![By James Montgomery Flagg. (Cartoon by James Montgomery Flagg, via [1]) [Public domain], via Wikimedia Commons](https://i0.wp.com/thegreatrecession.info/blog/wp-content/uploads/UncleSamWithEmptyTreasury.jpg?fit=133%2C150&ssl=1)
In fiscal year 2022, federal tax receipts as a share of gross domestic product (GDP) hit a near record high of 19.6 percent. We have the highest tax revenue ever coupled with some of the largest deficits ever. If you cannot balance the budget when you have record tax collections, you never will.
![By Agnico-Eagle (Agnico-Eagle Mines Limited) [CC0], via Wikimedia Commons](https://i0.wp.com/thegreatrecession.info/blog/wp-content/uploads/Gold_Bars.jpg?fit=150%2C96&ssl=1)
Most investments have fallen all year. When they did rise, it was only to bait the bulls and then fall further once again. All assets are adjusting to a world where money is no longer free, so corporations must now earn their way. Gold has taken a more gentle path, and in recent months has […]
“Sooner or later, there will be push-back against the Dems’ attempt to turn the USA into some kind of obese transgender liberal Wakanda run by crooks, freaks and thugs.†—The Vineyard of The Saker Golden dawn will have the Twitterbirds singing a new morning song, ending the old sameness of sterilized thought.
The Federal Reserve – and central banks the world over – played a crucial role in making lockdowns possible and weaponizing the panic of politicians. As the lender of last resort and the provider of liquidity for the entire federal government, it removes normal fiscal restraint. It writes checks that cannot bounce to fuel governments in […]
On Thursday, the Bureau of Labor Statistics reported that consumer prices, as measured by the consumer price index (CPI), inflated at an annual rate of 7.7 percent in October. Investors went bananas on this apparent pullback in the headline CPI…
Human beings, especially human beings in positions of high authority, can be amongst the most overconfident, un-self-aware prickly people you’ll ever meet. Power pumps up the ego and raises the risk of screw-ups which makes humans defensive, brittle, and paranoid. Politics with a small “p†makes people separate into little groups of like thinkers. Priesthoods […]
Our president, who originally said he was going to help bring our nation back together after four years of Trump, was back to pounding wedges again this week, speaking of Republicans as fascists, even though he was the leader who chose to stand in the dark, backlighted by fierce red like Hitler at a night […]
The vast herd of investors are a deluded crowd. Following the Federal Reserve’s much anticipated 75 basis point rate hike on Wednesday the major stock market indexes jumped upward. Then they fell. Now they’ve bolted back upward again. Their delirious….
Historic precedent tells us high inflation like we have now is darn hard to beat down. Jerome Powell also just told everyone it is so hard to beat down that the Fed hasn’t even seen what it would consider a “dent” in inflation in all of its months of trying. How big is the battle […]
The climax of the hit movie Ghostbusters was when the protagonists finally decided to “cross the streams†of their proton packs to defeat the final ghost, the Stay Puft marshmallow man. In the context of the movie, it was an unthinkable action – viewers were warned early on that that “crossing the streams†of the unlicensed […]
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The world is changing, and sometimes there’s an almost slow-motion element that offers a particularly coherent view of what the future holds. The UK, one of our closest allies, has succumbed to financial, economic and political crisis – with effective leadership seemingly a pipedream. Chairman Mao – I mean Xi – spewing ideology from an […]
Stagflation, sinking labor productivity, severe levels of public and private debt, a splintered real estate market…  You name it. The economy’s crashing and burning like an old Cutlass Supreme, and There’s nothing the central planners can do to fix it…
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