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Disasters Can Happen

Is Fed Chair Nominee Jay Powell, Count Dracula?

by MN Gordon

Economic Prism

A Date with Dracula

The gray hue of dawn quickly slipped to a bright clear sky as we set out last Saturday morning.  The season’s autumn tinge abounded around us as the distant mountain peaks, and their mighty rifts, grew closer.  The nighttime chill stubbornly lingered in the crisp air.

Like Jonathan Harker’s journey to Transylvania roughly 120 years ago, we also traveled eastward.  Our route, however, did not take as through Vienna and Budapest.  Nor did it take us upward into the Carpathian Mountains.

Instead, we traversed along the foothills of the San Gabriel Mountains, passing from the Angeles National Forest to the San Bernardino National Forest.  Then (Read More....)

. . . → Read More: Is Fed Chair Nominee Jay Powell, Count Dracula?

Why The US Federal Debt Isn’t Sexy Enough To Carry Interest With The Voter, And The Politicians Know It

by MN Gordon

Economic Prism

Best Case Scenario

“No one really cares about the U.S. federal debt,” remarked a colleague and Economic Prism reader earlier in the week.  “You keep writing about it as if anyone gives a lick.”

We could tell he was just warming up.  So, we settled back into our chair and made ourselves comfortable.

“The voters certainly don’t care about the federal debt,” he continued.  “They keep electing the same spendthrifts to office.

“And the politicians know the voters don’t care.  They also know that making more and more promises is the formula for getting reelected.

“Deep down, the aging masses know they need massive amounts of government debt to pay their social security, medicare, and disability checks.  On top of that, many of the so-called gainfully employed are really on corporate (Read More....)

. . . → Read More: Why The US Federal Debt Isn’t Sexy Enough To Carry Interest With The Voter, And The Politicians Know It

Janet Yellen’s 78-Month Plan for the National Monetary Policy of the United States

by MN Gordon

Economic Prism

Past the Point of No Return

Adventures in depravity are nearly always confronted with the unpleasant reality that stopping the degeneracy is much more difficult than starting it.  This realization, and the unsettling feeling that comes with it, usually surfaces just after passing the point of no return.  That’s when the cucumber has pickled over and the prospect of turning back is no longer an option.

In late November 2008, Federal Reserve Chairman Ben Bernanke committed a fait accompli.  But he didn’t recognize it at the time.  For he was blinded by his myopic prejudices.

Bernanke, a self-fancied Great Depression history buff with the highest academic credentials, gazed back 80-years, observed several credit market parallels, and then made a preconceived diagnosis.  After that, he picked up his desktop copy of (Read More....)

. . . → Read More: Janet Yellen’s 78-Month Plan for the National Monetary Policy of the United States

The Coming Debt Reckoning- MN Gordon

by MN Gordon

Economic Prism

Licking the Log

American workers, as a whole, are facing a disagreeable disorder.  Their debt burdens are increasing.  Their incomes are stagnating.

There are many reasons why.  In truth, it would take several large volumes to chronicle all of them.  But when you get down to the ‘lick log’ of it all, the disorder stems from decades of technocratic intervention that have stripped away any semblance of a free functioning, self-correcting economy.

The financial system circa 2017, and the economy that supports it, has been stretched to the breaking point.  Shortsighted (Read More....)

. . . → Read More: The Coming Debt Reckoning- MN Gordon

The One Thing that Will Change Everything

by MN Gordon

Economic Prism

“There are more things in heaven and Earth, Horatio, than are dreamt of in your philosophy.” – William Shakespeare, Hamlet

Ticking Time Bomb

The American populace counts down to Election Day with impatient intent.  Will their party man occupy the White House come January 21, 2017?  Or will their party woman occupy a federal prison cell?

These are questions that only the good wisdom of time can answer.  Here at the Economic Prism we watch with indifferent curiosity.  We don’t think either candidate’s worthy of high office.  But we’re eager to know the election (Read More....)

. . . → Read More: The One Thing that Will Change Everything

Prepare for the Unthinkable

by MN Gordon

Economic Prism

Red Ink

Growth and profits mask a variety of problems.  They hide business inefficiencies and the money suck of corporate administrivia.  They also conceal unproductive staff.

But most of all growth and profits obscure the extreme value subtracting forces of bloated management teams.  During good times it is unclear what these smug fellows do.  During bad times it is lucidly clear that most of them ain’t worth a darn.

When the profits inevitably recede, the senior executives, with their silly 24 point project reviews and cumbersome project execution requirements, appear lost.  They’re left exposed, with their pants down, and without a clue in the world as to what business it is they’re actually in.  What the heck have they been doing all this time?

Where does the money come from?  How is it spent?  Over (Read More....)

. . . → Read More: Prepare for the Unthinkable

Visions of Tomorrow from the Permanently High Plateau

Moneyby MN Gordon

Economic Prism

Somewhere, someone first said “bull markets don’t die of old age.”  We suppose this throwaway phrase was first uttered in a time and place much like today.  That is, in the midst of a protracted bull market where stock prices had detached from the assets and earnings of companies their shares represent claim to.

Presumably, it was used as rationale for why stock prices should go higher.  Quite frankly, we don’t know why anyone would ever say such baloney.  But it likely makes the person who emits it feel content about their place in the (Read More....)

. . . → Read More: Visions of Tomorrow from the Permanently High Plateau

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