“At a late stage, speculation tends to detach itself from really valuable objects and turn to delusive ones. A larger and larger group of people seeks to become rich without a real understanding of the processes involved. Not surprisingly, swindlers and catchpenny schemes flourish.”
Robert Z. Aliber and Charles P. Kindleberger, Manias, Panics and Crashes
“Excess supply could be more readily absorbed if we increased demand through redistribution. Unfortunately, with tax cuts and austerity, this is not the direction of travel! Our political masters, our esteemed economic advisors and Central Banks have all forgotten about distribution effects of their fiscal and monetary policies.
We have been victims of a long line of theorists and ideologists who utterly failed to address the distribution effects of policies. Ruled by fools so long they conditioned us for more fools at many levels of government and society. Idiocracy may indeed have become built in.”
Dr. Harald Malmgren
Just charts tonight.
Have a pleasant evening.
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