When the wreck is recovered, witnesses will wonder why they took such heedless, foolish risks.
That’s how we’ve become a nation of imposters: our imposter stock market hits a new high and the imposters cheer because it proves the scam is still working.
I hope everyone here is hungry because the banquet of consequences is being served.
As for all those automated systems we have to navigate–do any of them work so well that those profiting from them actually use them? Of course not.
Unbeknownst to the giddy participants, they’re not just betting on the omnipotence of the Fed Politburo, they’re also making a max-leverage bet that “the madness of crowds” will never end.
That the neofeudal lords and their lackeys offer the debt-serfs “choices” of forced labor would be comic if the results weren’t so tragic.
One might anticipate that the bottom 50%’s meager share of the nation’s exploding wealth would have increased as smartly as the wealth of the billionaires, but alas, no.
Four monster waves are about to crash onto the Fed’s beach party and sweep away the unwary revelers.
The era of abundance was only a short-lived artifact of the initial boost phase of globalization and financialization.
The vast majority of market participants are about as ready for a semi-random “volatility event” as the dinosaurs were for the meteor strike that doomed them to oblivion.