The end of interest rates
Paul Gebhardt

I guess the convergence is real enough, but we won’t arrive. There is a cliff in the way and we may right now be doing a Wile-E-Coyote manoeuvre. If I was an entrepreneur I would not be looking at anything long term. In and out as quickly as possible. The current booms in housing and wealth accumulating to the 0.01% are just credit driven, There is no productive wealth creation. It’s just a rearranging and repainting of the Titanic’s deck chairs.

We are in deflation. For the majority of the population the recession never went away. As things progress all that can be done is for the Fed and other Central banks to pick up the tabs on medicare, pensions, corporate welfare, education etc. That way at least there might not be immediate chaos.

The end [of civilization] is nigh. It cannot be avoided. Growth which sustains credit will cease and all bets will be off.

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