Years of ultra-loose fiscal and monetary policies have put the global economy on track for a slow-motion train wreck in the coming years. When the crash comes, the stagflation of the 1970s will be combined with the spiraling debt crises of the post-2008 era, leaving major central banks in an impossible position. During the 2007-08 financial crisis, high debt ratios (private and public) caused a severe debt crisis – as housing bubbles burst – but the ensuing recession led to low inflation, if not outright deflation. Owing to the credit crunch, there was a macro shock to aggregate demand, whereas the risks today are on the supply side. The warning signs are already apparent in today’s high price-to-earnings ratios, low equity risk premia, inflated housing and tech assets, and the irrational exuberance surrounding special purpose acquisition companies (SPACs), the crypto sector, high-yield corporate debt, collateralized loan obligations, private equity, meme stocks, and runaway retail day trading. At some point, this boom will culminate in a Minsky moment (a sudden loss of confidence), and tighter monetary policies will trigger a bust and crash. Policies that are feeding asset bubbles will continue to drive consumer price inflation, creating the conditions for stagflation whenever the next negative supply shocks arrive. Such shocks could follow from renewed ...

Power can sometimes be won or maintained without violence, but never without fraud, because it is necessary to use the masses. CIA was actively in the business of defrauding the masses by secretly supporting the so-called non-Communist left and behaving as if it was just a spontaneous outgrowth of a free society. By turning the left to the service of its expanding empire, the CIA was applying a French Turn of its own by picking the best and the brightest, and the creation of the National Security Act of 1947 institutionalized it. Assisted by Britain’s Information Research Department (the IRD), the CIA recruited key former Soviet disinformation agents trained before the war who had managed non-Communist front groups for Moscow and put them to work. They used John Burnhams book as their CIA guidance. What Burnham was mainly concerned to show [in "The Machiavellians"] is that a democratic society has never existed and, so far as we can see, never will exist. Society is of its nature oligarchical, and the power of the oligarchy always rests upon force and fraud. Orwell is said to have modeled his novel "1984" on Burnham’s vision of the coming totalitarian state, which he described as "a new kind of society, neither capitalist nor Socialist.” You wonder why you hear Orwellian so much lately and refernces to his book 19...