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Have We Reached A Financial Singularity?

Tyler Durden's picture




 

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

Encouraging and supporting asset bubbles is essentially the only force remaining to keep the system intact as we know it.

The Singularity is based on the idea that machine intelligence will soon exceed human intelligence, and human history is unknowable beyond that point. This concept draws from a variety of sources, but for me the foundational idea comes from the physics of black holes, in which gravity concentrates the material of a collapsing star into a point of infinite gravitation, i.e. a singularity, that is surrounded by an event horizon that marks the line beyond which observers will inevitably be pulled to their destruction in the black hole. Observers cannot go back once they cross the event horizon, but they cannot see the inside of the black hole without going beyond the event horizon.

Longtime correspondent B.C. recently proposed that the global stock markets have reached a Financial Singularity in which trading machines now control the markets. Here are excerpts of B.C.'s emails on the topic:

In some respects, "The Singularity" has occurred in the financial markets, only humans are incapable of perceiving it except by inference.I will reiterate from the past my assertion based on direct and highly suggestive personal evidence that the major US, UK, and EZ equity markets are being "managed" offshore by the TBTE (too big to exist) banks' dark pools' pass-through entities in the Caribbean banking centers, levering up US Treasury and MBS (mortgage-backed securities) holdings to jam equity index with the assistance of NYSE-Euronext exchange-sponsored HFT (high fequency trading) at the price margin. 

Were the discerning investing/speculating public to learn of the process, its objective, and successful outcome to date, I strongly suspect that most would approve, permitting the scheme to become institutionalized and expand to additional asset classes. 

Within this context, then, in the event of another bear market or crash, I fully expect the central banks will overtly print to buy bank and insurer stocks, as well as equity index futures, perhaps not unlike the way POMOs are conduct with weekly announcements about purchases, run-offs, rollovers, and various portfolio-balancing actions. There is nothing in the Fed charter that would prohibit any of this. 

Given the hyper-financialized economy and society we now have, including profits of 10-11% og GDP, financial profits/GDP at 4.5-5%, and net annual flows to the financial sector exceeding annual growth of nominal GDP, banking system liquidity, leverage, and bank book entry profits, encouraging and supporting asset bubbles is essentially the only force remaining to keep the system intact as we know it. (CHS emphasis added) 

The Fed officials and their TBTE bank owners and their rentier Power Elite owners and benefactors all know this better than anyone, and I cannot today conceive of why they would pull the plug on the bubble-pumping process at this point.

Though the fat thumb of manipulation has long been discernable in market action-- the "ramp and camp" of up days, when markets open high and stay there with virtually no change, the absurd regularity of end-of-the-day "saves" when a down day is magically reversed in the final minutes into an up day--there is a mountain of more direct evidence that central banks and states are propping up markets to serve their perception management purposes: an ever-rising market projects an image of prosperity and rewards the few who own the assets bubbling higher in value.
 
B.C. went on to explain why the Elites who own most of the stock market wealth have no need to sell their shares, even in a sharp decline:

With 40% of financial wealth concentrated to the top 1% and 85% in the top 10%, and the largest share of increase in net flows and income derived therefrom within the top 0.1-0.5% (increasingly circulating between the top-performing hedge funds, private equity, etc.), one can make the case that wealth and income inequality is in effect as high as it has ever been, even going back to the 19th century when most people had farms/homesteads, livestock, equipment, timber, and lived in villages and towns with little access to credit and a cash economy.Today, the bottom 80-90% have effectively no net financial wealth outside of imputed real property "equity", which is in effect the lender's "equity" until the mortgage debtor borrows his own "equity" from the lien holder. 

This extreme wealth inequality and hoarding of overvalued financial assets at no velocity in the rest of the economy exacerbates the drag effects of indebtedness of the economy, reducing velocity further and growth of economic activity overall. 

The unprecedented hyper-financialization and associated indebtedness and wealth concentration permit the financial markets, and the top 0.1-1% who own a controlling share of the assets, to increasingly detach from the activity of the underlying economy, which is effectively not growing per capita and after price changes.
This situation is similar to Japan since the early 2000s and in the late 19th century, although the dividend in the 1890s-1900s averaged 5% compared to 2% today. But the low dividend, low or no prospective real total return, low inflation, slow or no growth of real final sales per capita, and low discount rate is practically Nirvana-like conditions for the top 0.1-1% rentier hoarders. 

Because of the low discount differential to rates, dividends, and expected CPI, equity implied volatility will be lower but so will total returns. The top 0.1-1% are in "the domain of gains" and can afford NOT to need to earn a return above the low discount rate. 

In other words, those who own most of the financial assets and receive the largest net flows and income from financial assets don't have to sell, nor is there a net benefit from selling at the low capital gains tax rate and 0-2% discount rate. 

If those who control leverage and equity index futures prices and forward hedging at the margin are similarly influenced and situated, which they generally are, they have little motivation to pull the plug and ruin nearly perfect conditions for maintaining the status quo. 

That's a long-winded explanation for "the top 0.1-1% don't need to sell, therefore, they won't."

Thank you, B.C., for explaining the Financial Singularity: those programming the trading bots and high-frequency trading machines have every incentive to push equity valuations ever higher, and no meaningful incentives to sell. Meanwhile, J.Q. Citizen is delighted to see his IRA, 401K, pension fund, etc., rise in value due to the permanent levitation of stocks.
 
The question all this raises in my mind: could all these forces of financial gravitation lead to an unforseen implosion, a financial black hole that neither money nor wealth can escape? Those operating the machines are confident they control all the inputs and can calibrate the Financial Singularity to produce the desired output: ever-higher stock markets.
 

But complex systems are not entirely controllable--even with the amassed intelligence of thousands of trading bots and HFT machines. The only way to control the markets is to own all the assets, and perhaps that is the end-game of the Financial Singularity.

 

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Thu, 09/04/2014 - 14:20 | 5180887 Rican
Rican's picture

That's a mighty fancy way to explain greed.

Thu, 09/04/2014 - 14:28 | 5180934 negative rates
negative rates's picture

Jump motherfuckers.

Thu, 09/04/2014 - 14:51 | 5181018 Pinto Currency
Pinto Currency's picture

 

 

The fleecing started with fiat money and central banking and the fleecing is going to end fiat money.

Thu, 09/04/2014 - 15:02 | 5181074 NoDebt
NoDebt's picture

It ends when the banks own everything.

Thu, 09/04/2014 - 15:10 | 5181107 Jonas Parker
Jonas Parker's picture

No, it ends when the banks own all the fiat money! Keep stackin'!

Thu, 09/04/2014 - 15:12 | 5181122 SAT 800
SAT 800's picture

It's the only plan I can come up with.

Thu, 09/04/2014 - 18:23 | 5182163 Ratscam
Ratscam's picture

the game monopoly comes to mind

Thu, 09/04/2014 - 15:31 | 5181252 jimmytorpedo
jimmytorpedo's picture

Fiat money = debt.

The bankers already own all that.

I think we reached the singularity in 1913.

Thu, 09/04/2014 - 16:55 | 5181748 daveO
daveO's picture

They (banksters) successfully added private and public debt until 2008(debt saturation point, singularity). That's when they resorted to US bonds (public only) to partially paper over the total debt shrinkage. If they were to actually allow that to stop(quit laughing), then their stock holdings would, necessarily, become worth less. That's still well more than most debt slaves ever had and would be a possibility (last happened in the 1930's when the dollar and gold were still linked) in a real money system. A crack up boom is the only 'allowed' outcome in a fake money environment. We nearly had a crack up boom in 1980. Then, and only then, did the FED raise rates to stave it off. Only when they see their fake money being abandoned will they raise rates. Bank nationalizations(to saddle taxpayers with the failure costs) will probably follow.  

Thu, 09/04/2014 - 15:12 | 5181118 SAT 800
SAT 800's picture

All they're going to have is a piece of paper that says, "you own everything"; and by the way, "you're bankrupt".  Banks can't win this game anymore than anyone else can.

Thu, 09/04/2014 - 16:55 | 5181754 RaceToTheBottom
RaceToTheBottom's picture

We cannot win, that is true.  But we can lose.

Banksters cannot lose.

Thu, 09/04/2014 - 19:04 | 5182320 BringOnTheAsteroid
BringOnTheAsteroid's picture

Tell that to the guy who shot himself eleventy times with a nail gun.

Fri, 09/05/2014 - 09:14 | 5184005 RaceToTheBottom
RaceToTheBottom's picture

Yep, he lost his soul, poor chap.

Thu, 09/04/2014 - 20:26 | 5182611 Not My Real Name
Not My Real Name's picture

I'm handing out a green arrow for correctly spelling "lose." Twice.

Thu, 09/04/2014 - 15:17 | 5181164 MalteseFalcon
MalteseFalcon's picture

Markets?  What markets?  We ain't got no stinkin' markets.

Thu, 09/04/2014 - 19:24 | 5182384 Milestones
Milestones's picture

N.D. Or when all the Movers and Shakers are terminated--Bankers and Pols; or they are hiding out in caves in Afgan.

There are way too many moving parts they can't control.                     Milestones

Thu, 09/04/2014 - 14:30 | 5180935 john39
john39's picture

the argument about whether machines control the market is a rather clever way to hide the reality that the market itself is rigged, with or without the machines....  and moreover, people still create and program those machines...

Thu, 09/04/2014 - 14:34 | 5180948 williambanzai7
williambanzai7's picture

Thu, 09/04/2014 - 14:40 | 5180973 himaroid
himaroid's picture

Just like one big "singular" turd.

Thu, 09/04/2014 - 15:04 | 5181084 booboo
booboo's picture

there is no up/down in space so why is not north america leading the way into the abyss?

Thu, 09/04/2014 - 15:48 | 5181377 BlindMonkey
BlindMonkey's picture

Because the penguins really control the New York/London banking cabal.

Thu, 09/04/2014 - 19:20 | 5182371 willwork4food
willwork4food's picture

That reminds me of a girl I dated long ago..

Thu, 09/04/2014 - 15:51 | 5181391 Kirk2NCC1701
Kirk2NCC1701's picture

Well, well, well.  What a Quantum Well, if ever I saw one.  Well, that's a 'deep' subject.  ;-)

There is such a thing as Hawking Radiation and even a Black Hole will evaporate eventually.  In a very, very long time.  But who's got billions of years!?

Perhaps more useful and on a much Briefer History of Time, there is also such a thing as a "Debt Jubilee" -- instituted by Moses himself, as I recall.  No wonder some of his followers eventually killed him.  My guess... it was probably the Moneychangers at the Temple, who paid someone close to Moses ~ 30 pieces of silver or two pieces of Temple gold.

Alas, most Banksters these days no longer (if ever) subscribe to the Laws of Moses when it comes to the Debt Notes/Obligations outside their circles or Tribe -- and perhaps not even inside their circles or Tribe.  Instead, they are far more likely to practice some Luciferian passages of the Babylonian (pagan-inspired, rather than God-inspired) Talmud.

Thu, 09/04/2014 - 16:00 | 5181453 Kirk2NCC1701
Kirk2NCC1701's picture

p.s. Here are some of the very troubling/Luciferian passages of the Babylonian (pagan-inspired, rather than God-inspired) Talmud, that I wrote about above...

Sanhedrin 55b. A Jew may marry a three year old girl (specifically, three years "and a day" old).

Sanhedrin 54b. A Jew may have sex with a child as long as the child is less than nine years old.

Kethuboth 11b. "When a grown-up man has intercourse with a little girl it is nothing."

Sanhedrin 57a . A Jew need not pay a gentile ("Cuthean") the wages owed him for work.

Baba Mezia 24a . If a Jew finds an object lost by a gentile ("heathen") it does not have to be returned.

Sanhedrin 57a. When a Jew murders a gentile ("Cuthean"), there will be no death penalty. What a Jew steals from a gentile he may keep.

Baba Kamma 37b. The gentiles are outside the protection of the law and God has "exposed their money to Israel."

Baba Kamma 113a. Jews may use lies ("subterfuges") to circumvent a Gentile. 

Non-Jewish Children are Sub-Human 

Yebamoth 98a. All gentile children are animals.

Abodah Zarah 36b. Gentile girls are in a state of niddah (filth) from birth.

Gittin 69a . To heal his flesh a Jew should take dust that lies within the shadow of an outdoor toilet, mix with honey and eat it.

Hagigah 27a. States that no rabbi can ever go to hell.

Baba Mezia 59b. A rabbi debates God and defeats Him. God admits the rabbi won the debate.

Gittin 70a. The Rabbis taught: "On coming from a privy (outdoor toilet) a man should not have sexual intercourse till he has waited long enough to walk half a mile, because the demon of the privy is with him for that time; if he does, his children will be epileptic."

Gittin 69b. To heal the disease of pleurisy ("catarrh") a Jew should "take the excrement of a white dog and knead it with balsam, but if he can possibly avoid it he should not eat the dog's excrement as it loosens the limbs."

 

Inspired by Babylonian paganism, the 'Devil', by 'God', or lunatic ravings of some ancient psychos posing as Rabbis?  You decide.  Any way you look at it, this is pure HATE LITERATURE, that should be treated as such with the full force of Law in all civilized societies.

Thu, 09/04/2014 - 16:46 | 5181699 Thisson
Thisson's picture

Complete bullshit and lies, Kirk.  Are you a Talmud Scholar?  Of course not - you're simply copy/pasting shit from bullshit nazis.  This shit has been debunked NUMEROUS times, but, of course, you don't care to look it up, let alone learn hebrew and aramaic to figure it out for yourself.  Dumbass.

Thu, 09/04/2014 - 16:46 | 5181706 Thisson
Thisson's picture

And here's just one example of what I'm talking about for all you bigots:

 

http://talmud.faithweb.com/

 

 

Thu, 09/04/2014 - 19:04 | 5182318 IronForge
IronForge's picture

Any Talmudic Scholars from the "Tribe" care to post URLs of Text refuting/confiming the aformentioned?

I've run into so many wannabes (hangers-on) in Judaic and Hebrew studies from Cult groups, it's quite congested. 

Thanks.

Thu, 09/04/2014 - 17:50 | 5181922 MarsInScorpio
MarsInScorpio's picture

Kirk:

 

Do your reputation a favor and stay out of Bible history - unless you are actually going to learn some.

 

" No wonder some of his (Moses) followers eventually killed him.  My guess... it was probably the Moneychangers at the Temple, who paid someone close to Moses ~ 30 pieces of silver or two pieces of Temple gold."

 

A little confused about Moses and Jesus, aren't you?

 

How Moses died: Deut 34:1-8

Then Moses went up to Mount Nebo from the plains of Moab and climbed Pisgah Peak, which is across from Jericho. And the Lord showed him the whole land, from Gilead as far as Dan; 2 all the land of Naphtali; the land of Ephraim and Manasseh; all the land of Judah, extending to the Mediterranean Sea; 3 the Negev; the Jordan Valley with Jericho—the city of palms—as far as Zoar. 4 Then the Lord said to Moses, "This is the land I promised on oath to Abraham, Isaac, and Jacob when I said, 'I will give it to your descendants.' I have now allowed you to see it with your own eyes, but you will not enter the land."

5 So Moses, the servant of the Lord, died there in the land of Moab, just as the Lord had said. 6 The Lord buried him in a valley near Beth-peor in Moab, but to this day no one knows the exact place. 7 Moses was 120 years old when he died, yet his eyesight was clear, and he was as strong as ever. 8 The people of Israel mourned for Moses on the plains of Moab for thirty days, until the customary period of mourning was over.

Holy Bible, New Living Translation ®, copyright © 1996, 2004 by Tyndale Charitable Trust. Used by permission of Tyndale House Publishers. All rights reserved.

 

The story of the money-changers has to do with Jesus - who overturned their tables at the Temple. By then, Moses was long-gone from the Earth.

 

However, the money you refer to was paid to Judas to rat out Jesus - so you are only off a couople thousand years.

 

I can see why the Bible doesn't make any sense to you, especially now that I see you are throughly confused about what it says . . .

-30-

Fri, 09/05/2014 - 03:28 | 5182366 BringOnTheAsteroid
BringOnTheAsteroid's picture

I still don't understand why you think anything written in the bible is factual. Do you assume someone was following all the characters around with a dictaphone or pen and pad and recording what they said and when they said it. Saying you have faith that what is written is correct is just stupid, akin to having an advanced brain tumour and having faith it will go away. The bible had only begun to be written some 70 years (by some accounts) after Jesus died, so what the hell? After the last theological debate about Noah's ark I was holding off mentioning something that completely and utterly destroys the stupid notion. I was waiting to see if the Noah fans brought it up even in passing but, no, of course not. They think only as far as the black ink marks on the paper the bible is written on.

Thu, 09/04/2014 - 17:51 | 5182022 GooseShtepping Moron
GooseShtepping Moron's picture

There were no moneychangers in the temple in the day of Moses, nor was there even a temple. The Ark of the Covenant, along with the sacrificial altar, the lampstand, and the laver, were kept in a tabernacle that traveled along with the camp. There is a detailed description of all this in Exodus.

Moses was not murdered by the Israelites either. He died after having beheld the Promised Land, which he made himself unworthy to enter by "distinguishing with his lips," i.e. bragging about being able to strike water from the rock. God indeed commanded that he strike the rock in order to slake the thirst of Israel, but the showboating was an uncharacteristic addition of Moses' own making and he was duly punished for it, though he died in the peace of God.

Thu, 09/04/2014 - 23:10 | 5183119 BringOnTheAsteroid
BringOnTheAsteroid's picture

And you know all this, how? Ah, because it was written in the bible which is a self proving artefact on account of being holy, as in, how do you know it's true, because it's written in the bible. Stick the word holy in front of something and it no longer lends itself to question.

Thu, 09/04/2014 - 15:01 | 5181058 booboo
booboo's picture

and when it becomes self evident that letting it dump will produce a greater wealth distribution to the 0.01% they will let it go.

The Feds misplaced concern about a bunch of serfs hoading their few shekels in a tin can under the outhouse is just noise to squeeze the last ounce of fluid from a flattened opossum in the middle of Interstate 80.

Thu, 09/04/2014 - 15:03 | 5181075 SAT 800
SAT 800's picture

I like that language. A financial singularity. Always in the past, there was real money, somewhere, that things and failed fiat experiments could be re-valued to; the British Pound, The US Dollar; now there's nothing. This bears thinking about. I'd be willing to say we are in a financial singularity; certainly we're in a situation never before seen, or even imagined, since the beginning of modern banking and bookkeeping. A world without money. A completely unstable and de-stabilized world of promises, threats, risks, and debts, with no means of paying them. Gold extinguishes debt; debt paper does not. During the French Revolution, when power actually did go "to the people", God Forbid; they played at play money; but they were able to be ordered back on to a Gold Standard by Napoleon; so they could function in a world with other real monies. Now we have idiots playing three card monty with national currencies and who or what can ever bring this tilt-a-whirl back to some semblance of normal functioning? God only knows. but a prudent person would suspect that Gold will be involved one way or another.

Thu, 09/04/2014 - 15:36 | 5181293 centerline
centerline's picture

We are past the event horizon for sure.  On the other side, however long that is from now (20-30 years maybe), the world is going to be such a different place that none of us would recognize it.

Thu, 09/04/2014 - 16:31 | 5181634 daveO
daveO's picture

The US will be broken into 3, at least. That's a good thing. Choose your new home carefully.

Thu, 09/04/2014 - 16:42 | 5181680 centerline
centerline's picture

Reminds me to buy that rossetta stone thing for "espanol."

Thu, 09/04/2014 - 19:00 | 5182303 Citxmech
Citxmech's picture

As far from DC as possible.

Thu, 09/04/2014 - 17:10 | 5181828 August
August's picture

"This monkey thing just isn't working out."

- God

Thu, 09/04/2014 - 17:35 | 5181884 Radical Marijuana
Radical Marijuana's picture

Rican:

"Greed" is a trivial psychological term to explain what is going on, without actually explaining anything. AFTER creating globalized systems of electronic frauds, backed by the threat of the force of atomic weapons, human motivations are now merely the ancient archeology of that system, which may assist to understand how that system developed, but otherwise is no longer relevant.

There is no doubt that we have already gone through the event horizon into a social black hole. The foundation of the political economy has been enforced frauds for a long time, automatically getting worse, faster, at an exponential rate. However, the runaway, already irreconcilable social polarization driven by the triumphs of the "greedy" is relatively trivial compared to the irreparable destruction of the natural world, driven by the same basic "greed."

The important things were not the mere superficial psychology of motivations, but rather the means used to achieve those goals. The international bankers were the biggest gangsters, the banksters, that applied the methods of organized crime to dominate the political processes, in order to drive the established of systems of legalized lies, backed by legalized violence. Effectively what happened was that the power to rob was privatized, through the legalized counterfeiting of the public "money" supply out of nothing as debts by private banks. At the same time, that privatization of the public "money" supply became a metastasizing cancer, that spread throughout the school systems, and mass media, and every other social institution, because the triumphs of legalized fraud were able to leverage themselves up and up, to ratchet their way to almost total dominance over every aspect of civilization.

Merely "greed" without the successful application of the methods of organized crime to capture control over the powers of governments is a trivial psychological explanation of how and why a social black hole of financialization was created, which was based on fundamentally fraudulent financial accounting systems, backed up by the force of governments. Moreover, the social effects of that legalized fraud were relatively NOTHING compared to the destruction of the natural environment enabled by a fraudulent financial system, which could create "money" out of nothing to "pay" for strip-mining the planet, in ways which turned to world's oceans into sewers, etc. ...

It is RIDICULOUS to resort to facile, superficial, psychological explanations for what has happened. Instead, one should look at the actual mechanisms, and especially look at the science and technology which enabled those mechanisms to become extended to astronomically amplified orders of magnitude.  The successes of the ruling classes being able to operate systems of debt slavery, backed by wars based on deceits, have gone out of human control. Their fundamentally fraudulent financial accounting systems succeeded in privatizing the profits, while socialized the losses, however, that did NOT mean that those losses did not exist. Rather, the real consequences continued to accumulate. The society as a whole was pulled into a social black hole, of irreconcilable social polarization, whereby 90% of the people became collectively too trivial to matter to the political economy based on financialization frauds, where the "money" created out of nothing to gamble with became at least a couple orders of magnitude bigger than all the rest that was used to pay for things like food or fuel.

High Frequency Trading was AUTOMATED FRAUD, enabled inside of system which was based on triumphantly runaway frauds. However, again, the social effects of that were relatively trivial compared to the environmental effects. The destruction of the natural environment has been on an exponential growth curve. Therefore, that follows the pattern that by the time one begins to notice that is happening, it is already too late, because of the accelerating rate at which it is happening. The established, fundamentally fraudulent, financial accounting systems enabled human beings to overall operate through attitudes of evil deliberate ignorance towards the basic laws of nature, because human civilizations were controlled by huge lies, backed up with lots of violence, in which only the privatized profits achieved through those means counted, while the socialized losses were denied and disregarded. The cumulative effects of that are that we are not only going past the event horizon into social black hole, we are also going past the event horizon into an environmental black hole.

The only theoretically sufficient solutions would be for us to go through intellectual scientific revolutions that could comprehend the physics that made the globalized electronic frauds backed by atomic bombs become realities, in ways which then could be applied to political science. We should be understanding how and why the real mechanisms operated to enable human "greed" to become orders of magnitude BIGGER AND BIGGER! However, tragically, that appears to be practically impossible at the present time, since most people continue to want to believe in various old-fashioned religions or ideologies, and thus, to promote superficial and silly psychological explanations for things, when we should become more scientific about the real mechanisms of natural selection, which created systems of artificial selection based on the triumphs of deceits backed by destruction, or enforced frauds. Since the chances of enough people doing that is practically zero, instead, the most probable futures are that we ARE going to go THROUGH those social and environmental black holes, which will destroy civilization so thoroughly that we can not imagine whatever might emerge on the other side.

http://www.albartlett.org/

"The greatest shortcoming of the human race is our inability to understand the exponential function." 

 

We are approaching combined social and environmental black holes at exponentially accelerating rates. The mechanisms were not merely psychological, but rather, primarily due to the application of the principles and methods of organized crime through the political processes. To more fully face those facts we should accept that the only genuine resolutions to our problems must be better organized applications of the methods and principles of organized crime, because scientific understanding of human energy systems as manifestations of general energy systems necessarily results in perceiving all human realities as systems of organized lies operating robberies. The primary reasons how and why we have been driven towards social and environmental black holes have been the runaway social triumphs of lies backed by violence controlling civilization, to create systems of legalized lies, backed by legalized violence, or enforced frauds dominating everything that human civilization did. However, there are NO ways to "stop" that, because there are NO ways to "stop" the flow of energy. Rather, instead of superficial psychology, we need deeper psychology, which understands how that was another evolutionary ecology. Of course, there are no good reasons to believe that will happen, while plenty of reasons to expect human habits to continue to promote their silly psychologies based on the dualities of false fundamental dichotomies and their related impossible ideals, which are so unscientific as to be anti-scientific. Therefore, one is forced to the currently unavoidable conclusions that we are going THROUGH the more and more rapidly developing social and environmental black holes, which have been created by human civilization being controlled by enforcing frauds. Sure enforcing frauds was based on "greed." However, that was amplified by scientific technology, and nothing but radically different scientific technology, especially through revolutionary political science, might be able to cope with us going through social and environmental black holes, to perhaps adapt and survive those processes.
Thu, 09/04/2014 - 17:57 | 5182039 Rican
Rican's picture

Chicken and egg, my man. Sure all those machinations exist. Why? Greed.

Thu, 09/04/2014 - 20:41 | 5182657 Sparkey
Sparkey's picture

 

Hello Rican

 

What rules men?

 

There has been a search on for many years looking for foreign DNA here on Earth, so far, all life sampled shared some DNA suggesting all life on Earth shares a common ancestor.

 

My thesis; Instinct rules all life on Earth, this is obvious when looked at in a certain way, with the aid of certain assumptions, My main assumption is; Life began in the sea, somehow, in fashion unbeknownst to me, the essence of life, and the conditions to sustain it met here on Earth, that first cell, (Under the command of instinct!) ingested, split, ingested and split, eating splitting and morphing for thousands of millions of years until now it has become all we see around us, and all we see, alive, around us is guided by instinct, including people, some people accept that, some others are offended by the idea, feeling that somehow they had been promised a special status in the great scheme of things by non other than 'God' It's self, in whose image they imagine they were made, all life, being related, reflects whatever created it's common ancestor, if some folks want to 'believe' the common ancestor looks like them and they have a 'Book' which says it does,,,well what is the harm in that? Who's interests are harmed by the essence of this belief??? I think no one's, what do you think?

 

What is what we, with our language skills, pejoratively characterize as greed, and how did it begin, and what does it have to do with the expression of instinct that rules all life?

 

Greed, is instinct unbound from the inhibitors that limited it's effects, many creatures instinctively set something aside for a 'Rainy Day' so to speak, Squirrels and nuts, Dogs and bones, etc. so did we people begin to store food and fuel as we evolved, the inhibitor was, there is no point in taking more than you could use as it would simply spoil.

 

During our evolution we discovered the concept of Money, now everything is monetized, money doesn't spoil so there is no limit on how much money some one can accumulate, it is only vaguely understood that the only real thing in the World is the World it's self, the creation of Money requires the destruction/conversion of the World to make the money eventually the insatiable, instinctive desire for more will exceed the World's (Weakened by the destruction unbridled instinct is creating), ability to provide, then the World will no longer be a habitat for our species, Oh! Well, easy come easy go! I guess.

 

Thu, 09/04/2014 - 20:46 | 5182668 Radical Marijuana
Radical Marijuana's picture

Rican,

I repeat:

The important things were not motivations, but rather the means used to achieve those goals. Human motivations are ancient, millions of years old at least. Greed is nothing new. What IS new are the technologies to amplify that. Some people were always greedy, however, the significant differences were the degrees to which being able to organize to achieve their goals.

I agree with the "Chicken and Egg" situation there. However, the deeper problems, which theoretically could be understood better and something done about them, are the social incentives that reward greed, or do not reward greed. As William K. Black has presented very well, it could have been possible to change the incentive systems to prevent runaway frauds from taking over so totally. However, the degree to which the banksters controlled the government made that impossible.

Greed will always be an aspect of animal nature. However, after any group in society starts to get away with fraud, then that society is doomed to self-destruction, as it spirals through vicious cycles of more enforced frauds enabling more enforced frauds, which frauds never stop being false, no matter how much they are enforced. That social black hole is NOT merely due to the psychology of greed, but rather due to the ways that successful applications of the methods of organized crime, primarily through the funding of politics, enabled the creation of a system of government enforced fraud.

While nothing could be done to stop greed from being one of the basic aspects of human nature (which I regard as being derived from the more primary emotion of fear), theoretically something could be done to change the monetary system, and enforce the rule of law, so that greed was not incentized so overwhelmingly, as it is now, with almost no checks and balances left, because the biggest gangsters, the banksters, were able to capture control over the government.

Being able to control the government, in order to legalize frauds, goes way, way beyond any other sort of superficial greed. Furthermore, being able to use electronic means to automate those frauds, so that they run faster, also goes Way Beyond Human Greed. Allowing the banksters to get away with legalized frauds has created a globalized system of electronic frauds, in which computers are now doing things that human beings no longer can comprehend nor keep up with. In a real sense, therefore, human greed has been programmed into the computers running the financial markets.

Surely, when we get to the point of COMPUTERIZED GREED, then the human psychology of "greed" has been exceeded in ways where continuing to rely upon human psychology to explain anything has become useless. Whatever the spiral of chicken and egg events that got that going, it has jumped the rails now! It IS an out-of-control spiral towards social and environmental black holes, which no old-fashioned concepts regarding human psychology could comprehend in any useful way anymore!

Thu, 09/04/2014 - 20:58 | 5182731 Sparkey
Sparkey's picture

Absolutely Correct Radical, machines are tools, tools are used to increase 'Production" of course those who own the machines will set them to pillage this is how the urging of instinct are answered, I want more,,,so does everyone, when they have the chance to get more,,it is notural, it is instinctive!

Fri, 09/05/2014 - 03:28 | 5183073 Radical Marijuana
Radical Marijuana's picture

Sparkey, I begin with the idea that as soon as we define any organism as separated from its environment, then it necessarily operates as an entropic pump of energy. Human culture, through the symbolism of "money," enables that to be amplified, and electronic "money" made out of nothing as debts enables that to be amplified to astronomical SIZES.

At the same time, one of the things that natural selection did over and over again was enable evolutionary ecologies to cope with living within the limits of their environment. In that context, the crucial problems today are the emergence of new way of living (through the industrial revolution) which have NOT developed sufficient industrial ecologies.

Both the social debt engines and the physical steam engines were first developed at about the same time. That has now become electronic frauds, backed up by the force of atomic bombs. There has been no time to develop better industrial ecologies to deal with those. Instead, we are at the beginning of possible new kingdoms of life. However, at the present time, it is hard to imagine how that new kind of civilization, based on the industrial revolutions, could ever survive having done that long enough to evolve ecologies which could live within the limits of the environment to be able to sustain those technologies.

Although theoretically possible, instead, massively mad self-destruction appears more probable. It is NOT clear how "instincts" are going to develop in computer/machine entities. However, IF civilization survives, then there is no doubt that we will see future "singularities" where there emerge computers that are smarter than individual human beings, and then computers which are smarter than all human beings combined.

Of course, in my view, no matter how smart any computer gets, it will be still stuck with the paradoxical ways that modeling the world, with a model of the modeller within its model of the world, would suffer from limits to measurement, as well as find infinite tunnels of self-reference within itself, through its model of the world, modeling itself modeling the world.

In the real world, the ability of any entity to be greedy runs into limits, from different environmental factors, including, perhaps, other entities like itself. At the present time, in the human world, the ruling classes were able to practically annihilate the checks and balances that were supposed to limit their greed, because they were able to take control over the monetary system, and then use that power systematically, for generation after generation, to reduce the majority of the people that were ruled over into incompetent political idiots, or Zombie Sheeple.

Our political economy has allowed greed, enabled by legalized frauds, to become a runaway fascist plutocracy juggernaut, that is turning most other people into its road kill. One of the reasons for that is that most people continue to use old-fashioned religions and ideologies, with their useless bullshit psychology, to pretend to understand things, when all the actually did was give phenomena some labels. Neither the words "greed" nor "instinct" are sufficiently scientific to provide any better approach to understanding the problems that we now face. Meanwhile, all our problems automatically get worse, faster, as the instinctive greed gets powered up and up and UP, without any better responses to balance that out ... rather than allow the triumphs of enforced frauds to become more unbalanced.

In my opinion, there is no reasonable doubt that is going to get way worse. There is practically zero chance of actual politics becoming more scientific, rather than continuing to be dominated by old-fashioned religions and ideologies. Therefore, what I expect will actually happen is that we will continue to power full speed ahead into social and environmental black holes. I expect that during the next Century or so, the majority of human beings will end up being mass murdered, due to collective stupidity, and inability to adapt to having developed science and technology, in ways which primarily ended up enforced frauds, which meant that civilization continued to be controlled by lies, so much, for so long, that it madly destroyed itself.

The world today is full to the brim, and indeed, overflowing, with urban barbarians who exploit technologies without any understanding of the science behind those. That is demonstrated more than anywhere else by the electronic frauds we now call our monetary system. It is useless, or worse, to look at electronic frauds, and still use labels like "greed" or "instinct" to pretend to be explaining or understanding those ... However, I have no doubt that the majority of people are going to continue to be that stupid.

But still, the universe we are observe IS awesome:

http://www.youtube.com/watch?v=rENyyRwxpHo

Laniakea: Our home supercluster

Thu, 09/04/2014 - 18:59 | 5182295 blindman
blindman's picture

one better, power. the power to institute
an abomination of reason, sense and justice
and call it law, justice and "property".
the "property" system, the "money" system
and the "legal" systems have all become
entirely corrupted. cede & co. dtcc.
federal reserve. abominations in the truest
sense of that word. the talking head-wits in journalism
have no idea, the academics, the poets, the artists,
the religious and political leaders .... have all gone
deaf and dumb-blind. the people don't stand a chance
here, overrun by parrots.
.
have a nice day.
.
http://pinkmonkey.com/dl/library1/sense.pdf

Thu, 09/04/2014 - 14:20 | 5180889 redpill
redpill's picture

To paraphrase Carlin, it's one big game of monopoly, and you ain't the banker.

Thu, 09/04/2014 - 15:10 | 5181012 tawdzilla
tawdzilla's picture

At least in the game of Monopoly, you get $1500 with which to start the game, and you get $200 for each time you pass "go."

In the game of life...no money to start the game...in fact, you start the game deep in debt.  Oh, and when you pass "go," not only do you not get $200, but you get charged a hidden inflation tax of 3%, so however much money you have amassed is worth less and less each time around the board.  

Thu, 09/04/2014 - 15:00 | 5181055 Kirk2NCC1701
Kirk2NCC1701's picture

True.  But the objective of the "Game" is to buy up and put up hotels on the green and blue colored streets.

Those who are close to the bankers, get to do just that.  Alas, that's usually the Banker himself, or his family & tribal friends, when playing the real-life Game.

Play accordingly.

Thu, 09/04/2014 - 17:29 | 5181911 TruthHunter
TruthHunter's picture

"Game" is to buy up ... hotels... "

The "game" often ends when the least mature loser dumps the board.

This all ends when everyone who owns a suit goes to the guillotine or

the firing squad ala Stalin or Pol Pot.

Thu, 09/04/2014 - 14:22 | 5180901 Hohum
Hohum's picture

When you cannot create wealth, create faux wealth.

Thu, 09/04/2014 - 14:28 | 5180933 exi1ed0ne
exi1ed0ne's picture

Why give the slaves anything with actual value to buy their trinkets in the canteen?  Smart ones might buy their freedom and escape.

Thu, 09/04/2014 - 15:02 | 5181066 Kirk2NCC1701
Kirk2NCC1701's picture

SPARTACUS!

Thu, 09/04/2014 - 14:24 | 5180910 highly debtful
highly debtful's picture

At this point: is there another planet I could move to? Another country won't do anymore, I'm afraid. 

Thu, 09/04/2014 - 14:35 | 5180949 therover
therover's picture

Planet Hollywood ? 

Thu, 09/04/2014 - 14:26 | 5180918 explosivo
explosivo's picture

If machines are the only market participants, it isn't a market. Once that fact sinks in with people things will change. 

Thu, 09/04/2014 - 14:31 | 5180926 Dubaibanker
Dubaibanker's picture

Financial singularity or not, here on planet Earth, much before the computers are going to take us all over, one of the largest banks in Turkey, Islamic, no less, is going under....

Welcome to the races, where banks fall faster than dominoes, from Portugal, to South Africa and now coming to Turkey this weekend. USD 9bn in assets...that's a big chunk of money and with 282 branches. http://www.bankasya.com.tr/en/about-us.aspx

Any country that cannot print unlimited money nor control the rating agencies will struggle in the future with bank collapses.

Wonder which country/bank is next? 

Turkey's Banking Watchdog Places Islamic Bank Asya Under Watch
Thu, 09/04/2014 - 14:35 | 5180950 Al Huxley
Al Huxley's picture

This is fucking dumb.  Sorry, but 'the financial elites have no reason to sell' as the explanation for ever-rising equity prices is just fucking stupid.  Charles, are you not familiar with the 'egg man' story - the guy who drives the price of eggs up with his futures contracts purchases and then when he calls his broker, the broker says 'to who?  You're the egg man'? 

For god's sake, how dumb do we all have to get before this mountain of bullshit finally collapses after being seen for what it is?  Do we really need to go as far as the sovereign equivalent of pets.com?

Thu, 09/04/2014 - 16:18 | 5181565 JRobby
JRobby's picture

Exactly, the bots will turn on them as they do when "sell" button is hit.

Thu, 09/04/2014 - 16:45 | 5181696 css1971
css1971's picture

Yes.

Thu, 09/04/2014 - 14:35 | 5180954 Bossman1967
Bossman1967's picture

wtf did that article say? a fucking machine will eventually get hacked and all who depend on it will be crying foul?!?! I can't seem to get a handle on what I see in these markets and what I am doing being safe and practice. I feel like a schmuck for doing all the rite things and I watch markets and the USD going higher based on what other countries fucking up even more. well owning my PM may put me on the street but I'll lie on them at night uncomfortably untill this shit makes sence!

Thu, 09/04/2014 - 15:07 | 5181079 BlandJoe24
BlandJoe24's picture

USD is still the world's reserve currency, the US ecomnomy is still the "least bad" of the largest economies, and if the crash turns out to be deflationary "cash will be king", so... it does make sense to diversify into some cash as part of being prepared.

Thu, 09/04/2014 - 14:37 | 5180963 sainchaw
sainchaw's picture

as for the end game singularity: how mcuh is a stock worth that no one will/can buy? 

Thu, 09/04/2014 - 14:39 | 5180977 Al Huxley
Al Huxley's picture

By the way - so JQ public is delighted to see his 401K rising?  Sure, but JQ Public isn't the 1%.  He HAS to sell to fund retirement - who's he sell to?  Ah, the financial elites, who, after attaining massive wealth through supposed business savvy are now willing to pay any price to own equities and an infinite supply of bonds, because what, the fun is in the ownership?  They're never going to sell (according to the premise of the article) and most 'growth stocks' pay no dividends, and yields on bonds are non-existent (the only reason to purchase is to realize capital gains) so why buy?  Why is this not fucking obvious? 

Yes, the market is going stupidly up, but why explain it as some new fucking dynamic in the markets, have we learned NOTHING from lessons taught by the market even 8 fucking years ago?

Thu, 09/04/2014 - 14:56 | 5181046 viahj
viahj's picture

there won't be enough new market entrants (newly employed 401(k) funds) to purchase the excellerating sell by retirees.  it the top isn't buying....what is the Fed to do?

Thu, 09/04/2014 - 16:44 | 5181686 css1971
css1971's picture

 

but why explain it as some new fucking dynamic in the markets,

"New Paradigm". See the dynamics of a bubble chart up above.

 

have we learned NOTHING from lessons taught by the market even 8 fucking years ago?

Seriously? You ask that question?

Thu, 09/04/2014 - 14:40 | 5180979 joego1
joego1's picture

My singularity ends up looking like a goose egg every month.

Thu, 09/04/2014 - 14:51 | 5181017 BlandJoe24
BlandJoe24's picture

Charles, you say the elites have no motive to "pull the plug" and sell.  What IYO are other forces/events that would precipitate a collapse beyond the elite's capacity to stop it? 

Thu, 09/04/2014 - 14:54 | 5181035 astoriajoe
astoriajoe's picture

aliens.

Thu, 09/04/2014 - 14:53 | 5181027 ebworthen
ebworthen's picture

The real black hole is when the bottom 30% and middle 50% don't have enough income to make it.

If the subsidization doesn't continue, and the middle can't make it, the top 20% will get taken down.

It won't matter how many bullets they have.

Thu, 09/04/2014 - 14:53 | 5181028 ShrNfr
ShrNfr's picture

"that is surrounded by an event horizon that marks the line beyond which observers will inevitably be pulled to their destruction in the black hole." This is not strictly correct. You can escape from the beyond the event horizon of a black hole. It is likely you will get sucked into the hole, and it may take close to an infinite amount of energy to escape, but escape you can. For instance, we are beyond the black hole that exists in our galaxy at its center. The only thing that is invenitably sucking us to our doom is the Fed. But that is what the Fed does best.

Thu, 09/04/2014 - 15:59 | 5181450 Pure Evil
Pure Evil's picture

I can't imagine Yellen being able to suck the chrome off a bumber, but then what do I know.

Thu, 09/04/2014 - 15:07 | 5181089 john_connor
john_connor's picture

I usually love the author, but this article may mark the top.  It is going be scary when the real selling starts.

Thu, 09/04/2014 - 15:07 | 5181091 Oldwood
Oldwood's picture

We passed the event horizon years ago. There ain't no going back.

See you on the other side.

Thu, 09/04/2014 - 15:13 | 5181126 messymerry
messymerry's picture

I thinks less like an implosion and more like a hypernova...

http://en.wikipedia.org/wiki/Hypernova

Gird your loins ZHers,,,

 

Thu, 09/04/2014 - 15:18 | 5181171 Kirk2NCC1701
Kirk2NCC1701's picture

Stock shares are great assets to have -- as they (appear to) convey a part-ownership of a successful (?) enterprise.

Alas, not all enterprises are successful (no news here!), nor are all "shares" equal (known but ignored by most), nor are all share "certificates" the same (known by very few).

In the case of the latter, if your "shares" are held by an intermediate party (your Broker) and they show your share of ownership on some printout, you "own" it only in "fair weather" conditions.  If TSHTF or that broker/intermediary goes broke (think 'Lehman'), you own JACK SHIT and the fine print (that no one bothers to read and study) will cover that.

That's why SERIOUS investors (the 0.1% and Zionists) who actually know what the frig they're doing (with a "Buy & Hold" strategy), actually own the Stock Certificate issued by the enterprise whose name it represents.  And they keep these Certificates in a very "safe" place:  A quality safe.  At home, at the bank or offshore.

Thu, 09/04/2014 - 16:21 | 5181587 daveO
daveO's picture

Bond holders own the companies. Stock holders are just 'wanna be' owners, in many cases. Just watch the next bankruptcy proceeding to see the real owners (Gov. Motors being the exception, of course).

Thu, 09/04/2014 - 15:32 | 5181265 Professorlocknload
Professorlocknload's picture

"The question all this raises in my mind: could all these forces of financial gravitation lead to an unforseen implosion, "

There now, Charles. You have gone and said it. That event would be called, in other words, the end result of a Crackup Boom.

Thu, 09/04/2014 - 15:40 | 5181315 Oldwood
Oldwood's picture

But would it be a crackup boom if the black hole prevented any sound waves from escaping the event?

Thu, 09/04/2014 - 16:01 | 5181463 Pure Evil
Pure Evil's picture

I would think buy now Yellen would be able to fake an orgasam.

Thu, 09/04/2014 - 16:44 | 5181689 Professorlocknload
Professorlocknload's picture

Well, maybe Crackup Suckup fits?

Thu, 09/04/2014 - 15:38 | 5181306 I Write Code
I Write Code's picture

Mostly yes but a couple of points, first that most of the manipulation is clearly by the Fed although the exact mechanism has never been disclosed, and second that it is not ONLY by the Fed and the recent bond rally is entirely exogenous.

Also I don't quite follow this "rich guys don't sell" business.  Yes strong hands have always held through dips, but smart hands let go if things aren't going to recover soon.  So maybe he's saying the rich are strong but not smart?  Or else that the dip is going to be temporary.

Thu, 09/04/2014 - 15:42 | 5181341 Oldwood
Oldwood's picture

This has been my question...if you are getting out of stocks, what are you getting into, cash? It doesn't seem there is any safe place to hide your wealth which leads me to believe that they will stay put. Even if stocks do not climb higher, with currency devaluation and instability of banks, stocks may not seem all that risky.

Thu, 09/04/2014 - 16:13 | 5181527 highly debtful
highly debtful's picture

Oh, there are alternatives. Have you seen the prices at auctions for vintage cars and works of art? By the way, that's where you're seeing the first signs of serious global inflation, hence a lot of trouble down the road. The rich are diversifying into hard assets. Buffet bought his very own railway company aka transportation system consisting of all kinds of hard assets to move goods from A to B. He did not just buy a certain amount of shares, no, he actually bought the company, lock stock and barrel. That's an entirely different mindset. Tells you something about his view on all things purely financial.

Thu, 09/04/2014 - 16:48 | 5181721 Professorlocknload
Professorlocknload's picture

Yup, anything real. Not paper receipts for such.

Thu, 09/04/2014 - 15:52 | 5181401 mastersnark
mastersnark's picture

Smash the machines. Hang the tyrants. Repeat.

Thu, 09/04/2014 - 16:21 | 5181581 gcjohns1971
gcjohns1971's picture

Plantation Earth.

Thu, 09/04/2014 - 16:36 | 5181659 Last of the Mid...
Last of the Middle Class's picture

Thank God I don't live in a big city. Secure your food and water supply chain, mount effective perimeter defenses and have lots of suitable shiny objects to trade. We're going back to the caves boys.

Thu, 09/04/2014 - 16:38 | 5181662 css1971
css1971's picture

New paradigm,,,

http://marketpredict.com/articles/images/bubble-lifecycle.gif

HTH. Course I've been getting crushed on my short position for months and gave up last week.

BTW, the singularity is utter bollocks. It doesn't take into account real physical limitations, the way nature has done with biological entities.

Thu, 09/04/2014 - 17:33 | 5181933 limacon
limacon's picture

A Financial Singularity is too unstable in the run-up .
The bigger the concentration of money , the smaller the chance factor that shatters it (usually involving war)

See how the Habsburgs fared with Napoleon.
It very easily could have been very different . See

http://andreswhy.blogspot.com/2007/02/napoleon-emperor-of.html

Thu, 09/04/2014 - 17:57 | 5182010 besnook
besnook's picture

the system is basically a dynamic algo that can theoretically continue ad infinitum as long as there is no huge immediate need for liquidity, whether needed to pay debts or wage war. that is the game being played today. the pig just needs to be fed(pun intended) to be kept alive for the greased pig contest. the 2008 disaster provided all the tools for the prevention of any future unexpected gyrations. why do you need humans gumming up the works with bot program trading bringing the same results with less risk, more stability?

it is all kind of interesting. since 2008 , the banking industry has decided to use computers to end all market volatility. the goal is to remove all the emotion from the valuation of individual companies to the entire market. it is a rather complicated process to spread it across an entire market  but something that is easily done with little interference in micro markets, i.e., individual , especially small cap, stocks. i have to admit that since i succumbed to the new market omniscience several years ago(btfd) my life as a trader is much easier. find the markers then go fishing.

Thu, 09/04/2014 - 18:13 | 5182111 Duc888
Duc888's picture

 

 

The problem is the Top doesn't want the middle to know the gig is up.

All the top has to do is to keep on printing to keep the bottom happy in their cheetos and Icrap....meanwhile the middle pulls the weight.  If the middle just sat the phuck home for a month, the shit would grind to a halt, the top would wither and die, so the joke is on the middle.

 

Print more you fukkerz!

 

Thu, 09/04/2014 - 19:50 | 5182486 VWAndy
VWAndy's picture

yup

 

Thu, 09/04/2014 - 18:23 | 5182160 blindman
blindman's picture

there is no room with a view inside a singularity.
.
Grant McLennan - Ice In Heaven
https://www.youtube.com/watch?v=zaiUtwBAeoQ
.

Thu, 09/04/2014 - 18:58 | 5182274 ToNYC
ToNYC's picture

Musical Chairs: yet another version with a different name.

Thu, 09/04/2014 - 20:40 | 5182653 Temerity Trader
Temerity Trader's picture

Fear and Greed. Nothing new under the sun. If you are certain the Fed bankers won’t let the markets fall, why sell? To get 1/4 % in a savings account? The Fed has made it clear that to fulfill their two (three?) mandates, they need to push stocks ever higher. In the ‘New Normal’ stocks drive the economy, and not the other way around.

With this economic singularity there exists an event horizon and we are circling ever closer. The warp drive was knocked out back in 2008 and the Fed repairmen have been working 24/7 to fix it. But it cannot be fixed and one day soon we will fall under the influence of infinite gravity with no way out.  Fear will take over quickly and the top 5% with the most to lose, will bail fast. The sheeple will hang around like always HOPING the Fed can again do a temporary engine repair, until they lose it all.

 

Our growth years are behind us and the path of least resistance is down. The lines of unemployed penniless fools with EBT cards waiting for the newest I-Phone are getting shorter. Tech is going to collapse and San Fran property values will lead us down into a massive black hole. True shock and awe is coming.

 

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