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In the book Modern Money Theory by L. Randall Wray, the author declares of MMT (that is, Modern Monetary Theory) that it will go through three phases of public opinion.
First, it will be ridiculed. Second, it will be violently opposed. Third, and finally, it will be accepted as self-evident. I’m not sure if it will play out that way, but I’m here for offer an essay which is probably straddling the first and second phases.
Interestingly, this prediction was word for word what a certain Elizabeth Holmes declared in this video when she was making her final, desperate bid to save Theranos from its inevitable failure.
Well, this is what happens when you think that any kind of war is easy to win and you attack without any kind of plan. Raging dumpster fire.
Trump was hoping to scam China like one of his subcontractors but didn’t realize that China has the second largest economy (largest by some esoteric economic measures) and enough nuclear weapons to ensure MAD. Instead of backing down like a subcontractor facing bankruptcy and ruin, China said “bring it” and here we are.
It’s been a Slope-tacular weekend for me, as I’ve been totally immersed in new product design and fleshing out business plans. I’ve also been rackin’ and stackin’ stuff to SocialTrade, and I’d suggest you take a look at the most recent stuff, since there are some real gems in there.
I’ve also been looking at some of our economic data, and I gotta tell ya, from the charts below, it sure looks like we’ve peaked and are on the decline (sort of like the real estate in my neighborhood that I wrote about over the weekend). Just look at these:
Most of you have probably heard about how copper is a good leading indicator of how the economy is going. So much so that it is referred to as “Doctor Copper”. As Investopedia puts it:
The term Doctor Copper is market lingo for the base metal that is reputed to have a Ph.D. in economics because of its ability to predict turning points in the global economy. Because of copper’s widespread applications in most sectors of the economy — from homes and factories to electronics and power generation and transmission — demand for copper is often viewed as a reliable leading indicator of economic health.
When last we left the 3 Metallic Amigos… I can’t remember the detailed individual statuses and am too busy to go read the post. They were something like borderline hysterical gold, attractive silver and bouncing (but not yet bullish) copper. So here’s today’s update on these Amigos.