Pandemic increased net worth of 643 richest Americans by 29%, March 18-Sept. 15, per Forbes study. Bloomberg +14%, Bezos +55% | Impeach Obama, McCain and Boehner Today

Comment by tonytran2015: I have never encountered any undeniable coincidence in my life. If something works quite well it must have been planned by someone.

… Oct. 9, 2020, New York’s Billionaires Are Doing Just Fine As Coronavirus Rages,, New York

“As the U.S. still reels from the pandemic’s economic fallout, the state’s billionaires all vastly increased their wealth, Forbes found.”

“The total net worth of 643 of the nation’s richest people increased from $2.95 trillion to $3.8 trillion [+29%] March 18 and Sept. 15, according to an analysis of Forbes data.

DAS KAPITAL: Debt Deflation & The Neo-Feudal Empire – By Michael Hudson | RIELPOLITIK

… The problem is that as people owe more and more debt service, they have less and less to spend on goods and services and so they’re not able to buy what they produce, and so employment shrinks and the economy shrinks. And part of the problem is not simply the growth of debt, but what the debt is for, and in the textbooks debt is supposed to be for productive purposes. The myth is that it’s for building factories and means of production and increases everybody’s prosperity, but that’s not what debt’s about. That’s what maybe stock issues are about, but it’s not what debt is about.

80% of debt is issued in the form of mortgages and they’re lent to real estate and the effect of real estate debt – making credit, loosening the credit terms more and more, lending more and more against properties, higher proportions, lower down payment, lower amortization rates – is that property prices are inflated. Housing prices are inflated. Commercial real estate prices are inflated.

So debt is being created for all the wrong things. It’s been decoupled from the economy at large, and it’s being taken on for things that really used to be considered public services like education. Used to be that all economies provided schooling free as a public service because they realized that education is how you increase productivity. But now, more and more, education is just to get a job sort of like a union card…

Hyperinflation Is Here

Authored by Alasdair Macleod via,

… This article defines hyperinflation in simple terms, making it clear that most, if not all governments have already committed their unbacked currencies to destruction by hyperinflation. The evidence is now becoming plain to see.

The phenomenon is driven by the excess of government spending over tax receipts, which has already spiralled out of control in the US and elsewhere. The first round of the coronavirus has only served to make the problem more obvious to those who had already understood that the expansionary phase of the bank credit cycle was coming to an end, and by combining with the economic consequences of the trade tariff war between China and America we are condemned to a repeat of the conditions that led to the Wall Street crash of 1929—32.

Kim Jong Un Cries Unveiling New Ballistic Missile

North Korean strongman Kim Jong Un shed tears Saturday at a military parade where the regime revealed a new ballistic missile, the Guardian reported. The leader’s speech touched on the failures in political leadership that have led Pyongyang to an economic meltdown, as well as the external threats North Korea faces…

… Kim has even admitted to his failure to meet party expectations for the economy, and urged North Korean elites to hand over their pet dogs, […]

Monetary Distortions Of GDP In 2021

Comment by tonytran2015: Fiat currencies are valued by government issuers as the latter never run out of them. Insisting on no inflation with fiat currencies is like asking for fairness in the wilderness. Any worthy economist must know how to do measurements using ever shrinking rulers.

Monetary Distortions Of GDP In 2021 Tyler Durden Mon, 10/12/2020 – 18:40 Authored by Alasdair Macleod via, This article explains the effect of monetary inflation on GDP. Nominal GDP is directly inflated by additional money and credit, so GDP growth is simply a reflection of additional money in the economy. It gives no clue…

De-Dollarization Trend Remains Intact

… The share of euros making up global reserves rose slightly and the share of yen dropped. The second quarter saw the largest build-up of reserves in Chinese RMB and “other currencies”

The increase in dollar reserves in Q1 was likely an anomaly triggered by increased valuation and safe-haven buying during the early stages of the COVID-19 panic.

Fed Announces It Will Quit Printing Paper Money

Comment by tonytran2015: So real money has been replaced by fiat money, then by credit cards, and then by cardless entitlement, … What is the point of printing paper money when BRICS may trade only in gold in the future ?

The David Knight Show In an announcement to customers who might like to get new bills to give as Christmas gifts, a California credit union explains that the Federal Reserve will not be printing new paper currency (they’ve already ceased… Read More ›

The coming collapse of New York City by Lion of the Blogosphere

The coming collapse of New York City, by Lion of the Blogosphere.

Although they say that New York City has many industries like finance and banking, business services, media and publishing, etc., in fact this can be generalized to say that New York City has only one industry: people working in office buildings. If that industry leaves New York City because everyone who used to work in office buildings is working from home, then I can’t see any other future for New York City besides a total collapse, maybe even worse than the collapse of Detroit because, as the proverb goes, the bigger they are the harder they fall. …

New York City is like a Ponzi scheme that…

Money and Finance Have Now Been Completely Collectivized

It is almost laughable to see “the powers that be” fumbling around, and bending everything they touch out of shape, as they try to maintain some semblance of life in the deeply flawed zombie system of money, banking and finance. Laughable, that is, if it were not so tragic.

This financial “Titanic” has not been ripped open by a sudden encounter with some unexpected and random “iceberg.” It was doomed from its very beginning because of its flawed design, construction, and operation, which I have repeatedly described over the past thirty plus years.[i] It has been taking on water and shaking itself apart for a very long time, but it is just within the past few years that its inevitable demise has become obvious, and is now imminent.

Biden – A Catalyst To Accelerate US Decline?


US debt to GDP has now reached 135% against 35% in 1969 and growing. These debt levels are unsustainable for future growth. With falling tax revenues and rising expenditure, there is zero chance that this debt will ever be reduced. And when interest rates go up, the US will not even be able to service the debt. So a debt default is very likely in the next few years.

… The debt explosion and slow GDP growth are clear evidence of how right China was…