"The funny part about immigrants staying home is the rest of us who pay for them are here at work like we've always been. Looks like less mouths to feed today. Have fun while you still can. So glad to hear about massive deportation. Let's make America great again. Thanks Donald Trump!!"
Financial engineering masks the true performance and health of companies and nations. But the damage goes much deeper, deluding decision-makers into thinking that things are better than they are, and that solutions to problems can be deferred.
"...the real issue hidden in plain sight is how America - indeed all the so-called 'developed' nations - are going to navigate to a stepped-down mode of living, without slip-sliding all the way into a dark age, or something worse."
Over the past few months interest rates and the value of the dollar have risen sharply, and monetary policy’s quantitative indicators have contracted. These monetary restrictions have worsened the structural impediments to U.S. economic growth that existed before the election and continue today...
More debt and less discipline is not the solution to a pre-existing condition characterized by the same. The price tag for failing to acknowledge and address that reality rises exponentially over time.
We are in the midst of an epidemic of fake news. Since at least Donald Trump’s election, our media have been in the grip of an astonishing, self-inflicted crisis. Despite Trump’s constant railing against the American press, there is no greater enemy of the American media than the American media. They did this to themselves.
"Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as they have predicted. I expect to see the stock market a good deal higher within a few months."
– Dr. Irving Fisher, Economist at Yale University 1929
"Intellectuals should engage in some self-reflection on why they have been consistently wrong about India... There is no point in holding out much hope for India. Rather, it is ever easier to conclude that it is on the way to becoming the next banana republic, similar to neighboring countries such as Pakistan, Bangladesh, Sri Lanka, Myanmar or Nepal."
"The problem our nation faces is a serious one. We have now paired a massive speculative bubble with an errant pin that has every prospect of creating disruption. A steep financial retreat was already baked in the cake prior to the election - there are few policies that have the capacity to make the consequences substantially better, but many that could make the outcomes substantially worse."