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This devaluation of financial wealth–and its transformation to a dangerous liability– will reach extremes equal to the current extremes of wealth-income inequality. Financial capital–money–is the Ring that rules them all. But could this power fall from grace? Continuing this week’s discussion of the idea that that extremes lead to reversions, let’s consider the bedrock presumption of the global economy, which is that  money is the most valuable thing in the Universe because the owner of money can buy anything, as  everything is for sale. The only question is the price. Reversi...

The absolutely last thing anyone expects is a collapse of all the asset bubbles, i.e. a  deflation of assets that reverses the full 20 years of bubble-utopia since 2000. The consensus is universal: assets will continue to loft ever higher, forever and ever, because  the Fed has our back, i.e. central banks will create trillions out of thin air without any consequence other than assets lofting ever higher. This research paper from the San Francisco Federal Reserve begs to differ. Here is an excerpt from Longer-Run Economic Consequences of Pandemics (San Francisco Federal Reserve) “Mea...