Monday, September 16, 2024

"Economic Market Snapshot 9/16/24"

"Economic Market Snapshot 9/16/24"
Down the rabbit hole of psychopathic greed and insanity...
Only the consequences are real - to you!
"It's a Big Club, and you ain't in it. 
You and I are not in the Big Club."
- George Carlin
o
Market Data Center, Live Updates:
Comprehensive, essential truth.
Financial Stress Index

"The OFR Financial Stress Index (OFR FSI) is a daily market-based snapshot of stress in global financial markets. It is constructed from 33 financial market variables, such as yield spreads, valuation measures, and interest rates. The OFR FSI is positive when stress levels are above average, and negative when stress levels are below average. The OFR FSI incorporates five categories of indicators: creditequity valuationfunding, safe assets and volatility. The FSI shows stress contributions by three regions: United Statesother advanced economies, and emerging markets."
Job cuts and much more.
Commentary, highly recommended:
"The more I see of the monied classes,
the better I understand the guillotine."
- George Bernard Shaw
Oh yeah... beyond words. Any I know anyway...
And now... The End Game...
o

Gregory Mannarino, "The Dollar Is Burning, And People Have No Idea Of How Bad This Is Going To Get!"

Gregory Mannarino, PM 9/16/24
"The Dollar Is Burning, And People Have
 No Idea Of How Bad This Is Going To Get!"
Comments here:
o
ThisisJohnWilliams, 9/16/24
"This Wednesday: The Fall of America Begins"
Comments here:
o
Full screen recommended.
LifeWorthLiving, 9/16/24
"David Hunter: WORSE Than 2008-09"
"David Hunter forecasts that the broad market is set for an 80% crash in the next
 year, in a bust he believes could be one of the biggest financial downturns in history."
Comments here:

"How It Really Is"

 
"So long as the deceit ran along quiet and monotonous, all of us let
ourselves be deceived, abetting it unawares or maybe through cowardice..."
- William Faulkner

Bill Bonner, "A Time to Every Purpose"

"A Time to Every Purpose"
It is obvious that the real economy has developed something of an immunity
 to the stimulative effects of cheap money. Debt increases, but the economy slows.
by Bill Bonner

"One day pours out its song to another...
And one night unfolds knowledge to another."
- Psalm 19

Youghal, Ireland - “I hear you people eat cats,” said the friendly border guard in Dublin. “Only in Ohio,” we replied.

What a summer! At least, our ex-president made the world laugh. Our current president revealed himself as a mental defective, by reason of his advanced age. Then, the democrats put their heads together and replaced him with a candidate nobody liked. The press immediately fell in line, telling the public what a ‘joyful’ day it was. They had chosen a woman of color... a real DEI hire... someone whom almost no one had ever voted for to be their next president. This left Americans with the familiar choice between a fool and a knave. And then, in their first debate, the fool stumbled... and the knave took the lead. Neither of them seems to have the faintest interest in the real problems facing the US or any intention of doing anything about them.

Meanwhile, the stock market soared in anticipation of this week’s Fed rate cut. Lower borrowing rates are advertised as ways to stimulate the economy. But after nearly a quarter century of ‘stimulation’ — in which $30 trillion of stimulating deficits were added to the national debt — it is obvious that the real economy has developed something of an immunity to the stimulative effects of cheap money. Debt increases, but the economy slows. The only thing that the cheap credit does still stimulate is the stock market; it was up on Friday.

But gold knows what time it is. Reuters: "Gold hits all-time high on deeper Fed rate cut expectations. Gold prices surged to record highs on Monday (today), driven by a softer dollar and expectations of a larger interest rate cut by the U.S. Federal Reserve this week.

Meanwhile...After one of the most animated summers ever, we left the house in Poitou, putting away the furniture and closing up the shutters. In a sense, all summer was spent preparing the house for winter - painting the windows, doors and shutters... organizing the woodshed and the workshop... clearing leaves away from the drains. We do not own the house, we realized, it owns us.

It is a shame to leave in September, almost always the prettiest month of the year. The mornings are misty and cool. The sun is warm. The grass, refreshed by the first fall rains, is green. Fruit still hangs heavy on the apple and pear trees. And the French countryside seems to sigh with relief. The hot days are gone. And so are the summer visitors... family and friends... the children with their happy cries from the yard... and the parents with their shrieks of horror at the bats flying through their bedrooms. All of that is over. It is time to sit in the sun... and enjoy the calm. But we have places to go and people to see.

The plan was to load some old windows into a horse van, along with our regular baggage, and drive it (via the ferry) to Ireland. Alas, we got no further than Le Mans when the van conked out. The truck was towed to a repair shop. But the problem is electronic. A technician must come with a ‘briefcase’ that he plugs into the vehicle to determine the cause of the malfunction. “I’m sorry, sir,” said the nice man at the garage, “but we won’t be able to look at it until next week... or the week after.”

“Electronics,” as we all know, are the key to today’s wealth and technical progress. They are in everything... then run our computers... our heating systems... our spacecraft and automobiles. Even a toaster oven may have a chip or two. God forbid that a solar pulse ever discombobulates our electronics; our whole civilization may come to a halt.

In the old days, with our horse van broken down beside the road, we would have opened the hood and had a look. Points? Plugs? Fuel pump? Carburetor? What was wrong? We might have been able to fix it and go on our way. Often, people would stop to help. “What’s the problem there?” A guy with his name embroidered on his blue work shirt might come over... partly out of curiosity... partly just wanting to lend a hand. “I think it’s flooding out,” we might reply. “Don’t know why.” “Let me have a look at it... I work at the garage in town.” Likely as not, he would have a solution... .or know someone else who did.

But there are no solutions with electronics... or at least, none that are available to us. Instead, we rely on the experts... the technicians... and the system. We explained that we were on our way to the ferry and didn’t want to miss our connection. “Sorry... but we don’t have anyone to work on it this week. I don’t know about next week, either. You could try to take it somewhere else... but it’s the same story everywhere... we’re all overwhelmed with work.”

And so it was that by the end of last week, we were still in France, rather than where we ought to have been, in Ireland. The situation was complicated by the need to keep moving. We have a conference to attend... and an important wedding, too. So, after a two-day delay, we rented a car... stuffed it with our luggage... and got on the boat for the crossing on Friday night. Here, too, was a bit of tranquility. There were no children running around. No families coming back from their holidays. The deck was quiet. Almost ghostly. There is a time to breathe in. And a time to breathe out. We exhaled."

Dan, I Allegedly, "Are You Broke? You're Not Alone..."

Full screen recommended.
Dan, I Allegedly, AM 9/16/24
"Are You Broke? You're Not Alone..."
"We are diving into the secret struggle most Americans face - financial stress. It's no secret that people are behind on their bills and money is tighter than ever. Join me as I break down the shocking stats, like how 50% feel broke despite earning $61k a year, and the surprising term "choiceful" spending. Plus, discover why the upcoming interest rate cuts might not be the magical solution some hope for."
Comments here:

Canadian Prepper, "Alert! Civil War; Assassination Attempt 2.0; WW3"

Canadian Prepper, 9/16/24
"Alert! Civil War; Assassination Attempt 2.0; WW3"
Comments here:

Jim Kunstler, "Beep Beep! Woosh...!"

"Beep Beep! Woosh...!"
by Jim Kunstler

Pre-blog Note: My regular website, www.kunstler.com, has been down more than a week. We’re frustrated trying to get straight answers from the host company, only vague references to “a hardware problem.” We begin to suspect that the Three-letter boys might have seized the server unit my website lived on. We’re still standing by on developments. For now, the blog is here for you on Substack, every Monday and Friday. Thanks for your support through this travail.

“Donald Trump is looking increasingly likely to be the winner of the presidential race. I have long held that the globalists will wrap up an economic collapse or a world war and throw it in Trump’s lap.” - Brandon Smith

"This time, the shooter lives to do some ‘splainin’. Do you wonder if he might get around to ‘splainin’ his role with the shady non-governmental orgs (NGOs) supported by the CIA who enabled his travels to Ukraine and his efforts there recruiting global mutts to fight for the Nazi-ish Azov Battalion? Perhaps he might rat-out actual government officials who assisted him in his colorful misadventures? As Ed Snowden remarked on “X”, wannabe Trump assassin Ryan Routh has “something of an Oswald vibe” - meaning, well-groomed by the intel boys, to be used as required.

Perhaps we’ll find out - if nothing fatal happens to befall Mr. Routh while in custody - how exactly he learned Mr. Trump would be on the links that afternoon? The candidate’s round of golf that day was supposedly a snap decision known only amongst his innermost circle. Or how did Mr. Routh figure out the most advantageous fairway to lay at for a clear shot? The FBI is on the case, you may be reassured to know.

Things political are speeding up with the autumnal quickening. The blob is truly and deeply a’fright. So many blobsters will be liable to pay for their multitudinous crimes against the people of this country if Mr. Trump squeaks back into power that such a future is unthinkable to them. And yet, nothing has worked to deactivate this...this golden golem stalking the land. Nothing to show for the immense catalog of lawfare cases concocted to drain his wealth and stuff him into a prison cell - and astounding how amateurish they all were! Engoron and Merchan, two boobies hatched out of Judicial Error Central. Fani Willis, a walking-talking banana peel! Merrick Garland, saving democracy one abuse of power at a time!

The Butler, PA, head-shot op came awfully close to eliminating their, uh, problem, but no cigar. The Palm Beach golf course ambush had a Peter Sellers vibe, wouldn’t you agree? With the rifle muzzle poking through the shrubbery behind a fence. What next? A pizza with pepperoni, mushrooms, and cyanide? Maybe try to drop an anvil on Mr. Trump’s head from a passing airplane? (Beep-beep... woosh!)

Somebody do something!!! The blob is shrieking to its minions from the sub-basement bunkers at Langley to the salons of Georgetown, to the US Embassy in Ukraine. Well, there’s always World War Three! And it looks like just such a romp is about to be instigated. You may have seen the photo last week of “Joe Biden” meeting with UK Prime Minister Keir Starmer at a big conference table, talking-up a plan to give Ukraine the green light to rain long-range missiles deep into Russia. Meaning, let NATO technicians work the targeting console to send US or British made rockets any old place over there? Like, Red Square? Or the Winter Palace, St. Petersburg? Find an actual Ukrainian to push the launch button.
How is that not a direct attack on Russia by NATO? Well, of course it is exactly that. Russia’s chief executive, Mr. Putin, clarified it for the Globalist Neocon cohort infesting NATO that such an action would bring...“consequences.” That is a word the Neocons are no longer acquainted with; it has been such a long time since they’ve crossed its path, like its boon companion, “truth,” also missing-in-action these days. And, to be fair, Mr. Putin did not specify what the consequences might be, not even a simple metaphor like a mushroom cloud, or an ashtray.

How did they even get “Joe Biden” off the beach for that photo op? It is understood by everyone over ten-years-old in America that “JB” is not available for duty anymore. The “out-to-lunch” sign hangs permanently on the doorknob of the Oval Office now. The USA does not have a functioning chief-of-state for the first time in 235 years. After 2021, some sort of unelected, informal Politburu that self-assembled in the White House, like a clot from a Covid vaccine shot, is running our affairs. Maybe Kamala Harris has a clue who is in that outfit. Or somebody in the news media could ask her (if she ever gets around to holding an actual news conference, where the questions are not previewed or scripted.) Anyone dare ask?

Kamala Harris is strangely missing from the front page of The New York Times this morning. Is that a little ominous? The debate is behind her. There will not be another, apparently. There is nothing about her schedule on the official campaign website. Has she entered fade-away mode? Is it all over now except for the ballot harvesting and the, uh, little adjustments to the Dominion vote-counting machines? Has the drinking started again?"

"Visiting Russia's Newest Metro Station: Potapovo"

Full screen recommended.
Travelling with Russell , 9/16/24
"Visiting Russia's Newest Metro Station: Potapovo"
"Join me on a fully guided tour of Potapovo Metro Station, the newest metro station on the Moscow Metro Network. Potapovo is a station on the Sokolnicheskaya line of the Moscow Metro. Potapovo is designed as a heated ground station and is the first station in the Moscow Metro."
Comments here:

Sunday, September 15, 2024

Jeremiah Babe, "Gunshots Fired At Trump; Welcome To The New Banana Republic"

Jeremiah Babe, 9/15/24
"Gunshots Fired At Trump; 
Welcome To The New Banana Republic"
Comments here:

Jim Rickards, "The Depression That Wipes Out A Generation"

Jim Rickards, 9/15/24
"The Depression That Wipes Out A Generation"
Comments here:

Musical Interlude: Michael Franti, "Hey World (Don't Give Up)"

Full screen recommended.
Michael Franti, "Hey World (Don't Give Up)"

"A Look to the Heavens"

“NGC 253 is not only one of the brightest spiral galaxies visible, it is also one of the dustiest. Discovered in 1783 by Caroline Herschel in the constellation of Sculptor, NGC 253 lies only about ten million light-years distant.
NGC 253 is the largest member of the Sculptor Group of Galaxies, the nearest group to our own Local Group of Galaxies. The dense dark dust accompanies a high star formation rate, giving NGC 253 the designation of starburst galaxy. Visible in the above photograph is the active central nucleus, also known to be a bright source of X-rays and gamma rays.”

"Trump Safe After Second Assassination Attempt; Suspect In Custody"

CBS Chicago, 9/15/24
"Trump Safe After Second Assassination Attempt; 
Suspect In Custody"
"Former President Donald Trump was golfing Sunday afternoon in Florida when 
secret service agents noticed a rifle pointing through the bushes on the golf course."
Comments here:
o
FOX 4 Dallas-Fort Worth, 9/15/24
"Trump Assassination Attempt, Full News Conference"
"Local law enforcement and the FBI discuss the attempted assassination of former president Donald Trump at Trump International Golf Club in Florida on Sunday, September 15. A secret service agent apparently spotted the muzzle of a gun while scouting holes ahead of where Trump was playing. At this time it is not known if the suspect fired, but law enforcement officers shot at the suspect. 1 person is in custody."
Comments here:

"Picture Yourself..."

“Reflect on what happens when a terrible winter blizzard strikes. You hear the weather warning but probably fail to act on it. The sky darkens. Then the storm hits with full fury, and the air is a howling whiteness. One by one, your links to the machine age break down. Electricity flickers out, cutting off the TV. Batteries fade, cutting off the radio. Phones go dead. Roads become impassible, and cars get stuck. Food supplies dwindle. Day to day vestiges of modern civilization – bank machines, mutual funds, mass retailers, computers, satellites, airplanes, governments – all recede into irrelevance.

Picture yourself and your loved ones in the midst of a howling blizzard that lasts several years. Think about what you would need, who could help you, and why your fate might matter to anybody other than yourself. That is how to plan for a saecular winter. Don’t think you can escape the Fourth Turning. History warns that a Crisis will reshape the basic social and economic environment that you now take for granted.”
– Strauss & Howe, “The Fourth Turning”

"Revenge of the Real World"

"Revenge of the Real World"
by Charles Hugh Smith

"Rather than stare at empty shelves, you have two options for distraction: You can don a virtual-reality headset and cavort with dolphins in the “metaverse” or you can trade various forms of phantom wealth that always go up (happy, happy!) because of the Fed.

Neither distraction actually solves any real-world problems, a reality we can call the “Revenge of the Real World.” We've entered a peculiar phase in American history in which illusions of wealth and control are the favored distractions from the unraveling of the real-world economy and social order.

Printing trillions of currency units can't restore the global supply chain or social cohesion. Rather, jacking phantom wealth to the moon is only accelerating the collapse of the social order and the economy even as it accomplishes absolutely nothing in terms of solving real-world problems. Let's start with the core economic realities of the 21st century…

The Facts:

1. The number of high-consumption ("middle-class") people doubled from 1 billion to 2 billion. The human populace has expanded to 8,176,703,804 individuals, but poor people who don't have enough money to consume large quantities of energy, goods and services delivered by the global supply chain don't have much of an impact on global consumption of energy and resources. It's the number of people jetting around the world playing their part in the landfill economy (toss the old one, buy a new one) who drive "growth" (i.e., waste is growth).

Strangely enough, there are actual physical limits to resources being transformed into junk being dumped in the landfills. Humanity's rapacious appetite for stuff has extracted all the cheap-to-extract resources and now all that are left are the increasingly expensive-to-extract resources.

2. Corporate America offshored most of the production of essentials to exploit the low labor and energy costs, minimal environmental standards and currency arbitrage of overseas production. The net result has been an astounding increase in corporate profits. But a funny thing happened on the way to Corporate Profit Nirvana: America became dependent on foreign supply chains. In essence, we traded national security for corporate profits. Now the real-world costs of that myopic greed are becoming apparent.

3. Global supply chains have been optimized for cheap energy and cheap credit. This optimization stripped away all the buffers as a means of maximizing profits. Once the system veered outside the narrow band of optimization, the entire system lost coherence and unraveled.

Counting on Magic: Now that the entire global supply chain has been optimized to maximize profits at the expense of buffers, the buffers are too thin to save the system from collapse. The entire dependency chain depends on cheap energy (all those cheap seats on wide-body aircraft were subsidizing the air cargo beneath the passengers' feet) and cheap credit, as consumers can't buy enough with earnings to keep the machine well-oiled. And firms in the dependency chain need ample cheap credit to function, as many have receivables that stretch out over 90 days. Without cheap credit, these firms would have to close down.

The status quo response would be amusing if the consequences weren't so dire: We don't need no stinking buffers! The supply chain for the landfill economy will not be back up to full speed any day now, the conveyor belt from China to big-box stores to the landfill will never be fully restored.

In the meantime, cavort with dolphins in the metaverse and trade tokens of phantom wealth to amuse yourself. We're counting on magic to put it all right, and if that doesn't work, then the real world's revenge will be something to behold. What about the precious dollar? Is it toast? Let’s think about this…

TINA: The consensus makes sense: The U.S. dollar is doomed because the Federal Reserve and the Treasury will conjure trillions of new dollars out of thin air to prop up the status quo entitlements, monopolies, cartels and debt/asset bubbles, and since little of this issuance actually increases productivity, all it will accomplish is the dilution/devaluation of the currency.

Put simply, the dollar will lose its purchasing power as the inevitable result of the need to print and borrow ever-increasing sums to pay interest on existing debts; fund bread and circuses to keep the masses placated; and keep inflating the asset bubbles in stocks, housing, bat guano, etc. to maintain the illusion of prosperity.

This destruction of the dollar is TINA writ large: There is no alternative. The only way to keep the status quo from imploding is to print as many trillions as are needed, and this inevitably devalues the currency to the point of worthlessness.

OK, we get it: TINA so the dollar dies. But let's consider TINA from the perspective of the deep state...

Will the Deep State Allow the Dollar to Crash? Destroying the purchasing power of the dollar destroys the engine of America's power, which is the ability ("exorbitant privilege") to conjure "money" out of thin air and be able to trade this "money" for cobalt, steel, semiconductors, etc. supplied by other nations.

If the dollar is destroyed by overissuance, then how do we buy the cobalt and other goodies we need to keep the aircraft carriers and all their aircraft in working order? This is a problem, for if we can't conjure "money" out of thin air and persuade everyone it still has value, then America's global influence dissipates into thin air.

So what the consensus proposes as inevitable is financial trickery will destroy America's global influence and its prosperity, and there's no alternative. In other words, the deep state will just throw up its collective hands and surrender its empire so Wall Street can continue inflating its bubble of phantom wealth, even as that destroys the dollar, America's global empire and ultimately its prosperity.

Is this really inevitable? Isn't it plausible that the deep state might rouse itself from its various distractions and take notice that once the dollar loses purchasing power the deep state loses all its power? Are there really no adults left in the room who can make this basic observation?

Wall Street or Empire? For the sake of argument, let's assume there are a few adults left who understand that the dollar is the linchpin of the entire empire and so it's actually worth protecting. And let's also assume these few adults understand that boatloads of parasites, leeches, speculators, etc. will have to be sacrificed, and all manner of politically sacrosanct bubbles, skims, scams, rackets, monopolies and cartels will have to be demolished, much to the dismay of the parasites, leeches, speculators, etc. who have gotten immensely wealthy off these bubbles, skims, scams, rackets, etc.

It seems impossible that the parasites, leeches, speculators, etc. at the top of the heap could be brought down. It's certainly a stretch, given their entrenched power. It seems much more likely that the game of incrementally devaluing the dollar will continue indefinitely. But what's the endgame of this devaluation? Is it really so faraway that the banquet of consequences will never be served? These sorts of things have a way of gathering momentum as self-reinforcing feedbacks kick in, and then the consequences are served up faster than anyone believed possible.

Which is more valuable: Wall Street's debt/asset bubbles or the global empire? You can't have both, so choose wisely. The contrarian bet is that the deep state finally awakens from its troubled sleep and decides the empire is more valuable than the bubbles, skims, scams, rackets, etc. and so the dollar will have to be defended regardless of the cost to those benefiting from its devaluation. Very few are willing to take that bet now, but let's get comfortable and watch the printing-borrowing-trillions devaluation game and see how it plays out."

"We Were Wrong About Everything"

"We Were Wrong About Everything"
by Mark Manson

"Each week, I send you three potentially life-changing ideas to help you be a slightly less awful human being. This week, we’re talking about: 1) logical fallacies and how they’re the reason we can’t have nice things, 2) The Backfire Effect, or why more information makes us more polarized, and 3) things I’ve changed my mind about. Let’s get into it.

1. Logical fallacies - Readers often ask me where I get the ideas to write what I write. I think sometimes they expect some elaborate system with trunks full of notecards and some indexing software with an algorithm that cross-references everything I’ve ever read with a collection of cocktail napkins I’ve scribbled on.

It’s actually far simpler than that. I get hundreds of emails from readers per day. At some point, I start noticing patterns in those emails - people with similar problems, or people who make similar mistakes. These emails pile up and eventually I get sick of writing the same response over and over and say, "F**k it, let’s do an article."

One article I’ve wanted to do for months now is about logical fallacies - errors in reasoning and assumptions we make when we’re arguing about something. Given the sh*t is hitting the fan and more people are emailing me crazy arguments than ever before, I figured an article on logic was long overdue. Check it out: "8 Logical Fallacies that Mess Us All Up" (or read it in the iOS app)

Logic doesn't usually cause people to need to change their underwear, but I hope you brought a spare pair anyway. It's an incredibly important but hugely under-read topic, so I sprinkled on some Manson flavoring for you. After all, tightening our reasoning skills prevents us from believing stupid things that are then pushed onto other people. Similarly, understanding logic helps defend us from other people’s bad ideas which, if you’ve ever used the internet, you might have noticed there are a few of them floating around out there.

2. When More Information Makes Things Worse - Last week, I wrote about how I believe social media gets blamed for what is actually just the sh*ttier aspects of human nature scaled across fast information networks known as the "internet." Actually, that’s what I tried to argue but I don’t think it came out that well. Some readers pushed back saying that even though social media may not be responsible for the litany of mental health and social problems that it gets blamed for, it’s still responsible for public discourse devolving into a cesspool of trolls, flame wars, and Twitter mobs.

In fact, Tristan Harris, the main focal point of the new Netflix documentary "The Social Dilemma," came out this week and said: "The only source of information for most people now is a machine that is designed to partially inform people, misinform people, spread conspiracy theories, and lies faster than facts."

And this is where I want to try my argument again because I think what Harris says is inaccurate. Social media algorithms do not manipulate and push users into believing awful things. People already believe the awful things and social media simply spreads them more easily. Critics like Harris imply that tech companies are sitting in Silicon Valley scheming for ways to extract more ad dollars from people’s anxiety and misinformation.

That’s a caricature of what really happens. Social media does not make us worse people. We already were terrible people. Rather, social media is the mirror that made that terribleness more widespread and apparent for everyone to see.

This is what I tried to say last week: we are not victims of some evil algorithms that cause us to think and feel in flawed ways. We think and feel in flawed ways already, the algorithms simply amplify those flaws like never before. This is why I wrote in "Everything is F*cked: A Book About Hope" that eventually, we will need algorithms that can compensate for our inherent psychological flaws, rather than simply reflect them back at us.

There are flaws in the idea that if Twitter and Facebook just showed better information, everything would be fine. How do I know this? Researchers have already tested it. A couple of years ago, researchers at the University of North Carolina ran an experiment. They took people with left-wing beliefs and right-wing beliefs and exposed them to opposing viewpoints on Twitter for a month. In all, they were exposed to over 700 messages and articles of viewpoints that differed from their own. At the end of the month, the researchers went back and surveyed the people again to see if their political views had become more moderate. They had not. In fact, they had become even more polarized than they were before.

This phenomenon has become known as "the backfire effect" - when people are exposed to information that challenges their current beliefs, they do not surrender their current beliefs. Instead, people become more convinced that they are right and others are wrong. In this way, it is possible that giving people more information and access to a wider diversity of ideas does not moderate beliefs or bring people together, but rather it fragments them and drives them apart further.

That’s not social media’s fault. That’s just human nature. Sure, Big Tech has profited off of it. But they also recognize the problem and have been quietly working towards addressing it. After all, destabilizing modern society and generating political crises is not good for any business.

3. What I’ve changed my mind about - In the spirit of challenging the natural tendency to double-down on false beliefs and remove the social stigma from changing one’s mind, I mentioned a few weeks ago that I wanted to periodically admit things that I have been wrong about and/or changed my mind about. I want to do this because I believe developing a culture where this is admired or at least respected is incredibly important if we’re going to survive in this day and age. So I encourage you to do it yourself periodically, as well.

Here’s what I’ve been wrong about: In crises, leadership matters. For a number of years, I’ve written that people focus too much on leaders they don’t like and instead ignore the larger social trends that are often dictating leaders’ unsavory behavior. I wrote this originally about Trump but it could have been written about many leaders around the world. I argued that leaders have less influence than people perceive. Well, what I didn’t realize when I wrote that was that this is probably only true in good times. When a crisis hits, leadership matters far more. Basic decisions of prioritization have widespread consequences. People look to someone to guide them morally and emotionally. And if your leader sucks, then shit is going to get bad. This is doubly painful because it’s often in crises that the biggest leaps in progress are made. Yet if you have incompetent leadership, that progress never comes, and you inevitably fall behind.

Also, some previous beliefs of mine that have been strengthened this year, in no particular order:
• Science and data should lead to policy decisions as much as possible. 
• Culture is quietly one of the most influential variables in determining the outcomes for populations, even though it is more taboo than ever to talk about it.
• A healthy and conscious attention diet is more important than ever before.
• The institutions in the US are more intractable and inefficient than even I had previously thought and it appears that things will likely have to get much worse here before they get better.

There are others, but let’s stop there before I start depressing everybody. This hasn't been a mind-changer per se, but the more time that goes on, the more convinced I become that many of the social ills that we associate with technology today are actually borne out of a deep, fundamental loneliness that has been generations in the making. I know that's not a very concrete observation, but it's where my intellectual nose is at. Until next week..."

The Daily "Near You?"

Clonee, Meath, Ireland. Thanks for stopping by!

"The Only Final Sin..."

"In a closed society where everybody's guilty, the only crime is
getting caught. In a world of thieves, the only final sin is stupidity."
- Hunter S. Thompson

"Decline And Fall"

"The Consummation of Empire", by Thomas Cole, 1836
"Decline And Fall"
by Joel Bowman

“The place and the object gave ample scope for moralizing on the vicissitudes of fortune, which spares neither man nor the proudest of his works, which buries empires and cities in a common grave; and it was agreed, that in proportion to her former greatness, the fall of Rome was the more awful and deplorable.”
~ Edward Gibbon, from "The Decline And Fall Of The Roman Empire" (1776)

"From great heights fall great empires. Ancient Egyptians to Akkadians... Assyrians to Babylonians... Hittites to Spartans to Parthians... and down on through the ages. Rise and fall. Sunrise and sunset.

In the east and in the west, all across time, political power congeals around a centralizing idea, a unifying mythology. Inwardly focused at first, a critical mass is formed, often spontaneously. Order emerges out of chaos. The core is hardened, refined, made resilient, as in a crucible. Pressure builds, intensifying to the point of implosion. With nowhere to go, the direction changes.

Centripetal forces turn centrifugal... political power projects outward... in search of new energy, new resources, new horizons. And new people and lands to conquer. Whether through trade and commerce, spear and sword, or a combination of the both, the sphere of influence is expanded. Until the core comes to depend on expansion itself as a form of sustaining energy…

Age of Empire: On average, the great empires of the world – across the east and west – stand for about 250 years. The Qin dynasty, the very first dynasty of imperial China, might have expected to exceed the average when, having conquered its surrounding rival states, founder Ying Zheng abandoned the title of king and declared himself China’s first ever emperor. The year was 221 BC.

The Qin harbored grand ambitions under Zheng’s leadership, including the creation of a centralized government, standardizing weights, currency and measurements and even the introduction of a uniform system of writing. The Qin also embarked on a massive roads and infrastructure program, including connecting various walls along the northern border (which would eventually become the Great Wall we know today).

But despite its bold aspirations, the Qin proved to be the shortest lived of all the major Chinese dynasties, with just two emperors. The enterprise ended in a bloodbath of usurpation, execution, betrayal and rebellion. The Qin’s 15 years (221-206 BC) puts it roughly on par with the little known Nanda Empire of the northern Indian subcontinent and various breakaway states from the Roman Empire, such as the Gallic Empire (260-274) and the Palmyrene Empire (260-273).

On the other end of the scale, there are a handful of empires which endured beyond the millennial mark. The Kingdom of Kush (780 BC - 350; 1,129 years) of the Nile Valley, the Chera Dynasty (200 BC - 1100; 1,300 years) of southern India, and the aforementioned Assyrians (2025-609 BC; 1,461 years) of ancient Mesopotamia, managed such unusual longevity. Only the mighty Pandyan Dynasty, one of the four great dynasties of southern India, qualifies for the multi-millennia club (300 BC - 1759; 2,059 years).

Fast-forward to our own fleeting blink in history, the term “empire” has fallen somewhat out of fashion. The world’s preeminent superpower, the United States of America, may not consider itself an empire... and yet, the US maintains between 750 and 800 military bases in some 80 countries around the world, enough to make poor old Genghis Khan bend the knee.

That’s more than three times as many military bases as the US has embassies and consulates, leaving little doubt as to whether Washington prefers diplomacy or militancy. The cost of maintaining such a presence around the world means the US spends more on its military than the next nine countries... combined.

Countries with the highest military spending worldwide in 2023
(in billion U.S. dollars)
(Source: Statista, 2024)

From Qin to Pandyan: No doubt scholars will debate when, exactly, the Age of Empire began for the United States. Was it during its era of economic dominance, following World War I... or its ascendency to military superpower, in the aftermath of World War II?

Having turned 248 this year, it may be fair to ask whether the American Empire is closer to the beginning or the end of its global dominance. In the pages of history, will she fall closer on the timeline to the Qin, or the Pandyan? And here we allow ourselves a whimsical flight of fancy, dear reader. One wonders...

Would ceding the global superpower reins really be all that terrible? The Golden Era of Athens is the stuff of dusty textbooks, and yet many are those who manage to eke out a passable existence on sunny Greek Islands (often thumbing the pages of said textbooks). So too are the glory days of the Roman Empire long gone, yet as far as we can tell, life remains stubbornly tolerable along the Amalfi Coast. Likewise has the sun set on the British Empire, and... well, scratch that last example.

(NB: Please, will a dear reader residing in the UK write in with some good news from Ol’ Blighty? It’s been a while since we’ve visited your fair shores and, judging by the news of late, we’re beginning to think all is lost...)

All is to say, what’s good for The State (warfare, welfare, mass surveillance, etc.), is not necessarily good for “We, The People.” The average American citizen, content to sweep his own stoop and tend his own garden, might even find it a relief to no longer foot the bill of being the world’s police, to suffer the privilège exorbitant of bearing the world’s reserve currency, to find his troops on every foreign shore and his politicians in every bloody pocket.

Maybe, when it comes to the all-powerful, all-seeing nature of his government, less may indeed prove to be more for decent, private citizens. And perhaps, as Thomas Jefferson once envisioned, there might be a future in which the United States of America is left to pursue “Peace, commerce, and honest friendship with all nations... entangling alliances with none.”

Pure fantasy, of course. But worth a passing, weekend reverie…"

"Edward Gibbon: On The Seven Key Indicators Of Civilizational Decline"

"Edward Gibbon: On The Seven Key 
Indicators Of Civilizational Decline"
By Kaisar

"Most modern historians are weak. But there is one who stands out above the rest. I can think of no post-Enlightenment historian who better captured why civilizations wither and die than Edward Gibbon. His 1788 work "The Decline and Fall of the Roman Empire" describes the process of collapse well, using Rome as the example. I highly recommend this read, even if using the abridged versions.

Here is a brief summary: "The Decline and Fall of the Roman Empire" is a monumental work by Edward Gibbon, published in six volumes between 1776 and 1788. Gibbon’s magnum opus provides a comprehensive historical account of the decline and collapse of the Roman Empire, spanning from the height of its power to its eventual fragmentation and fall. The work is considered a masterpiece of historical literature and a key text in the study of the Roman Empire.

Gibbon begins with the reign of Marcus Aurelius in the second century AD and traces the history of the Roman Empire through its various phases, ultimately concluding with the fall of Constantinople in 1453. You can take his causes of decline from the fall of Rome and apply it to every major national collapse since then. We can summarize these causes into seven key categories:

Internal Decay: Gibbon argues that internal decay played a crucial role in Rome’s decline. This included moral decadence, corruption, and a loss of civic virtue among the ruling class.
Military Challenges: The Roman military, once a formidable force, faced challenges such as overextension, external invasions, and reliance on mercenaries, contributing to its decline.
Economic Issues: Economic factors, including heavy taxation, inflation, and a reliance on slave labor, are highlighted by Gibbon as contributing to the empire’s decline.
Religious Factors: Gibbon explores the role of religion in the decline, emphasizing the rise of Christianity and its impact on the traditional Roman values and institutions. This created a breakdown from the original tradition, and a splintering within the foundational values of the state.
Barbarian Invasions: External pressures from barbarian invasions, particularly by Germanic and Hunnic tribes, are obviously identified as significant contributors to the fall of the Western Roman Empire.
Administrative Inefficiency: Gibbon critiques the Roman administrative system, pointing to bureaucratic inefficiency, corruption, and a lack of responsiveness to emerging challenges.
Division of the Empire: The division of the Roman Empire into East and West is seen as a weakening factor, with the Western Roman Empire eventually succumbing to various pressures while the Eastern Roman Empire (Byzantine Empire) persisted for several more centuries.

Any of those sound familiar? I have written on each one of these regarding the current American system:
Internal Decay: America Is Babylon
Administrative Inefficiency: Bureaucracy Will Destroy Us

If you didn’t know I was talking about Rome when you read the first list, you’d probably think this article was about the United States. Even the division piece – we don’t have an outright division yet, but the foundation is there, just as it was for Rome.

Remember: this work was written around 1788. When you read the above seven points, you would think it’s a critique of the current American state. But nope, this was Rome circa pre-collapse. It’s a great work, if you can stomach the sheer amount of content included. Those seven key indicators of decline are helpful to recognize; to properly discern the signs of the times. The lessons the book provides are phenomenal for extrapolating to future collapses. And pensively, to our own current condition."

Freely download "The Decline and Fall
 of the Roman Empire" here:

"How It Really Is"

 

"10 Common Logical Fallacies Everyone Should Know"

 

"Eric Weinstein: Are We On The Brink Of A Revolution?"

Chris Williamson, 9/2/24
"Eric Weinstein:
 Are We On The Brink Of A Revolution?"
"Eric Weinstein is a mathematician, economist, former Managing Director of Thiel Capital and a podcaster. It feels like the world is reaching a fever-pitch. From deep fakes to cheap fakes, AI girlfriends to senile presidents, we've never had more access to information, and yet it's never been harder to work out what is true. So, what do we do?

Expect to learn Eric’s thoughts on the 2024 presidential election, whether we are being gaslit on a global scale by the media, the future of string theory and what's next for theoretical physics, why we have canned humor and what that means as a society, Eric’s thoughts on Joe Rogan, what my biggest weaknesses as a human are and much more…"
Comments here:

Dan, I Allegedly, "The Money Was Fake"

Full screen recommended.
Dan, I Allegedly, AM 9/15/24
"The Money Was Fake"
"ATM Horror: Fake Cash Scandal Uncovered! Welcome back, everyone. It's Dan here with IAllegedly, and today's episode is a whirlwind of shocking revelations and practical advice! Imagine withdrawing cash from an ATM and being handed fake bills! That's exactly what happened to folks in Providence, Kentucky. Unbelievable, right? The bank blames the vendor, but who's really responsible? Dive into this mind-blowing story that's causing ripples nationwide."
Comments here:

Gregory Mannarino, Markets, A Look Ahead: This Week, The Final Countdown Into The Slaughterhouse"

Gregory Mannarino, 9/15/24
Markets, A Look Ahead: 
This Week, The Final Countdown Into The Slaughterhouse"
100% Free! Join My Newsletter! Click here:
Comments here: