Wednesday, July 06, 2022

You Know What Would Be Really Irritating? A Crazy Rally to New Highs

It would be very irritating to have a rally suck in all the bears salivating for a crash from a bear-market rally peak and then decimate the shorts with a rally that soars rather than collapses to new lows.

As a contrarian, I'm always squinting at the consensus and wondering if it is really that easy to be right. Now that everyone is bearish for reasons we all know--global recession, a hot war, energy scarcities and stagflation-- I'm thinking, you know what would be really irritating? A bat-dung crazy rally to new highs in U.S. equities.

Irritating, indeed, because few are positioned for this eventuality due to odds of it happening appearing to be near-zero. What's odds-on is all the assets that bubbled up in the Everything Bubble sagging back to pre-bubble levels, or lower as global growth craters and stagflation stymies the easy fixes of money-printing and fiscal stimulus.

How could stocks soar in such confounding, catastrophic circumstances?

It doesn't seem remotely possible, but when the herd starts running, rationality is not high on its list. When the herd is spooked and panics, rationality is not exactly the order of the day. The herd might thunder off a cliff absolutely convinced of the rightness of the stampede.

Alternatively, rationalists stare with growing annoyance at a rally that makes no sense, and then with great reluctance are forced to join the herd in its irrational euphoria lest the rationalist fail to match the returns of the herd and suffer banishment to Financial Siberia.

What could cause such an irritating, bat-dung crazy rally? I see three potential sources of bat-dung craziness:

1. Market contrariness. As Jesse Livermore observed, the market tends to take along the fewest possible punters in big moves. Some will say sentiment is poor but positioning is still bullish, so sentiment doesn't matter. Perhaps. But a global recession is generally bad news for stocks, ditto hot wars, energy scarcities and stagflation (inflation in essentials and stagnant growth in employment, GDP, etc.).

What's the most punishing move for punters and pros alike--a crash or an irrational rally? I tend to think it's not a crash, as too many people expect that now and punters who HODLed or bought the dip have been ill-treated by this year's erratic decline.

The smart money sold early and heavily, rotated out of tech into commodities, but alas, that hot trade is blowing up, too as the speculative positioning that pushed commodities to the moon is evaporating like mist in high-noon Death Valley.

There are numerous powerful reasons to be in cash and remain wary of bear-market rallies. Given that backdrop, the most punishing move would be higher, tempting punters to short the bear-market rally every step higher, and then forcing them to cover with face-ripping losses.

2. Things aren't as bad as everything now expects. The consensus is the economy is going over the waterfall and the only sound we'll hear above the roar is the screams of punters who went long.

But just suppose the blow-torch of inflation cools, employment holds up and the consumer ignores all the prognosticators of doom. Weirdly, consumers have deleveraged during the pandemic and the debt to income ratio isn't that bad. Corporations that overshot staffing are slashing headcount by attrition and hiring freezes, along with layoffs. But lots of jobs are still going begging.

Corporate profits will take a hit but as commodity inflation cools and their super-costly headcount drops, profits will look better a quarter out, and the market being what it is, a bizarre combination of irrationality, price discovery and forward-looking crystal-ball gazing, the hope for fatter profits a quarter or two out could spark a frenzy.

3. Core and periphery. We tend to forget that we're all currency speculators, regardless of the asset we're holding, be it cash, commodities, bonds, stocks, cryptos or real estate. Everything is arbitraged against the super-liquid currencies, an exclusive club of the yen, euro and U.S. dollar. (The Chinese RMB, being pegged by the Chinese government to the USD, is a derivative of the USD).

As the charts below reveal, the USD has formed a long-term bowl-bottom and an inverse heads-and-shoulders in the USD-JPY pair.

Yes, the USD may sag back to support but the bottom line is the USD rising makes everything cheaper for those holding U.S. dollars and much more expensive for everyone holding other currencies or assets in other currencies. Capital goes where it's treated well and U.S. markets are 1) a way to capture the gains of the U.S. dollar; 2) liquid and 3) relatively transparent compared to other markets.

A couple of trillion seeking safe haven here, a couple trillion seeking safe haven there and pretty soon that influx of capital starts pushing U.S. markets higher. Note that everyone who sold assets priced in yen in January and moved their stash into USD cash just made 20% in six months. That's a pretty nice return.

Capital moves from the periphery to the core when things start wobbling.

It would be very irritating to have a rally suck in all the bears salivating for a crash from a bear-market rally peak and then decimate the shorts with a rally that soars rather than collapses to new lows. The rally would be even more irritating if it left all the smart money on the sidelines because a rally simply doesn't make sense.

With great weeping and gnashing of teeth, the smart money is then forced to chase the rally higher.

Yes, this is implausible, impossible, etc. That's why it's increasingly likely. Is it really that easy to be right? As a general rule, no.








Recent podcasts/videos:

Tectonic Shift of Mercantilism Revalued (Gordon Long, Macro-Analytics, 42 min)

My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal.

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.



My recent books:

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).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($5 Kindle, $10 print, ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 Kindle, $8.95 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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Tuesday, July 05, 2022

The One Solution to All Our Problems

Pick one, America: national security of the essential material foundation of everything, the industrial base, or "global markets," maximizing greed / corporate profits.

Sorry about the clickbait title. We all know there isn't "one solution" to anything as complex as a socio-economic-cultural-political system.

But this is based on looking at all the problems from one very shaky perspective: that the foundations of any solutions are rock-solid and all we need to do is apply some ideological or financial fix and away we go.

From another, much more practical perspective, if you don't keep the foundation--the industrial base--glued together, then all the high-minded ideological or financial fixes will all be completely, utterly meaningless. When the generator breaks down and can't be fixed due to a lack of critical spare parts, that isn't a problem that has a "Progressive" or "Conservative" fix. Printing money and tax breaks won't fix it either. And neither will ideological fixations like "global markets."

Financial gimmicks and global markets are what got us into this mess in the first place. Greed is good until you sacrifice your national security and industrial base for a few extra bucks.

From this perspective, there is one solution to all the problems, because if you don't fix the industrial base then the whole shebang collapses. All those little things like a judiciary, law enforcement and food supply system all rely on a functional industrial base, by which I mean the interwoven industries that made the millions of essential parts and components of a complex industrial economy.

We all know about fuel and fertilizer, but when you look beneath this superficial surface you find a bunch of stuff without which the entire industrial machine breaks down.

Here is a partial list of the stuff you need or your industrial base collapses in short order: plastics, sealants, solvents, lubricants, gaskets, O-rings, filters, and an astoundingly long list of highly specialized ceramics, wires, piping, fabrics, glass, steel, lenses and so on.

To a sobering degree, much of this essential industrial base has been offshored because "greed is good" and corporate profits are more important than the security of the nation's industrial base. Becoming dependent on frenemies' industrial base is (pick as many as apply): short-sighted, stupid, foolish, insane, traitorous.

The problem isn't just the loss of the capacity to make the stuff we need to keep the whole system from collapsing; it's the loss of the capacity to make all the parts and components. All complex systems, including machines, fail when a critical component fails or a critical fluid runs dry. The machine can be 99.9% functional but the missing 0.1% means the entire machine is down.

Most people are unaware of just how dependent we are on specialty parts produced in only a handful of factories. It simply isn't profitable in the "global marketplace" to produce small batches of parts. The "greed is good" / maximize profit ideology leads to stripping away redundancies and costly local suppliers in favor of a distant supplier totally within the control of frenemies' governments.

Consider the supposedly low-tech kitchen counter toaster. These are cheap, so they must be easy to make, right? Wrong. They're impossible to make without a highly sophisticated industrial supply chain. Thomas Thwaites attempted to make a toaster from scratch and found it was impossible to do so. He described the experience in his book, The Toaster Project: Or a Heroic Attempt to Build a Simple Electric Appliance from Scratch.

Even the simple kitchen toaster requires highly specialized materials from a handful of sources. There is nothing low-tech about the specialty wires, ceramics, etc. needed to manufacture or repair a "simple" toaster.

The one solution without which no other solutions are possible is to reshore our essential industrial base and supply chain as a matter of the highest national security. Production deemed essential to National Security must be located in the U.S. and owned and operated by U.S. firms.

Ideological purists freak out at the prospect that "greed is good, markets fix everything" has failed the nation but these blinded-by-ideology purists overlook how government funding via DARPA, NASA and DoD (Department of Defense) was the one and only driver of the development of microprocessors and the entire semiconductor industry. There was no private-sector market to enable greed, and no way that individuals in a garage could fabricate the first microprocessors. All the really hard stuff was funded lock, stock and barrel, by DARPA, NASA and DoD--government agencies devoted to national security, which includes the government's role in fostering and nurturing innovation. (DARPA was ARPA back in the day).

Pick one, America: national security of the essential material foundation of everything, the industrial base, or "global markets," maximizing greed / corporate profits. You can't have both. Choosing "global markets," maximizing greed / corporate profits has left the nation catastrophically vulnerable in ways few even grasp because they don't understand the fragility of the material foundation of all the goodies and systems they wrongly assume are a permanent birthright. They aren't.

We're getting a taste of the inherent instability of our dependence on "global markets" / maximizing greed, but the full banquet of consequences has yet to be served.

When the machine breaks down due to lack of essential parts, the magic goes away. Do those behind the curtain understand this? Apparently not. Maybe we need a few engineers behind the curtain instead of relying on financiers and legal experts for leadership.




Recent podcasts/videos:

Tectonic Shift of Mercantilism Revalued (Gordon Long, Macro-Analytics, 42 min)

My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal.

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.



My recent books:

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).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($5 Kindle, $10 print, ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 Kindle, $8.95 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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Friday, July 01, 2022

The Most Valuable Form of Money Nobody's Seen--Yet

What is "money"? "Money" is a claim on the essentials of life. Ration cards are claims on essentials.

Many people expect "money" will soon be tied to commodities. Agreed. It's called a ration card that grants the holder the right to buy a specific quantity of essential goods at a specified price.

This right is a form of "money" directly tied to the value of commodities.

Ration cards are the only fair way to distribute essentials in times of chronic scarcity. Markets work fine when there's a substitute for whatever is scarce, but there are no substitutes for electricity, food, fuel or fresh water, the FEW essentials (Food, energy, water).

Leaving the distribution of scarce, no-substitutes essentials up to the market leads to the rich eating very well indeed and the poor going hungry. This leads to a little thing called the overthrow of the failed status quo and the destruction of a good chunk of its ruling class (Payback's a witch, etc.). No bread? Let them eat iPhones.

We know ration cards work because a mass experiment in rationing essentials was conducted in World War II. Maybe fairness no longer matters (and if it doesn't, then prepare for the overthrow of the failed status quo and the destruction of a good chunk of its ruling class), but if fairness matters--or the ruling elite wish to keep all their power and all their goodies--then rationing and the ruthless suppression of price gouging are as good as gold.

What is "money"? "Money" is a claim on the essentials of life. Ration cards are claims on essentials, enforced by the state to insure everyone has a minimum of the FEW resources. Beyond that minimum, the market will discover the price of extra goodies. But the point is that ration cards are a fair form of "money."

With a little digital magic, ration cards can't be counterfeited or used by anyone but the person to whom they were issued. If you get your ration and don't need all of it, nobody's stopping you from selling it to somebody else. But at least everyone got the same amount at the same price.

How valuable is ration-card "money"? Let's put it this way: if you're a wealthy, powerful member of the ruling elite, how much would you pay to avoid the overthrow of your regime? If creating ration-card "money" saves your bacon, then what other form of "money" has more value than that?

The other form of "money" that will be valuable isn't even tangible. It's called self-reliance. More on that later.










Recent podcasts/videos:

Tectonic Shift of Mercantilism Revalued (Gordon Long, Macro-Analytics, 42 min)

My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal.

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.



My recent books:

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).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($5 Kindle, $10 print, ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 Kindle, $8.95 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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Wednesday, June 29, 2022

Why the Housing Bubble Bust Is Baked In

Putting this all together, it's clear that the source of the current housing bubble is the explosion of financial speculation fueled by central bank policies.

Those benefiting from speculative bubbles have powerful incentives to deny the bubble can bust. Rationalizations abound as bubbles inflate, and the continued ascent of speculative bets seems to "prove" the rationalizations are correct.

But bubbles arise from speculative excesses, and once these reach extremes and reverse, bubbles burst and all the self-serving rationalizations are revealed as rationalizations.

Let's start with some caveats I've already covered in Is Housing a Bubble That's About to Crash? (May 2, 2022):

1. Housing is local, so there may be locales where prices are still rising due to unquenchable demand and low supply and other places where demand is low and supply ample where prices plummet.

2. The wealthiest 1% on a global scale is a very large number, and wealthy buyers seeking a safe haven in North America come with cash and don't care about mortgage rates. Desirable enclaves could see home prices climb even as the national bubble pops. (World population: 7.8 billion X 1% = 78,000.000 or roughly 30,000,000 households.)

3. Wealthy investors are holding a large number of dwellings off the market as investments. These empty units consequentially reduce the supply in desirable locales, and create an artificial scarcity that would not exist if central banks hadn't inflated the Everything Bubble.

4. The number of homes bought by corporations has soared. This has driven demand in many markets, but if rents dive due to recession, corporate buyers become corporate sellers.

With those caveats out of the way, let's look at the foundation of home ownership for the bottom 95%: income and mortgage rates. As mortgage rates rise, more income must be devoted to the monthly payment. If household income lags the increase in housing prices, price eventually exceed what the bottom 95% can afford once mortgage rates rise.

The first chart below is the national Case-Shiller Index. Note that housing prices have soared 63.6% since the previous housing bubble peak in 2007, outpacing inflation (up 41%) and median household income (up 34%), the second chart.

The third chart shows mortgage rates have broken out of a 37-year downtrend. It is noteworthy that mortgage rates were in the 7% to 8% range in previous economic booms (late 1960s, the 1990s) but now 6% mortgages are considered the end of the world. That suggests a dependence on cheap money / low rates is the primary support of the current bubble rather than an organic economic expansion such as we enjoyed in the 1990s.

Courtesy of my colleague CH at Econimica, the next three charts shed light on housing fundamentals. The first Econimica chart shows the rate of growth in population, employment and housing units. The U.S. population increased by a scant 1.5 million since 2019, the number of employed was flat and the number of housing units increased by 2.8 million.

The second Econimica chart shows the Fed Funds Rate (FFR), the staggering increase of mortgage-backed securities purchased by the Federal Reserve to keep mortgage rates low (from zero to $2.7 trillion), declining rate of population growth year-over-year and the remarkable rise in the number of housing units under construction.

The third Econimica chart shows housing units per capita (per person), which has reached the same level as the previous housing bubble peak in 2007-08.

As CH observed: "Housing units (per capita) against US population should suggest not a shortage of housing units but a surplus of dollars with which to buy them."

Putting this all together, it's clear that the source of the current housing bubble is the explosion of financial speculation fueled by central bank policies. Housing prices that far exceed the growth of household incomes are not sustainable, and neither are housing prices that rose solely on the basis of unprecedentedly low mortgage rates.

It's also clear that those with access to the (temporary) wealth created by central banks' trillions in new credit have poured many of these "free money" trillions into housing globally as a hedge against inflation, a safe-haven investment or for corporations, for rental income. All of these factors exacerbate an artificial demand and equally artificial scarcity.

As I've noted in the past, bubbles typically manifest a symmetry in their ascent and decline. All the gains are eventually reversed, and if the system is destabilized by the bubble bust, then prices drop far below previous lows.

Setting aside rationalizations in favor of fundamentals, the housing bubble's bust is already baked in.

The Most Splendid Housing Bubbles in America, June Update: 'Deceleration' and 'Tipping Point' of the Raging Mania

Cost of Living Is Really All About Housing: Places where the rent really is too damn high.














Recent podcasts/videos:

Tectonic Shift of Mercantilism Revalued (Gordon Long, Macro-Analytics, 42 min)

My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal.

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.



My recent books:

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).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($5 Kindle, $10 print, ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 Kindle, $8.95 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, David G. ($25/month), for your beyond-outrageously generous pledge to this site -- I am greatly honored by your support and readership.

 

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Sunday, June 26, 2022

The Age of Discord

It's very difficult to find common ground that supports cooperation in the disintegrative stage of scarcities, rising prices, catastrophically centralized power and social discord.

Today's topic echoes Peter Turchin's 2016 book, Ages of Discord, which I have often referenced in blog posts.

I'll also discuss two other books I've often referenced, Global Crisis: War, Climate Change and Catastrophe in the Seventeenth Century by Geoffrey Parker and The Great Wave: Price Revolutions and the Rhythm of History by David Hackett Fischer.

Turchin proposes repeating cycles of history of social integration (people finding reasons to cooperate) and disintegration (people finding reasons to not cooperate).

Clearly, we're in a disintegrative stage.

Fischer proposed a repeating cycle of history in which humans expand their numbers and economy to consume all available resources.

Once all the low-hanging fruit has been consumed, scarcities arise, pushing prices above what commoners can afford, and the result is economic stagnation and social/political revolution.

Either humans exploit a new energy source at scale to provide for the larger population and higher consumption per person, or the population and consumption decline to fit available resources.

Parker covers the mutually reinforcing climate, political, social and economic crises of the 17th century. A long cycle of cold, wet summers reduced crop yields, leading to hunger and strife.

Parker also identifies another cause of the tumultuous, war-plagued 1600s: political leaders had consolidated too much power, enabling them to pursue disastrous wars without any restraint from competing domestic social-political interests.

Clearly, we're in Fischer's stage of overshoot and resource scarcity and Parker's extremes of centralized power free to pursue catastrophic wars of choice.

In the 1600s, those launching wars reckoned a clean, decisive victory was within easy reach. In every case, the wars dragged on inconclusively or generated even wider conflicts.

In the end, all the wars were settled diplomatically, not by military victory. The military gains were nil while the destruction was widespread and devastating.

Fischer details how poorly humans respond to scarcity and higher prices, also known as inflation or more. accurately, as the decline in purchasing power of money and labor. As scarcities and higher prices take their toll, society unravels: crime and social disorder accelerate.

What we're seeing in real time is a "circle the wagons" mentality of weeding out everyone but the True Believers in every movement. Litmus tests are handy for this test: answer wrong on any question and you're cast out: heretic!

It's not enough to tick one "progressive" or "conservative" box; you have to tick them all or you're a heretic who cannot be trusted. If you leave one box unticked, you might untick a few more in the days ahead.

This puts pressure on everyone to declare their loyalty to the "party" even if the loyalty is just for show. This dishonesty pleases those demanding every box be ticked but this forced loyalty creates an illusion of solidarity that unravels under pressure.

Officials vie to offer pledges of loyalty to Chinese President Xi Jinping ahead of 20th Party Congress

Exacerbating this is social media, which rewards those promoting the most extreme and divisive positions and deranges the populace by substituting recognition online, which encourages disintegration, for real-world engagement, which encourages moderation and cooperation.

Online, it's easy to be all-or-nothing: there should be no restrictions on social media, or we should just pull the plug and shut the whole mess down.

In the real world, these are knotty, nuanced problems. The Founding Fathers would not have tolerated sedition under the guise of free speech. The social order can only be maintained if every participant adheres to standards of civility and the common good.

When put under stress, humans harden their positions as a defensive measure. They become more argumentative and less tolerant, more strident in insisting that the One True Thing is the answer to our problems.

This leads to magical thinking, for example, that we can replace hydrocarbons with fusion or wind and solar. When the physical and cost limits of minerals are presented as impassable obstacles, people respond with denial: there must be a way to keep everything the same.

Humans have an easy time expanding their population and consumption per person and a hard time consuming less.

It's very difficult to find common ground that supports cooperation in the disintegrative stage of scarcities, rising prices, catastrophically centralized power and social discord.

This requires accepting that we can cooperate with people on one issue even though all the other boxes of our group/party/movement are left unticked.

History suggests the disintegrative stage will run its course and consumption will realign with available resources one way or another, and the best we can do is preserve our own sanity, community and willingness to nurture small patches of common ground that support productive cooperation.




Recent podcasts/videos:

Tectonic Shift of Mercantilism Revalued (Gordon Long, Macro-Analytics, 42 min)

My new book is now available at a 10% discount this month: When You Can't Go On: Burnout, Reckoning and Renewal.

If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.



My recent books:

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).

Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($5 Kindle, $10 print, ( audiobook): Read the first section for free (PDF).

The Adventures of the Consulting Philosopher: The Disappearance of Drake $1.29 Kindle, $8.95 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, Susan V. ($50), for your beyond-magnificently generous contribution to this site -- I am greatly honored by your support and readership.

 

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


Thank you, William M. ($1/month), for your most generous pledge to this site -- I am greatly honored by your support and readership.

 

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All content on this blog is provided by Trewe LLC for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information. These terms and conditions of use are subject to change at anytime and without notice.


Our Privacy Policy:


Correspondents' email is strictly confidential. This site does not collect digital data from visitors or distribute cookies. Advertisements served by a third-party advertising network (Investing Channel) may use cookies or collect information from visitors for the purpose of Interest-Based Advertising; if you wish to opt out of Interest-Based Advertising, please go to Opt out of interest-based advertising (The Network Advertising Initiative). If you have other privacy concerns relating to advertisements, please contact advertisers directly. Websites and blog links on the site's blog roll are posted at my discretion.


PRIVACY NOTICE FOR EEA INDIVIDUALS


This section covers disclosures on the General Data Protection Regulation (GDPR) for users residing within EEA only. GDPR replaces the existing Directive 95/46/ec, and aims at harmonizing data protection laws in the EU that are fit for purpose in the digital age. The primary objective of the GDPR is to give citizens back control of their personal data. Please follow the link below to access InvestingChannel’s General Data Protection Notice. https://stg.media.investingchannel.com/gdpr-notice/


Notice of Compliance with The California Consumer Protection Act


This site does not collect digital data from visitors or distribute cookies. Advertisements served by a third-party advertising network (Investing Channel) may use cookies or collect information from visitors for the purpose of Interest-Based Advertising. If you do not want any personal information that may be collected by third-party advertising to be sold, please follow the instructions on this page: Do Not Sell My Personal Information


Regarding Cookies:


This site does not collect digital data from visitors or distribute cookies. Advertisements served by third-party advertising networks such as Investing Channel may use cookies or collect information from visitors for the purpose of Interest-Based Advertising; if you wish to opt out of Interest-Based Advertising, please go to Opt out of interest-based advertising (The Network Advertising Initiative) If you have other privacy concerns relating to advertisements, please contact advertisers directly.


Our Commission Policy:

As an Amazon Associate I earn from qualifying purchases. I also earn a commission on purchases of precious metals via BullionVault. I receive no fees or compensation for any other non-advertising links or content posted on my site.

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