recovery

The Dallas Pension Fiasco Is Just The Beginning

The recent blow-up of the Dallas Police and Fire Pension System was entirely predictable. The combination of overpriced financial markets, inadequate contributions and overly generous pension promises mean dozens of US local and state government pension plans will end up in the same situation.

Howard Marks: "So Much For The Experts"

"The opinions of experts concerning the future are accorded great weight . . . but they’re still just opinions. While I take a dim view of forecasts, and especially of opinions presented as facts, I do believe there are such things as facts.  Unfortunately, however, the concept of 'facts' is among the casualties of the increasingly partisan environment.  Recently we have seen both the elevation in status of 'non-facts', as well as the tearing down of 'real facts'."

2017: Change Can Be A Bitch

The political establishment has tricked itself into believing in the same illusion it’s been promoting to voters, that it’s possible to stave off, for a number of years, a deeper crisis, depression, by borrowing and printing ‘money’. But in the end no amount of fake or false news on the economic front will allow you to continue the facade for too long, because people know when they can’t afford things anymore.

Mad As Hell

Why the electorate is so pissed off...

The US Economy: Back On Track?

The weekly rail traffic report published by the Association of American Railroads provides a great snapshot of US economic activity almost in real (weekly) time. Last July we noted that we were starting to witness some signals of a trend change, now suggesting a softening. But much has happened since then, including a broadly unexpected change in the political direction of the US. Have those signals been reversed as a result?

The Eight Forces That Are Pressuring Profits

If there is any economic assumption that goes unquestioned, it's the notion that profits will remain robust for the foreseeable future. This assumption ignores the tidal forces that are now flowing against profits.

Why Has The White House Suddenly Released A Strategy For Dealing With A Catastrophic Meteor Impact?

While we should take notice at the government preparations for disaster (and the possibility of a cataclysmic collision with damaging objects in space), we should perhaps take more notice at what they are preparing for with all the billions of dollars thrown at defense and survival, it comes in secretive infrastructure for a reclusive sect of power, and in top-down plans to contain the unrest.

The Well-Reasoned Basis Of Populism

The rise of populism isn’t the politics of rejecting experts, it is the rejection of these “experts” – who quite frankly deserve more than voter disdain. Credentials have come to be seen by a very large and growing proportion of the global population to declare incompetence, having nothing at all to do with intellectual capacity apart from objectivity. It isn’t the denial of reasoned argument but rather the logical end of it.