Charles Hugh Smith

Commoditization = Deflation

The other deflationary pressure is the stagnation of wages for the bottom 90%.Apple’s slumping sales growth in China re-energized discussions on the commoditization of smart phones: the basic idea is that once devices, services, goods, p…

The Crisis of 2025

This is the predictable path because it’s the only one that’s politically expedient and doesn’t cause much financial pain until it’s too late to stave off collapse.While many fear a war between the nuclear powers or the breakdown of civil order, I…

A Couple of Thoughts on 2019

The story of the 21st century is debt is soaring while earned income is stagnating for the bottom 95%.Best wishes to all my readers and correspondents for a safe, healthy and productive 2019. Thank you, longstanding supporters, for renewing your f…

The Crisis of Capital

These three dynamics render capital increasingly vulnerable to catastrophic losses as backstops and distorted markets fail.The undeniable reality of the 21st century economy is that capital has gained while labor has stagnated. While various criti…