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Their efforts to prevent necessary changes and corrections in the old economy - by flooding Wall Street with cash, for example - created a bubble in the new economy. Old economy failsīut try as they will, the world still spins.
#Hell can wait full#
Then, they stymied that correction, too, again cutting their key rate by more than 500 points…and printing up an additional $3.6 trillion.Īnd this year, they’ve gone Full Weimar, with rates back down to zero…and another $3 trillion in new money. So far this century, they’ve held off three major corrections.įrom October 2000 to July 2003, they chopped 5% off their key lending rate and set off the mortgage finance blow up of 2008/09. Nor should you expect them to confess that their quack remedy (more money printing) will only make the eventual correction worse. Naturally, the feds are most eager to stop a depression.īut they will not admit that they had any role in causing it…that their own policies (ultra-low interest rates and fake money) created excesses that need to be purged… Whatever the threat, the feds mobilise to stop it…with green energy subsidies, tariffs, sanctions, lockdowns, hiring credits…a Patriot Act…or a Paycheck Protection Program (PPP)… Oh…and here comes a depression! Full Weimar The planet is overheating! Two million COVID-19 deaths! China is overtaking us! Robots are stealing our jobs! What’s more, the future is where hell is located. It has lobbyists, too, and trade unions, political parties, and 535 members of Congress ready to do its bidding. After all, it owns 100% of the US’ wealth.
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It makes profits, pays wages…and has deep pockets. It can’t vote…it can’t riot in the streets…it can’t even write a letter to the editor. And governments always try to look into the future and stop it from happening. The other is too hot to touch.Įconomies always evolve. Let’s see if we can summarise what we learned. Treasury Steve Mnuchin’s remarks to Congress yesterdayĪnd so, we come to the end of another week. The Stansberry Digest paraphrasing US Secretary of the ‘…the future is somebody else’s problem…’