“Debt is the slavery of the free”Publilius Syrus"I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country."Andrew Jackson"Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It's a trap for the rest of your life because the laws are designed so that you can't get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy."Noam ChomskyHistory records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance.James Madison
Earnings and the ECB dominated the news this week.
Overall the earnings picture seems week, with accounting gimmicks and speculation driving business, and not aggregate demand.
The wage/demand/debt cycle in the US is approaching a critical mass. The only part about this that is shocking is how few policy makers will even condescend to mention it, except in the most cursory and dismissive of terms.
The Fed is proving to be a terrible steward of the real economy. Their defense will be ignorance, while their offensive, in all facets of that term, against the deflationary results of their policy errors is promoted on the merits of claims to 'superior knowledge.'
Next week should be interesting in terms of economic news.
The race to the bottom continues.
Have a pleasant weekend.
