print)
Read the first section for free


Become a $1/month patron of my work via patreon.com.




NOTE: Contributions/subscriptions are acknowledged in the order received. Your name and email remain confidential and will not be given to any other individual, company or agency.

Thank you, Roger Van V. ($120), for your outrageously generous contribution to this site -- I am greatly honored by your support and readership.

 

Thank you, Marty M. ($5/month), for your marvelously generous pledge to this site -- I am greatly honored by your support and readership.

Read more...

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