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I’m Not Buying It—–Not The Wall Street ‘Rip’, Nor The Keynesian Dope

fredgraph

First comes production. Then comes income. Spending and savings follow. All the rest is debt…….unless you believe in a magic Keynesian ether called “aggregate demand” and a blatant stab-in-the-dark called “potential GDP”. I don’t. So let’s start with a pretty startling contrast between two bellwether data trends since the pre-crisis peak in late 2007—debt versus production. Not…

This Time It’s The Same: Like The Housing Mania——The Subprime Shale Bubble Is In Plain Sight

JobsShalevsNonShaleStates

We are now far advanced into the third central bank generated bubble of the last two decades, but our monetary politburo has taken no notice whatsoever of its self-evident leading wave. Namely, the massive malinvestments and debt mania in the shale patch. Call them monetary bourbons. It is no exaggeration to say that inhabitants of the…