ZEN SECOND LIFE

Denial is the new religion. It now has the power to supersede basic math and 3rd grade logic. The wall of denial is complete. It's massi...

The Minsky Moment: "Over a protracted period of good times,  capitalist economies tend to move from a financial structure  dominated by...

There is now a lethal consensus of perma-bulls who are hellbent on mass financial implosion. There is nothing we can do to stop them except ...

Everyone loves asset bubbles, right up until the time they explode with extreme dislocation. Anyone who speaks against them is as popular as...

The U.S. has been in a Japanified environment for at least 13 years, more likely as far back as the DotCom bubble. And yet, policy-makers an...

This is my last blog post of 2021 - a year that will forever be known for maximum smoke and mirrors. Recently, I realized why I don't re...

Crash is too polite a term for what is about to take place. Crash implies a linear trajectory for asset prices. One that has a beginning, a ...