Tuesday, July 12, 2016

Tinkering damned.

OK. Reaching for the pun here but, notwithstanding, the jury's in on fiscal and monetary manipulation; the wisdom and integrity of central bankers; the wonders of globalism; and the joys of multiculturalism, mass uncontrolled immigration, and deluding ourselves about race:
The Social Contract Is Unraveling

Around the world, the message being sent to the average citizen is “the lifestyle you ordered is out of stock” . The promises of rising consumption, steady employment, secure pensions and guaranteed healthcare are running aground on the unwelcome reality that promises made decades ago can no longer be kept in a world of limited resources, stagnant growth, negative demographics and rising income/wealth inequality.

The status quo promised that growth could be restored and its promises fulfilled with extraordinary monetary and fiscal policies, but now that the returns on these policies are diminishing, people are waking up to the reality that the “good old days” of cheap, abundant energy and steady expansion of consumption, jobs, profits and taxes are over.[1]

We're out of options, the wizards don't know what they're doing, and fiscal, monetary, social, and political decision making is yielding results not superior to fortune telling.

[1] "Risk On/Risk Off: What Schizophrenic Markets Are Telling Us." By Charles Hugh Smith, Of Two Minds, 7/11/16.

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