Despite a massive rally in the stock market, Illinois public pension liabilities continue to grow.GARS, the Illinois General Assembly Retirement System, is only 13.52% funded, down from 17% funded in 2013. How long can GARS last?
"I’ve tried my best to seek truth, reveal government deception, and generally be a thorn in the side of the establishment. Based on Mencken’s definition, I’m a dangerous man to the government, who has spread discontent among those capable of thinking things out for themselves. You may not realize it, but the war has already begun. No matter what the hell is going on, I sure hope the good guys win."
"...the lagged effects of previous money supply growth excesses are still playing out, just as money supply and credit expansion seems to be coming under pressure. This is combined with a fantasy that is so unlikely, people apparently just cannot bring themselves to doubt its veracity – after all, why would anyone tell such a preposterous story if it were not true?"
Untying Wall Street from bureaucratic rules is at least heading in the right direction. But it will only benefit the Main Street economy if Wall Street is doing business honestly, facilitating win-win deals by matching real capital up with worthy projects. That, of course, is what it is NOT doing. It is a Deep State industry aided and abetted by the Fed’s fake money.
"Speculators often prosper through ignorance; it is a cliche that in a roaring bull market, knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss."
"The important point to note here is the historical deviation between exuberance and economic realities has generally NOT been resolved by reality catching up with fantasy. It has always been the other way around."
"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