Wealth – Wilder, Wealthy, and Wise

Forbidden Economics: The GloboLeft Versus The Good

“Out these windows, we will view the collapse of financial history. One step closer to economic equilibrium.” – Fight Club

My neighbor has had a bad financial crisis. He has to drive a car without a top and his car doesn’t have a roof.

Monday’s post was about Forbidden Science. These are inconvenient truths that simply don’t fit into the ideology of a GloboLeftist. In the tradition of the very best GloboLeftists, whenever this inconvenient set of facts conflicts with their ideology, they do what rational people have always done – they consult how the facts disagree with their ideology and change their positions. Nah, just kidding. Instead GloboLeftists ignore them and stick their fingers in their ears and yell loudly “I’m not listening to you! I’m not listening to you! I’m not listening to you!”

Wednesday is the day I typically post about economics and related issues, so what better topic than Forbidden Economics? Just like on Monday, I’ll start with things that the GloboLeft actually believes and then make fun of them, primarily because they deserve it.

Me? I say bring back the positive power of bullying.

I was a bully to this orphan kid in school. I mean, it wasn’t like he was going to tell his parents.

GloboLeftists believe that Modern Monetary Theory isn’t just made-up justification for “I spend what I want”.

Modern Monetary Theory (MMT) has quietly taken the place of any sort of rational thinking. When I first wrote about it, it seemed so fringe and tongue in cheek that I was shocked anyone smarter than AOC would fall for it. I know, I know, that leaves about 85% of the country, but the GloboLeft has willingly and enthusiastically embraced MMT.

What is MMT? It’s the theory that, since money is entirely made up in the first place, that it doesn’t matter how much you print. Yes, you read that correctly. The idea is that money is like points in a football game. When a team scores a touchdown, there aren’t some vat of points that are decreased to add points to that team’s score. Instead, they’re made up. The limit to the number of points that can be scored in a game is based entirely on the productivity of the teams.

If we reset to zero every day and all played NFL® football, well, that might make sense. In MMT, the idea is that extra cash is just soaked up via taxation rather than the game ending.

What happens when the score keeps going up from game to game.

But the GloboLeftElite really, really don’t like to be taxed. As much as Warren Buffett complains that he’s not taxed enough, the one thing Warren never, ever does is send more than he owes in taxes in voluntarily. In fact, he has fleets of lawyers working every angle possible so that he pays the least amount in taxes possible. (Note: If Donald Trump were to try this he would be tried for felony tax evasion.)

There are two types of people in this world: Those who can find an answer through simple deduction.

This is not a new thing. It really started under W., and has continued through Obama, Trump, and Biden.

But what could go wrong?

GloboLeftists believe that women are cheated in the workplace, earning less than men.

I’ll start by reminding everyone that GloboLeftists don’t even know what a woman is, to the point that a sitting Supreme Court Justice was unable to define what a woman was during her Senate confirmation hearings, and sits on the Supreme Court.

However . . .

The reality is that women actually make more than men when their wages are controlled for things like, oh, career choice, amount of overtime put in, time taken off to have children, et cetera. The idea is so simplistic in that it takes everyone, puts them in a bag, and says that the average man makes X, and the average woman makes 0.8X.

Yes. That’s true. But when I went to a college graduation several years ago and they called out the engineers, 90% plus were men in some fields, and in no engineering field were women even close to a majority.

And they both give sound advice.

I wonder if that could be partially a reason for a pay difference?

Nah. Sexism is easier, and if people will swallow MMT, they’ll swallow anything. I mean, we already knew that about Kamala.

GloboLeftists believe that increasing a labor supply won’t decrease wages.

Immigration is an amazing source of brain rot for GloboLeftists. They think that bringing in hordes of illegal aliens won’t drop the price of unskilled labor. Now, not for one minute do I believe that’s the case, and neither do the people (the GloboLeftElite) that are feeding those thoughts to the rank and file.

But lower labor costs mean higher profits, so why not bring in not only illegal aliens, but tons of people on H1-B visas to take the jobs that Americans had – the number of stories of people showing up to work only to be forced to train their replacements to “earn” their severance package is so common as to be boring. It doesn’t even make the news anymore.

Yet the flip side is that they also don’t think that raising the minimum wage will have any impact on prices?

As found.

The last belief that I’m going to touch on that the GloboLeft has is this: history has nothing to teach us about the danger of an irreligious society basted in feminism and socialism.

Hey, wait, do you hear someone yelling “I’m not listening to you! I’m not listening to you! I’m not listening to you!”?

I’m sure it’s not just me. You can hear that, right?

Oh, and as a follow up to Monday’s post, here is NASA’s Administrator. He believes the far side of the Moon is always dark. Really.

Zoomers And Pools Of Cash

“The pools of blood that have collected, you’ve got to soak that up. Now, Jimmie, we need to raid your linen closet.” – Pulp Fiction

How do you drown a programmer? Put up a sign that says, “no swimming”.

If I were to come up with a metaphor for today’s situation, well, it might be this . . .

While I was half asleep this morning I visualized in that gauzy dreamy sort of way, dark pools, sitting quietly behind a large earthen structure. At first, the surfaces of the pools were smooth and reflective like glass as they slowly filled.

It was calm, and serene. For now. But the level was coming up.

What was the defining moment of my generation in our youth? Probably the fall of the Berlin Wall. I can still remember the news stories piling up day by day as the Soviet Union and Warsaw Pact nations slowly turned away from communism and then someone said the Berlin Wall didn’t match the Iron Curtains, so, it had to go. What a time to be alive! Heck, women were still winning women’s swim meets!

If I were born a bit earlier, it would probably would have been the Iranian Hostage Crisis, or Carter’s Stagflation, both of which led to Reagan’s election and eventual conversion to MechaReagan®, who fought Godzilla® and Mothra™. But that’s another story.

Anyway, think about those defining moments, the defining events of Gen Z are still out there, and I wonder what that would be. In the case of the fall of the Berlin Wall, it was a story that, at the time, was filled with hope. Here was the collapse of a political system bent on the forceful subjugation of humanity. What’s not to celebrate?

What was the favorite song of East Germans before the Berlin Wall came down? “Under Prussia”

In the end, though, what was lost in that moment was restraint. Just like Gingrich restrained the worst (political!) impulses of Bill Clinton (“What, I can’t spend what I want to spend because of the way the bond market might react?”), the Soviet Union constrained the worst impulses of the people in power in Washington. That restraint really ended with Clinton who had to fight to save his political career after lying under oath about dallying with the help.

But after Clinton, after 9-11?

Bill Clinton will be remembered for the economy. Oh, and that one other thing . . . .

All restraint fell. Oh, sure, we needed to go and find Osama Bin Laden, but did we need to invade Iraq? In hindsight, almost certainly not. Did we need to stay in Afghanistan for 20 years? Again, almost certainly not. And these adventures cost trillions of dollars, all of which we didn’t have. But that’s okay. Cash isn’t for earning. It’s for spending. Like AOC said when asked where the money would come from for one of her socialist programs: “You just pay for it!”

She was, and is, serious about this, since her understanding of cause and effect is limited to her goldfish-like memory.

But those dark pools of my dreams, they were filling. And while they filled, they began to destabilize everyone tied to the United States. In Egypt, for instance, I think they eat nothing but rice, sawdust, and the occasional house pet, which is fairly inexpensive. So, a small change in the price of rice or a decrease in the availability of sawdust causes people, real people, to go hungry.

Does Biden look like he needs more fiber in his diet to you?

As Snickers® told us, “You’re not you when you’re hungry” and hungry people are the ones that overthrow Middle Eastern despots. But that’s okay. You just pay for it.

What does the Left think about all the illegal aliens that are teeming over the border in relentless streams? You just pay for them. And you have to. Even when we’re not stacking them like cordwood in Chicago or displacing vets to house them in New York or trying to teach them to ski in Colorado, there is one horrible fact about illegal aliens:

They cost more than they create. We can’t get a volume discount if we import them by the millions. No, they just cost billions more. The net annual value of an illegal to the economy is, at minimum, -$10,000 per year. NEGATIVE $10,000, and that’s after the work they provide.

I used to worry about the collapse of the United States because of the destruction of our nation’s values and economy by illegals, but that was too scary. Now I just worry about celebrities. (meme as found)

Where does the cash come from? If you’re AOC, “You just pay for them.”

And all that “you just pay for it” is what’s filling those dark pools of my dreams.

If all that cash would just sit, quietly, in those dark pools, there really isn’t a problem. If we pay Raytheon™ for a $4 million dollar Patriot® missile to destroy $20,000 Iranian drones, as long as Raytheon© just leaves that money in their bank account, filling up the pool.

But, oops, you have to pay people to make the missile. If it’s only the Chinese who keep the money in a bank account somewhere and never use it, that’s fine, too, because that’s just another dark pool of money.

When the Fed™ started out bailing out every bank, that’s really what happened. The banks kept the cash in deposit, and salted it away in their dark pools.

I think it’s the dark pools of cash that will ultimately be the defining moment for Gen Z. Well, not the dark pools themselves, but, rather, the mess they make when the levee breaks. We’re seeing the problem starting now, and Gen Z is aware – many of them have lived their teen years seeing nothing but inflation as the pools break loose.

I’m getting tired of Gen Z, always walking around like they can afford to rent the place.

The pools are up high, and have a great deal of potential energy. The destruction the flow will create as the cash spreads down through the economy has been bad, but it will be legendary. When the American Continental was issued it was backed by the same thing the dollar is today: nothing. The phrase “not worth a Continental” was no doubt on the minds of the framers of the Constitution as they wrote that no State shall make anything but gold and silver coin a tender in payment in debts.”

But that’s quaint thought, right?

(meme as found)

Weimar Germany followed the AOC “just pay for it” formula, and German bankers eventually (after some, um, events) became the most cautious in Europe about inflation.

So, after my dream of last night, I think we have a big dam problem.

It worked so well last time, right?

Rebuilding America: First It Will Fail

Rebuilding America

“Blown up, sir!” – Stripes

Raw materials for steel have gone way up in price. Producers say it’s a horrible ore deal.

When I was in 6^th grade, I remember driving to Capital City with Pa Wilder while he had a business trip. As part of the trip, we went through Industrial Town. The major feature of Industrial Town was a miles-long hulking rusted out steel plant complete with huge towers, big enough to hold Oprah’s breakfast.

To me, they looked like the discarded remnants of an ancient technological innovation. In fact, when I was reading a novel about explorers that had gone to some far-off world that had been littered with the technology of an incomprehensible civilization, I visualized that old steel plant.

It was rare to have one-on-one time with just Pa and I. He often worked long hours, but on longer trips, sometimes we’d talk about, well, whatever. As I’ve mentioned before Pa was a banker, and I think he was more amused by my early fixation on science than anything. But when it came to the steel plant, Pa Wilder knew a lot, and that day was the first time I ever heard “Bessemer Process”, and we talked about steel and history during the drive. He said that once upon a time, you could bring your ore, make steel, and sell it for a fee. Apparently “He who smelt it, dealt it” didn’t catch on as a business model.

I hate recycling aluminum cans. It’s just soda pressing.

Bad dad jokes aside, when we drove by, that old steel mill wasn’t doing so well. The major reason, oddly, was World War II.

During World War II, the United States and Britain, mostly did everything they could to blow up anyth8ing in Germany that could make a ball bearing or paper clip. At the end of the war, the country was in ru8ins. The same thing happened in Japan – the country was wrecked, and, unlike Germany, the Japanese didn’t have many of resources needed for steel production, things like iron ore or coal.

In both cases, Germany and Japan didn’t build back with the Bessemer Process, they built back with the newest technology. Japan, especially, had to focus on being efficient since Japan has fewer natural resources to work with to make steel than Kamala Harris has for use in a battle of wits.

Once Kamala though she might be pregnant. She asked the doctor, “Is it mine?”

To be clear, it was very hard to rebuild nations shattered by the Last Modern War, but once those countries did finally rebuild, they were the most efficient and highest quality steelmakers in the world.

But this took decades.

The infrastructure had to be completely rebuilt. Then people had to learn how to make the new technology – basic oxygen steelmaking was pioneered by the Swiss and the Austrians. Oh, sure, the Austrians and Swiss are so autistic that asking a girl out is a seventeen-step process that has to be memorized prior to execution, but that’s exactly the autism level needed when you’re going to change an entire industry.

In a rare screwup, the Swiss dude who invented the process wasn’t legally able stop the Japanese from using his process for free, and the Japanese licked it up without having to pay royalties. The Swiss, experts at chocolate, hoarding gold, yodeling, and engineering. At being attorneys? Maybe not so much. 80% of Japanese steel was made using the basic oxygen process by 1970, because it was far cheaper.

Oops.

But Baltimore is gr . . . oh.

Since the United States didn’t bother to innovate, US Steel©, once the biggest steel manufacturer in the world, was sold to Nippon Steel™ for the equivalent of what Elon Musk keeps in his couch cushions back in December, 2023.

What’s the lesson here?

To be clear, in many cases our economy is where Japan’s was after World War II. There are two major differences:

It’s not as obvious because the nigh-infinite ability of the United States to print cash and trade it for things like steel is still in effect, and
We were complicit in the destruction of our own industry via free trade, regulations, and financialization, and didn’t even need to use any bombs.

To rebuild an industry requires time. It also requires a lot of investment of money, but it also requires the best talent in the country. Silicon Valley became the information systems capital of the world because it brought together capital and talent over the period of decades. Taiwan became the semiconductor capital of the world because of the capital and talent it consumed over the course of decades.

Hey, that’s what Xi said.

What did New York do? Soaked up capital to loan and soaked up talent to figure out how to magic more cash into existence – by and large a waste of decades of some of the best and brightest in the world.

This is the game that we should have been playing, but stopped when the United States was the undisputed manufacturing giant of the world. Now, the reason we were the undisputed manufacturing giant of the world was because everyone else was blown up. What did we do with that success?

Rested. Relaxed. And began to believe that the economic success was a right, not a consequence of hard work, talent, and investment.

We have to learn to build things, not financial products. But we also have things to unlearn. Our liability system is horrific, but that’s because liability lawyers fund the Democratic party, so, they buy more bacon-wrapped shrimp than others.

The other thing to unlearn is zero impact. As long as humans live on the planet, we’ll impact it – the idea is to conserve and make wise use of our resources. The GloboLeftElite have taken their mask off when climate ideologs go after the United States, with declining carbon emissions, and ignore China and India with massive and growing carbon emissions, with China producing nearly three times the CO2 of the United States.

How dare you!

But have the GloboLeftElite complain about China or India?

Nah. They wouldn’t listen anyway.

The path forward requires that we fail. Great news! We’ve failed! We’re in a worse place than the Japanese after World War II due to our cultural inertia and the newfangled “all the Zoomers have a mental disorder” society.

The second part of the path is letting go of the financialization and making PowerPoints® in New York as the goal of society. If we want to be serious, we have to make stuff, not accounting irregularities.

There’s a reason that China’s buying gold, and that reason is simple:

They’re making steel.

How Transfer Payments Might Doom Us All

“Okay. Let’s just chew our way out of here.” – Big Trouble in Little China

The Andy Griffith show would have been a lot different if her name had been Aunt Tifa.

I like thinking about the economy and what we have in front of us, and I guess I’m not alone.

Recently I stumbled across a column in Zero Hedge® that originated from Mike Shedlock at his place (link below). Shedlock has been writing about economics for years, and was pretty far out in front of the Great Recession. When Shedlock starts to tease at the threads of the economy, he just might have something interesting to say.

How Much Do Food Stamps, Social Security, and Medicare Support the Economy?

Anyway, the column that caught my eye tied back inflation to the amount of money that the government spends that it doesn’t get anything for, or transfer payments – pulling from one source (taxes or printing) to give to another person or group. The examples of this are everywhere. Shedlock mentions:

food stamps,
Taylor Swift,
Social Security,
Late night television hosts,
Medicare,
PEZ® theft,
Medicaid,
Kamala’s vodka supply,
child tax credits, and
other “welfare” payments.

Okay, I’ll admit I might have added a few things to Mike’s list.

It’s been three months since I joined the gym and I’ve had zero progress. Tomorrow I’ll go in person to see what the problem is.

During the Great COVID Crisis, first Trump and then Biden threw money at the economy, and the amount of income that people got from the government in transfer payments DOUBLED as a percentage of income. That’s staggering. This isn’t an absolute number, but as a percentage, which actually makes it worse. Not to mention all the companies that got paid for not doing business, not selling beer, and not making good movies. Disney®, I’m looking at you.

Here’s an odd sentence: Missing Person Remains Found.

Part of the trouble with the economy has been masked, for years. That trouble is Social Security. In 2018, Social Security started paying out more in benefits than it received in taxes. This was supposed to be just fine because all of the payments from past years that were put into a “trust fund”.

Well, Congress didn’t just pile all of those tax dollars it was taking in under the mattress or in a Mason® jar buried back near the old outhouse behind the Fed®. Nope. Congress did what politicians always do with every available dollar: they spent it to buy nice things (things that lobbyists wanted) immediately when they got the cash in their appetizer-covered little fingers. Oh, and they borrowed more, too. The only thing the “trust fund” did was mask the true size of the deficit.

What if your trust fund has a negative balance?

It’s like that with most things the government does, but there is a limit to how much of the economy you can just make up before reality eventually catches up with you. Ask Enron™.

Regardless, things are going to get much, much worse. All of those illegals that are streaming across the border as fast as we can pay (yes, the United States is actually paying cash to them on the road) them to get here? Once they get here, they’re being paid thousands of dollars a year plus free chow and lodging and medical care. All of that cash is just printed at this point, and spent on something that adds no net productivity to the economy.

Well, he is called Bad Luck Brian for a reason. He also invested his life savings with Bernie Madoff.

And, where, exactly are these millions of people going to live? They’re staying 30 to a house, and buying up properties that used to go to Bobby and Becky when they got married, but now can’t afford them due to the massive competition and rising interest rates.

The Boomers? They’re retiring in droves right now, and Social Security and Medicare spending will only increase as they retire. This will, of course, come from spending rather than the non-existent trust fund.

None of the above counts how much more we’ll send to Ukraine or Taiwan or Israel or Haiti.

All of these transfer payments *plus* the increased interest on the debt that we took out to buy the things the lobbyists wanted in 1994 will result in stopping Congress from spending.

Ha! See! I made it through that with a straight face. Man, I should have used that line on April Fools’ Day. Of course Congress isn’t going to stop spending. They’re not even going to slow down. There are still appetizers to be eaten, and lobbyists to be massaged.

One lobbyist even lobbied to save the penny. He called himself a change agent.

And again, Congress got away with this quite well when the United States was the Sole Global Superpower™. Now? China is pushing us economically, and from a military standpoint, it’s looking pretty iffy: no one wants to sign up to fight Russia for Ukraine, or China for Taiwan. Additionally, unless the war(s) go nuclear, I question how prepared we are to fight a near-peer foe in 2024.

Like I said, I like thinking about the future of the economy. I always have enjoyed horror movies.

Maybe It’s . . . Evil?

“But I just changed my lifetime tune about thirty minutes ago, ‘cause I know that whatever is out there tryin’ to get in is pure Evil straight from Hell. And if there is a Hell, and those sons of bitches are from it, then there has go to be a heaven, Jacob, there’s gotta be.” – From Dusk ‘til Dawn

My friend gets offended when I tell her fat jokes. I told her, “Lighten up.” (Most memes are “as-found”)

I’ve been having a bit of question in my mind about what we’re seeing going on in the world today. I’ve written quite a bit about the physical trends in the world today, with energy being the number one roadblock I see into the physical future since the complexity of the world’s economy is based on cheap energy for manufacture, transport, and use of goods in our “modern” society. That might explain why people on unicycles are always so energetic compared to me on my regular bicycle. I’m two tired.

The second big challenge I see is the virtual world. By virtual, I include not only cyber-dependence, A.I., but also cash. Our current economic system uses an entirely made-up set of markers called “dollars” to buy and sell things. What’s a dollar? Once upon a time, it was some fraction of an ounce of gold. Now, a dollar is worth whatever someone will give you for it. As Biden has adopted the Binge Bucks Better strategy to try to get votes (I mean, besides the ones they print up) the deficit has reached a record.

Hmm, if Brandon is so awesome, why is no one wearing a “Build Back Better” hat?

All this spending? There’s no end in sight. So, this is a world that is having its own set of challenges in both the physical and virtual realm.

The third and (in my opinion) most important one is the spiritual realm.

Let me digress a bit – I think it will make sense in the end, but I haven’t written the end yet, so it could just end up with all of the coherence of Kamala Harris talking about quantum mechanics. Nah, nothing could be that bad.

I was half asleep recently (hypnogogic, to be technical). I often get a “clearing of the mind” when in that state, when issues that have been perplexing me sort themselves out. It’s like my mind is running a program in the background, but when I’m half asleep, all the pieces come together.

What was this puzzle?

Let’s talk about the pieces, first:

No one, literally even the GloboLeftists in the Deep Blue cities wants the massive hordes of illegals streaming across the borders. No one. It’s so bad that Biden is even attempting to blame the Republicans for not letting him close the border.

Yeah, pull the other one, Joe, and a bell will ring.

Biden 2024! 20 years for Joe, 24 for Hunter.

This is destroying the country. Quickly. Why are housing prices going up? Because we’re not building new houses because no one can afford them but yet we’ve brought in OVER 12 MILLION ILLEGALS in just three years. If Putin could have gotten that many Russians into the Ukraine, he could have taken it without a shot.

Hmmm.

I ordered a chicken and an egg from Amazon® today. I’ll let you know.

Ever wonder if Tyson® was a company designed to import illegal aliens so they could make cheap food so people would have heart problems requiring heroic intervention to keep the medical system going?

The second datapoint is the weird fixation of the GloboLeft on literally every freak sexuality that could possibly exist. Sexually aroused by toasters? Yeah, I know that naughty bagel-sized girl is a tease, but toaster fixation is . . . deranged. The current poster child for adding deranged sexuality to avoidance of reality is the transexual movement.

The public has, at every opportunity, rejected this. Yet, Joseph Robinette Biden decided to issue a proclamation that Easter should be known as Transexual Visibility Day. To be clear, most of the time that transexuals are visible is because they’ve snapped and tried to kill a dozen people or were engaged in really awful things with children or were parading their female penis inside a woman’s dressing room. I have seen zero positive things in the news about trans people. Ever. Each time it’s some new horror story that would have led all of our ancestors look for kindling so they could have a burning at the stake.

Yet, we have a presidential proclamation on the single holiest day of Christianity promoting this abomination.

This is the Cartoon Network®. Trust them with the minds of your kid?

I could keep going. In general, there appears to be a concerted effort put forth to break down and eliminate the impact of Christianity as the basic underlying moral virtue of the West in general, including the United States.

The fall of Christianity in the United States (and the West) will have several big, negative impacts. The concepts that there is centrality of the family, the idea that life has an ultimate purpose, and the belief that all humans can be one in Christ have shaped the world. Christianity has been the central, governing moral vision at the heart of the West.

As Christianity declines, there is a risk of losing the moral foundation it provided. The decline Christianity in society accompanied by various societal issues, including divorce, cohabitation, drug abuse, abortion, homosexuality, sexually transmitted diseases, mental illness, and suicide. People are born to be religious because it gives them stability and direction.

Yet, there has been a concerted war on Christianity for years, even though it makes society observably better, and observably more stable.

San Francisco is so woke, that even the homeless vaccinate themselves!

If I were an oligarch, all of these changes would be negative for me. I’d be an oligarch over a less stable society, that produced less wealth for me to leach off of, and, in every measurable way, including the amount of power I could have, I would be worse off.

There is the first answer: because they’re just sick inside, and want to watch it all burn. Someone like George Soros may very well be like that – if you look into his eyes it’s not like you’re looking at something healthy and good. Maybe he just wants to burn it all down because he can. Because his heart is filled with hate.

That’s a simple answer. It might even be right.

This is a math teacher, so you can tell she’s plotting something.

The other answer is more profound: the GloboLeftistElite might just be . . . Evil. Capital E. It’s a solution that the modern mind wants to find an alternative to. It wants to look to cultural factors, or mental illness, or poor parenting.

Oddly, the idea that these people really are Evil is perhaps (to me) more comforting. Just like William Peter Blatty felt about his book, The Exorcist, that it was a profoundly Christian book, and uplifting, since the end showed that it wasn’t Evil that won, it was God.

Watch this, and tell me that Evil isn’t at work.

We face amazing challenges in the near future – physical, virtual, and spiritual. I’d prepare for all three.

But that’s just me.

Next up? Kamala Harris explains the General Theory of Relativity using a banana and two meatballs as props.

Economic Systems, Not Religions

“The Pagans celebrated the solstice by cutting down holly and ivy and dragging it into their homes along with a giant yule log that they’d set fire to. It sounds rubbish, but with no app store to speak of, killing trees and plants was as good as entertainment got. Even at Christmas.” – Cunk on Earth

Or, as every person forced to live in communism called him at Christmas: “Hungry Santa”.

One of the things that I have done many times over the years is note that communism (Leftism) is a religion. It’s why the joke about “Real Communism has never been tried” is funny – the people who say that actually believe it. Beyond that, they actually believe, deeply, in communism.

It’s their faith.

Just like Christians believe in Christ returning to do stuff and then give us paradise, commies really believe that when Real Communism is finally implemented, the world will be safe for losers like them.

Communism depends on the rank and file believing that they’re not the problem, everyone else is. If everyone realized what a great talent they are, well, that stupid high school quarterback would be happy to clomp back into the mines and fields and factories humming the tune the loser wrote. The loser believes that centralized processes are better: if it works for me, it should work for everyone.

Apparently, the Soviets did one thing right: they made the best bread in history. Why, people would wait in line for days just for a single piece.

So what if a few million peasants starved? That’s a small price to pay for the coming workers’ utopia. There can be no compromise in our vision of the exact same prosperity for everyone, since our vision is perfection!

Yup, that’s communism in a nutshell. It has no real empirical evidence that it could ever work, yet it gets trotted out by the losers again and again. The problem isn’t with the plan, it’s that:

The people sabotaged it!
Foreign countries sabotaged it!
The time wasn’t right!
We ran out of people to kill!
I swear, the dog ate the economy!

The result is always the same, a priestly class who aims to reeducate (convert) everyone to the religion of materialism. The end result of this – unless it’s stopped by a Stalin – is the endless Leftist Purity Spiral where there is no Leftism so far Left that it can’t be exaggerated further Left, and anyone to the right of this Left position is a heretic. As I mentioned, this was happening in the Soviet Union until Stalin just shot all the people on the far Left to stabilize the nonsense.

I was going to tell an awful bowling joke, but I’ll spare you.

One side note: I was watching the comedy Silicon Valley several years ago, and one of the characters said he followed the “left-hand path” which is a loser way of saying, “Satanist”. Just noting, Leftist, left-hand path . . . I’ll leave that there for you to draw your own conclusions.

Regardless, a lot if not all, of the problems we face in society today is due to Communism or it’s kid brother, Socialism attempting to put a central control on everything we do and think to conform to their current Narrative.

But I’d like to take a step back, since often libertarians (or Libertarians) make the same error: they equate magical powers to the market.

I remember my parents telling me, “I’ll give you something to cry about” when I was a kid. I expected a spanking, but instead they ruined the housing market.

And, yes, I’ll agree. The free market is so much better than the planned markets put together by commissars in Central People’s Warehouse No. 49, and has historically provided an abundance of “stuff”. Milton Friedman famously said, “In capitalism, goods wait for people; in socialism, people wait for good.”

It’s true. It’s also true that, just as communism is a poor religion, so is capitalism. Capitalism isn’t a religion, it isn’t a force, it has no morality, it’s a mechanism for distributing points.

Capitalism doesn’t care what it creates, as long as the points are properly distributed.

Probably the most free-market period in the history of the United States was during the frontier. Don’t want money, well, you could move out west, fend mostly for yourself, farm, and not worry (too much) about needing money. If you wanted money, you could get it by mining, trapping, killing buffalo or making railroads. Nobody stopped you doing almost anything if you were far enough out in front of civilization. But after towns sprang up?

When I was leaving home today, I had the feeling I’d forgotten something. Then I remembered. The Alamo.

Your friends and neighbors had a vote. Capitalism and free markets were constrained by morality, specifically Christianity. Was there booze? Drugs? Prostitution? Porn? Yes, those things were with us and have been with us.

But society was more cohesive at that time, and would shun the immoral, if they didn’t deal with them in extrajudicial ways. Laws weren’t required to constrain capitalism, the morality of the people constrained capitalism – actual religion took the place of economic religion.

Real capitalism isn’t a religion, and it won’t solve problems. And, yes real capitalism has been tried and is very successful when practiced by a more-or-less moral people, though the version that we have here in 2024 isn’t real capitalism. Examples?

Regulations
Taxation
Labor Laws
Federal Reserve Interest Rates
Federal Reserve Cash Printing
Welfare/Transfer Payments
Government Spending (Education, infrastructure, defense)
Unchecked Immigration

The last one is favored by many Libertarians. They note that in a market free of all of the other bullet points, well, just let anyone in. My response is that most people in the world don’t really want to be free people living in freedom: Most people in the world would just rather have free stuff.

Boeing®, putting the “final” in final approach.

That means creeping centralization and an amoral government bent on taking from one group to give to another, and the same material god that is worshipped by communists everywhere. But no one can say that the far Left is in a hurry – they keep Stalin.

You Want Dark Ages? Well, That’s How You Get Dark Ages.

“In the world I see, you are stalking elk through the damp canyon forests around the ruins of Rockefeller Center. You’ll wear leather clothes that will last you the rest of your life. You’ll climb the wrist-thick kudzu vines that wrap the Sears Tower. And when you look down, you’ll see tiny figures pounding corn, laying strips of venison on the empty car pool lane of some abandoned superhighway.” – Fight Club

I had to stop working in the granite industry: it was counter productive.

Grug want break rock. Grug grab other rock, smash rock. Rock eventually breaks. Grug happy.

Another example: Grug want break rock. Grug create iron ore mine. Grug create coal mine. Grug find tree. Grug mix use coal and iron to make steel hammer. Grug smash rock. Grug happy, much faster.

Yet another example: Grug want to break rock. Grug create iron ore mine, coal mine, chemical factory. Grug find trees, sulfur. Grug make hammer, drill, and dynamite. Grug break rock real fast. Grug very happy because Grug like blow stuff up.

I stole this example from Grugwig von Mises, the Austrian economist who thought about these things a lot. The indirect way to do something is generally more efficient. It’s most direct to break a rock with a rock, but it’s much, much faster to blow the rock into gravel and you can do a lot at one time. And it’s really cool.

What sound does a piano make when it falls down an ore well? A-flat miner.

The catch, of course, is that to do things indirectly, there have to be multiple industries and infrastructure supporting the indirect method. And, if any of them fail, the method becomes more difficult, if not impossible.

One big example of indirect work in our economy is the impact of the computer and the Internet. Paul Krugman, (who is always wrong) said that the Internet would have no more economic impact than the fax machine. Of course, since Krugman is always wrong, he was wrong this time, too.

The Internet is a vast communication web, moving data about everything, everywhere, all at once. It is now pervasive, and has been for decades.

Decades?

Krugman? More like Grugman.

Yes. Back when I lived in Alaska, one of the two fiberoptic cables to Fairbanks was cut by a backhoe operator, thankfully mostly cutting Fairbanks off from Paul Krugman’s stupid ideas. What was the backhoe guy digging for?

I have no idea. Everyone in Alaska has a backhoe, a skidsteer, and a dump truck. And they were always digging. I think they might be part mole. Maybe they were digging for this:

Meme as-found.

The result of this one fiber being cut, though, was apparent very quickly: couldn’t buy gas. At all. Even with cash. Credit card usage? Nope. And I think prescriptions were similarly impacted.

Now, at work and home, I still had Internet – it was like nothing had happened since my employer must have gotten Internet from the other fiber. But it was unusual to see so much dependency – I hadn’t realized how much infrastructure was hooked up and required the Internet. In Alaska. In 2005.

The reason is that the Internet allows information to move freely. Information used to be hard to move. Now, information moves at near lightspeed in many places. It used to be the way to get information from one place to another was the most direct – mouth to ear. Then writing, probably to let someone know the sad facts about very fat their mother was, was invented, and is probably carved under half the pyramid blocks.

When I got arrested for graffiti, I tried to deny it, but the writing was on the wall.

Then, books preserved information about many fat mothers through centuries and made it much easier to share from Rome to ancient China. Finally, we have Internet pages and ebooks that share stories about maternal adiposity around the globe in an instant.

But, one funny thing – the more direct methods such as carving in stone and the ancient legends of huge hulking mothers whose buttocks block out the sky remain. But books burn. The ephemeral website? It may reach 90% of the planet yet be gone in an afternoon. Think of the deprivation of the future world of all those unsung stories of mothers whose gravitational pull could disrupt the very alignment of the planets.

What brought this to mind was that a big chunk of the Internet disappeared today. I think it’s back, but I don’t go on FaceGram™ or InstaTok©, but I think those are both back.

To be clear, those cannibal tribes in the Amazon (the river basin, not the company) didn’t even notice. Why would they? Their methods, their lives are the most direct. They don’t depend on getting ammunition for their bow from Cabela’s®, rather if they need a new arrow, they make one out of the stuff that’s lying around.

I hear Dwayne Johnson is going to star as a time traveler who has to go back to ancient Rome to steal a document from Augustus. It’s called Rock, Paper, Caesar.

The upside of this communication is that I can see first person video of drone attacks in the Ukraine within hours of a strike. The downside is that by knowing, people feel a philosophical burden – they have information about something yet are (mostly) powerless to do anything about it. Think about Michael Collins, orbiting above the Moon. He had a contingency plan if the landing had failed and Armstrong and Aldrin were lost.

“I’d go home.”

Why? There would have been nothing at all that Collins could have done. He knew that, and so did Neil and Buzz. Many things are like that, best not to obsess about them.

Our modern economy has created a great deal of leverage using cheap information combined with cheap information processing – efficient supply chains and people working in far-flung areas.

These systems, just like the chemical factories that Grug made to make his Grug dynamite to break his rock are inherently more fragile than the direct. How fragile? Back in 2017 or so, a congressional report came out that predicted that up to 90% of Americans would die in the event of an EMP taking out the power grid.

I have to remember that the rhythm is to “Staying Alive” when I do CPR, and not “For Whom The Bell Tolls”.

Knowing congress, they’ve done nothing to make the systems better, with the potential exception of trying to make EMP proof margarita machines.

I’m in hopes that the looming competency crisis, where complex systems become unreliable due to being put in the hands of the unqualified while the competent people are shuffled aside, won’t bring the take down those same systems, and with it, our society.

We’ll leave that to your mom. I hear that, though, she’s old enough that when she was a kid with Grug, there was no history class.

(Irony – I lost all Internet at my house while writing this one.)

Kardashians And The Cult Of Growth

“A future of economic growth, freedom, and happiness.” – Robocop

I had a hen who wanted to study economics. She was something of a mathemachicken.

“The economy grew at an annualized rate of 4.9% in the third quarter of 2023.”

And my response: so what?

There is a Cult of Growth in the world. In the United States, at least, that growth was literally in the DNA of the young country – there was lots of space and it was only filled with some pesky Indians who didn’t have a lot of resistance to smallpox or lead, some buffalo, no zoning, and lots of empty land to build Blockbuster Video® stores.

So, off my ancestors went. The idea was simple – fill the country from sea to sea with farms and businesses, eventually mines and mills and railroads and factories and highways. No one really planned it, and there weren’t economists reporting on unemployment figures to Rutherford B. Hayes.

What does the “B” stand for? Babebandit.

The growth that the United States experienced was amazing, and it was real. People built those farms and businesses and mines and railroads and factories and highways. That sort of growth allowed the creation of amazing wealth and prosperity because it was enduring and built upon itself. In those decades of growth, the United States experienced not diminishing returns but increasing returns as the steel mills fed the oil boom which fed the creation of the automotive industry and interstates.

Add in a few thousand nuclear weapons, and this growth of actual productivity and wealth production allowed the country to achieve tremendous national prosperity during a time of relative safety. Some would maintain that this prosperity peaked in 1973, but when you look at the relative availability of exceedingly cheap “stuff” – it was probably later than that. Perhaps a good case could be made for the 1980s when Blockbuster Videos™ roamed the land like a great majestic beast, spewing properly rewound videotapes and Raisinets® to all.

Regardless of when that exact date is, it is likely past.

Your momma is so old she rewinds Netflix® videos before logging off.

What was once achievable on a single income now requires (in many cases) two incomes. People of the past always thought that new labor-saving devices would accrue benefits to the worker, and we’d see a two- or three-day work week. Instead, we see people working more hours for less (relative) pay.

Why is that? I mean, the economy grew, right?

Yes, it did. But the way the economy grew, fueled by illegal aliens contributed to lower wages. The argument could be made that that the economic activity, the growth from these added workers helped everyone. Well, no. Illegals are certainly a net negative when everything is accounted for – welfare, roads, schools, medical care, voting GloboLeft, and Kardashian body hair.

I think she’s got so much plastic in her that if she swims it’s technically littering.

And the “growth” that we saw in many cases was the productive bit of the economy being hollowed out and shipped off overseas. Why? Because regulation increased in the United States (it never goes down) and it was easier to start and run a factory in Malasia than it is in Maine. And if iMegaCorp® can ship the factory over and increase corporate profits by 2%, they’ll do it.

Why? They’re owned by the people who make bad growth.

What’s bad growth? Well, the financial sector. It should be set up not as a casino or a place where the businesses make money selling money.

Growth is not always good. And it’s not always desirable. Let’s take an example: if I decided I wanted to gain a pound of weight next week, the healthy way to do it would be to put on a pound of muscle through exercise. But the easy way to put on a pound would be to pound some beers and milk shakes.

I believe her pronouns are HerShey.

The United States could do the same – we could increase the size of the economy by producing more and better cars or computers or flat panel displays, or bulldozers. Or, we could increase the size of the economy by ChaseCitiFargo™ charging extra fees on overdrafts and GoldmanBlackRock© buying a company, loading it up with debt that it can’t pay, and then selling it piecemeal for a 15% profit.

One of these makes a more productive society. The other is the equivalent of two people selling a house back and forth for 10% more each time and talking about all the wealth that they created.

So, not all growth is good, and not all increased profit is increased wealth. One economy can make stuff, the other just makes magical made-up profits. I’ve made the argument for some time that China’s economy is fine. It is. They know how to make stuff, so they are fundamentally more stable than the United States because the growth in China wasn’t in financial shenanigans, it was in productive stuff.

Did you know it’s illegal to water your plants in China? It causes the microphones to rust.

Does China have all sorts of debt? Yes, yes they do. Have they produced a lot of suspect crap in the past, especially for internal consumption? Yes, yes they have, and probably still do. Doesn’t matter.

Their economy isn’t based on “growth” that occurs only on paper, and only due to paper even though people smoke in China to get fresh air.

They don’t worship the Cult of Growth.

Do I want to live there? Nope.

Again, there’s good news – this system can’t last, so it won’t.

The ride, however may be bumpy . . . as we get to rebuild it – on healthy growth this time.

The Funniest Post You’ll Ever Read About Bank Failures And Yachts

“A major one.” – Fight Club

What did Kim call his yacht? His dictator ship.

Last March, Silicon Valley Bank® failed. In a big way. Because the people who deposited money in the bank own things like yachts and senators, well, they escaped with hardly a haircut. The Federal Deposit Insurance Corporation® (FDIC™) normally ensures deposits for $250,000 per account holder. In this case, they decided, nah, what the heck, we’ll make sure that Roku® and Oprah Winfrey and Prince Harry don’t lose a dime.

Ironically, today the Internal Revenue Service sued the FDIC© for $1.45 billion in back taxes they say that Silicon Valley Bank™ owed when the FDIC© took it over. Sure, it sounds like on part of the government is suing another part of the government for play money made up by the (non-federal) Fed™ but the FDIC™ is supposedly independent and gets its money from the member banks.

Which are members of the Fed™. Which prints the cash.

If this sounds as incestuous as a Hapsburg family stump, well, it is. And of course I’m going to go with a fresh meme about the Hapsburgs, because that’s what all of the cool kids are doing today.

A Hapsburg walks into a bar, the bartender says, “Why the long face?” The prince says, “Generations of inbreeding.”

The root cause of the Silicon Valley Bank™ failure is that they lent money for long periods at low interest rates. When interest rates go up, those loans aren’t worth a lot, at least to the bank. Right now, my mortgage has a lower interest rate than I’m getting in checking.

Silicon Valley Bank™ looked at all the crappy loans they had, and did the math, and found out that they were worth less than zero. Even worse, their bigger depositors heard (because depositors who own senators seem to get advance notice) and started to pull their money out.

Since those folks had friends, they told them. Soon enough, everyone wanted one thing – they wanted their money out of Silicon Valley Bank™. Rational people realized that if this was a problem at Silicon Valley Bank©, it was a problem everywhere.

Silicone and silicon – electrical engineers know the difference – no one trusts them around silicone.

In a thought that gives central bankers and senators cold sweats (after the previous night’s booze wears off) is the idea that people lose faith in the banking system. Oddly, this wouldn’t be a problem if we used money made out of gold and silver, but since ours is just as much a fantasy as thinking that diversity enriches us all.

So, there’s a problem that’s impacting literally every bank. Some big ones have failed, but thankfully Duchess Markle still has her cash so she can get enough publicity to hide from commoners like me. What’s the solution?

First, pay off everyone so no one is scared and Oprah doesn’t have to fly commercial with mere mortals. Second, flood the system with money. If a bank needs cash? Wheelbarrows of it?

Give it to them.

Thankfully Congress took a break from sending your tax dollars to Ukraine to bail out Oprah.

Last year, banks were paying 0.10% or so for crappy checking accounts. This summer, rates started shooting up, so I snuggled into some CDs that paid a lot more than my mortgage cost. Then, last month, I got a call from my bank where I set up the CDs.

“Mr. Wilder? You have money in other banks, right? If you deposit (a few thousand) dollars from accounts outside of your accounts with us into savings, I can give you a 4.5% rate on checking and savings.”

What????

If there’s one thing I know about banking, is that bankers are not generous except to themselves, senators, and Oprah.

I check with him, drove to the nearest branch of Major Bank™ in Mt. Pilot, and tossed a few thousand in. Could I take it out later?

Sure!

I am informed this is funny because horses often live in stables, so this would be a violation of California’s work safety laws.

I started wondering about this, but soon enough came up with the answer: when I make a deposit in the bank, I’m making a loan to the bank. And if they’re offering me nearly 5% for just parking cash at their place, that means . . .

I’m their best alternative for a loan. Me. John Wilder. Enough so they paid a dude to call me and ask.

Yup, it’s just that simple. And they called me to ask me to make a loan, and offered to pay me over four times what I was making on my cash to make that loan. Reading a bit further, it turns out the way that the Fed™ shoved money down the collective throats of the banks was through the Bank Term Funding Program (BTFP).

Yes, the Fed© created the BTFP, loaned the money to the banks who then deposited the money . . . at the Fed™. I’m not making this up. As of March 11, 2024, the Fed© will no longer be making more BTFP loans at those sweetheart rates. All new loans would be made at the same rate the bank gets paid by the Fed©. The gravy train, or at least this gravy train, is over.

When did I get the phone call wanting to borrow a few bucks from Major Bank?

January, 2024.

Since when do I believe in coincidences? And it was weird, it wasn’t a lot of money that I needed to deposit, but I think they were looking to get bigger players than tiny John Wilder.

But at least they’re not insufferable idiots . . . oh, too soon.

And that’s the rub. If banks are looking to borrow cash from me, how bad are their balance sheets?

Dang, I’m worried! Will Prince Harry have enough money to travel the world for 45-minute meetings with his father? Will Oprah be able to afford more caviar?

And, maybe I should take up loan sharking. Maybe I can buy my own yacht, bigger than Prince Harry’s and I’ll sail past him, and look down on him, and try to give Harry that condescending look that appears to be his Resting Prince Face.

And I’ll write a rock song about it.

I’ll call it Smirk on the Water.

What Signs Would We See If The Economy Was Going To Be Okay?

“Martha’s polishing the brass on the Titanic.” – Fight Club

When I met The Mrs. I said, “Titanic.” She said that was a terrible icebreaker.

I worry that sometimes I talk too much about the downsides of workings of the economy and was asked, “What does it look like when things start to look better? What does it look like if it’s all going to be fine?” I know this might seem like rearranging the deck chairs to keep the Titanic from sinking, but, hey, let’s go with it?

These are great questions. Not as good as, “Would you like another beer?” but still very good.

These are also questions that could be political in nature (I might write more about that for Monday) but in this case I’m going to focus on the economy as much as I can, though it’s certain that political will slip in here and there – it can’t be avoided because we’ve got Joe all over the economy.

What will make things “fine” and how will we know when we get there?

If someone steals your booze, does that mean they’ve lifted your spirits?

First: Stop the infinite debt spending.

Several years ago I wrote about Modern Monetary Theory. In a nutshell, Modern Monetary Theory says that if you have a bill, pay it. If you don’t have the money, make it. The theory goes that there aren’t a set number of points in a game of football, so why should there be a set number of dollars in the economy. So, if you have a bill, pay for it.

This is an awesome theory only for a person that has the I.Q. of a Kamala/AOC lovechild. The worst thing about it is that it actually worked in the short term, which is the worst when it comes to an economic policy, because it gives lots of time for Bad Things to pile up.

What made it work is because the United States can pawn the piles and piles of dollars off to the world since everyone takes them because we have nuclear weapons and aircraft carriers and everyone knows what happened to Saddam and Qaddafi when they decided they’d start taking gold instead.

I asked a friend if he wanted to hear about the Russian victory parade. He said, “No tanks.”

Eventually either the desire or ability to soak up the dollars goes away. When that happens, even for a short time, the inflation inherent in the system feeds back.

Can this go on forever? No. Should we, you know, maybe consider stopping it before we totally wreck the economy? If we do that, there will be a hangover and a tough political bill to be paid.

Will we? Yes. As Ben Stein’s dad said, “If something can’t go on forever, it won’t.” That will be a very, very bad day if it’s not one of our choosing.

Also? Fiat economies have a worse track record than Fiat™ cars for reliability.

Second: Stop the Wealth Pump®.

I really enjoyed Peter Turchin’s book, End Times. In it, he convinced me (he also has data to support this) that one of the biggest failures of my lifetime is the priming of what he calls the Wealth Pump™. The really short version of this is that policies that would support concentration of capital in the billionaire class are enacted (for example: open borders) while policies that benefit the average worker (for example: strictly controlled borders) are ignored.

I dropped a piece of ice in the kitchen. I was upset, but then it melted. I guess it’s water under the fridge.

Turchin’s models have shown that the Wealth Pump™ everywhere and always leads to tremendous social turmoil. Even without the economic misery for the common man that the Wealth Pump© implies, the turmoil from the hordes of teeming illegals will create turmoil that will last lifetimes. But stopping the Wealth Pump™ is imperative.

Will Bezos and Soros owned Senators suddenly ignore the billionaire class they serve? At this point, not voluntarily. The bacon-wrapped shrimp and cool stock tips are pretty powerful to keep them in line.

Third: De-financialize the economy by putting out the FIRE.

Finance, Insurance, and Real Estate is called the FIRE sector of the economy. In theory, FIRE exists to serve the actual productive sectors of the economy that make actual things that people need like potatoes, beer, steak, PEZ™, shoes, rifles, books, and toilet plungers.

That’s the way it should work.

Instead, it’s a gambling economy filled with people who try to manipulate and tweak and profit without producing anything. The big oil squeeze of 2008? Rumor was that was a big investment bank trying to make a bet profitable on a short against a particular company. The investment bank didn’t produce anything useful except for profits. By manipulation.

I think FIRE might be more dangerous than fire.

Again, ask the Nancy Pelosi why her stock portfolio is so profitable, and ask why first term Senators do so well in the stock market. Or don’t. But it’s FIRE that’s the primary machine in the Wealth Pump™ and these create increasingly horrific schemes.

Examples? Everything is a subscription because it increases revenue and profits. Now it’s moving into video games: design a game once, sell a subscription to it so that people can’t play it again for free, but instead have to pay a monthly fee. It’s already moving that way for software.

And look into who is buying all the housing. It’s on FIRE.

Fourth: Rational housing valuations.

People need a place to live, and a pod won’t cut it, but houses are now big investments. Why? Because they need more profits to feed the Wealth Pump®. Housing prices returning to something a guy with a high school degree working a manufacturing job can afford is crucial, since that’s where families come from. Is it possible in San Jose? No. It’s possible in Modern Mayberry, but that’s because BlackRock© hasn’t started buying here.

Fifth: Space for humans and A.I.

I know that some are skeptical, but A.I. is already making hundreds of thousands of jobs obsolete. Running a backhoe? No. Writing articles? Yes. Things that are easy for humans, are hard for A.I. Things that are hard for humans (and thus draw a higher salary), are often easy for A.I.

Are expert-level programmers still required? Absolutely. But not as many, since an expert-level programmer acting in tandem with A.I. will have a tenfold increase in productivity.

Who loses? The “not as good” programmers who are now not required.

This has happened before in all sorts of industries. DJs on the radio began voice tracking decades ago. The average DJ makes minimum wage (average, some are highly compensated, most are not) but still the radio stations paid $20,000 to eliminate them because making the product cheaper is what they know.

ChatKGB: it asks the questions.

Automation increases profits, but it doesn’t lead to some sort of techno-utopia where we have three hour work days. People just lose their jobs. As profits have gone up, pay has gone down (relative to inflation) and work hours have gone up for salaried folks.

A.I. hasn’t hit in a big way, yet. It will. Making space for people is unlikely, but necessary.

That’s a summary of how we can tell if we’re going to pull out from the looming economic catastrophe, what it looks like if things are going to get better. I’ve started sketching out a few political things to show that things are going to be okay, and (like I wrote above) will likely show up on Monday.

So, like the Titanic, it looks like we might have a change in destination. But we’re making good time!