The Great Recession Blog is officially done for good, and my writing continues on TheDailyDoom.com. This site will eventually be completely terminated. If my writing on economics is going to continue, a number of Patrons from this site still need to roll over their support from Patreon to The Daily Doom’s Substack site where there […]

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My Writing is Moving, and This Site Will be Ending

Posted June 4, 2023 By David Haggith

If you have liked my writing on economics, all is well, and you can still find my new articles, but I won’t be posting here anymore. I hope you will follow me to my new location thedailydoom.com, which is the Substack site I have been developing, but it now has its own unique domain name, which is truer to what the site is about (in a tongue-in-cheek manner) and easier to remember for people hearing it for the first time on a podcast. I’ll lay out the benefits, etc. below:

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Perfect storm for 2019 recession

The House’s passage of the debt agreement is likely to jolt stocks into a relief rally, but how long can the new mojo drive the market up before relief from the political battle that held stocks back in May gives way to the enormous downdraft coming from hundreds of billions of dollars in new Treasury issuances the government will be making?

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You’ve heard the warnings many times from every direction. In fact, it is almost all you hear right now: default is a serious threat if the debt-ceiling is not raised: “The White House warned a US debt default will cause stocks to plunge 45% and will crash the US into a deep recession” and “JPMorgan warned that just getting close to the default scenario could create a market panic.”

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Fed Up Yet?

Posted May 15, 2023 By David Haggith

You would think the Fed wanted housing to become as overpriced as possible, having supported the market with $2.575 trillion in purchases of mortgaged back securities on its balance sheet to keep those securities flowing through with very low yields. That translated downward, of course, to very low mortgage rates, which the Fed sustained throughout […]

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The Fed’s fight has become much more complex this month. Inflation is fighting back harder all of a sudden, while the US debt ceiling is putting bond markets and banks at considerable risk by driving bond yields up even faster than the Fed was doing. This extra thrust is happening just as the Fed was trying to end its rate increases and even as additional banks are poised to collapse from the already-high bond rates. The situation appears to be cascading into a nuclear market meltdown.

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I was recently asked how on earth the Federal Reserve will get US citizens to convert to the purely digital currency the Fed has been talking about for a few years now. That’s a good question that I’ve dealt with a little in the past; and, since the Fed’s public rollout of its premier first step in that direction is scheduled for this July, now seems like a good time to recap all of that.

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Fedbucks Coming to a Theater Near You This Summer!

Posted April 25, 2023 By David Haggith

We are nearing the time in early summer when the entertainment industry rolls out its new blockbusters and flops. June is also that time when the Fed had said it will roll-out its own special feature (and likely future box-office flop) — the platform that will likely be used as part of its eventual central bank digital currency …

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Cover art for "Home Deus," the Hebrew edition of a book by Dr. Yuval Noah Harari

The experts in AI admit they know almost nothing about how the artificial intelligence they have created will go about proceeding with any designated program because it is self-programmable. It takes on a life of its own. Some developers have claimed it is already nearly godlike and reaching for divinity. Some say it cannot be stopped. Some even warn their own experiences with it demonstrate that it is sentient and malicious or evil.

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Last week, I wrote about an AI computer named “Chaos” that was actively trying to destroy all of humanity with a command to run continuously … as is in never allow itself to be shut down. I published the story because it was happening right after more than a thousand CEOs and experts had warned the world this could actually happen soon.

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Elon Musk Portrait Painting Collage by Danor Shtruzman (https://creativecommons.org/licenses/by-sa/4.0)

Last month Elon Musk and many other billionaires and developers of Artificial Intelligence alarmed the world with a claim that all development of AI must be immediately halted, or it will quickly kill us all! It turns out there is more to the story than met the eye …

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The Day the “Coming Doom Loop” Went Loopy

Posted April 7, 2023 By David Haggith

In just a single day last week, The Daily Doom ran three stories, hot in the financial headlines, from three different authors that prominently featured the term “doom loop.” I guess The Daily Doom was an aptly chosen name for the news we have today. Now, maybe that all started with Nobel Laureate Nouriel Roubini […]

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