11 Ways You Know You Live In A Country Run By Idiots

Originally posted by Dr. Eowyn at Fellowship of The Minds blog, 1. If you can get arrested for hunting or fishing without a license, but not for being in the country illegally, you live in a country run by idiots. 2. If you have to get your parents’ permission to go on a field trip or take an aspirin in school, but not to get an abortion, you live in a country run by idiots. 3. If you have to show identification to board an airplane, cash a check, buy liquor or check out a library book, but not to vote on who runs the government, you live in a country run by idiots. 4. If the government wants to ban stable, law-abiding citizens from owning gun magazines with more than ten rounds, but gives 20 F-16 fighter jets to the crazy leaders in Egypt, you live in a […] Read More

30 stats to show to anyone that does not believe the middle class is being destroyed

The 30 statistics that you are about to read prove beyond a shadow of a doubt that the middle class in America is being systematically destroyed.  Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a staggering pace.  Yes, the stock market has soared to unprecedented heights this year and there are a few isolated areas of the country that are doing rather well for the moment.  But overall, the long-term trends that are eviscerating the middle class just continue to accelerate.  Over the past decade or so, the percentage of Americans that are working has gone way down, the quality of our jobs has plummeted dramatically and the wealth of the typical American household has fallen precipitously.  Meanwhile, we have watched median household income decline for five years in a […] Read More

Job = Just Over Broke

If you are fortunate enough to have a job in America today, the phrase “just over broke” probably describes you.  Yes, there are a handful of jobs that certainly pay very well, but most Americans that work for somebody else are just barely making it from month to month.  More than half of all working Americans are living paycheck to paycheck, and more than half of all working Americans make less than $30,000 a year.  That is an amazing statistic but it is actually true.  Once upon a time, anyone that was responsible and that was willing to work hard could get a good job in America.  But now those days are long gone.  Instead, we live at a time when good jobs are disappearing and when the middle class is getting smaller with each passing year.  In some homes, the husband and the wife are both working multiple […] Read More

“There Is No Honest Pricing Left” – The Epochal Error Of Modern Central Banking

Submitted by David Stockman of Contra Corner blog, David Stockman, Director of the Office of Management and Budget under Reagan, former Congressman, and author of the bestseller The Great Deformation: The Corruption of Capitalism in America, discusses his book, the gold standard, bailouts, and the problems the American economy faces today. Mises Institute: In the book, you oppose Bernanke’s view of the Great Depression, which you point out relies heavily on the views of Milton Friedman. David Stockman: Bernanke has cultivated this idea that he is a brilliant scholar of The Great Depression, but that’s not true at all. What Bernanke did was basically copy Milton Friedman’s misguided and very damaging theory that the Federal Reserve didn’t expand its balance sheet fast enough by massive open market purchases of government debt during the Great Depression. Bernanke therefore claimed that monetary stringency deepened and lengthened the depression, but in fact interest […] Read More

Exorbitant Cost Of Pseudo-Educating America: The Next Two-Trillion Dollar Bubble

Submitted by Ben Tanosborn, At $1.2 trillion student debt, we may only be 60 percent along the way, but rest assured that it won’t take but 3 to 5 years before this spectacular bubble bursts… and it will do so on the economic backs of the poor, and the ghostly – ghastly might be more apropos – remnants of a fast disappearing middle class. Two weeks ago, while doing a final screening of old papers kept for no-apparent good reason, I came across a few notes from a graduate business course which I taught over three decades ago.  An underlined hyphenated-word stood in front of me teasing both my memory and reason for its use: Porno-Economics.  Then, I quickly recalled that my reason for its use had absolutely nothing to do with the economics of porn; and how I explained to my class – mostly graduate engineers with families […] Read More

Kyle Bass On China’s “Contraction” And “The Fed’s Worst Nightmare”

Via Robert Huebscher, originally posted at Advisor Perspectives, For the last several years, nobody has been more outspokenly bearish on Japan than Kyle Bass. In a recent talk, Bass reiterated his doubts about Japan’s chances of averting a debt crisis. What’s more, he also said China’s economy will fall below expectations. Bass changed one aspect of his outlook on Japan. Instead of predicting a collapse of the Japanese bond market, he focused on a severe weakening of the yen – without predicting when that might happen. His predictions for China were equally distressing. He said that its banks will be saddled with non-performing loans and that its economy is actually contracting. “I don’t think the markets are discounting what’s really happening in China,” he said. Bass is the founder of Hayman Capital, a Dallas-based hedge fund. He was featured prominently in Michael Lewis’ recent book, The Big Short, for […] Read More

The Robots Are Coming, And They Are Replacing Warehouse Workers And Fast Food Employees

There are already more than 101 million working age Americans that are not employed and 20 percent of the families in the entire country do not have a single member that has a job.  So what in the world are we going to do when robots start taking millions upon millions more of our jobs? Thanks to technology, the balance of power between employers and workers in this country is shifting dramatically in favor of the employers.  These days, many employers are wondering why they are dealing with so many human worker “headaches” when they can just use technology to get the same tasks done instead.  When you replace a human worker with a robot, you solve a whole bunch of problems.  Robots never take a day off, they never get tired, they never get sick, they never complain, they never show up late, they never waste time on […] Read More

A Red-Flashing JOLT: Manufacturing Job Openings Signal Recession Dead Ahead

Contrary to the April nonfarm payroll data, today’s JOLTS report was simply ugly. First, the total number of Job openings of 4014K, missed significantly the expected number of 4125K, dropping 111K last month, and the worst since December’s 212K tumble when as everyone recalls, the weather was extensively scapegoated as the reason why the economy is not performing as the priced to perfection central planning expects it to. And now that weather excuses no longer can be abused, the experts finally repeated what we first said in November when we reported that “The Time To Hike Rates Is Now According To The Beveridge Curve” starting with Stone McCarthy: … Typically openings precede payroll gains. Over the past 6 months openings increased by only 116,000. This isn’t consistent with the payroll growth of late … … the relationship between openings and the unemployment rate, the co-called Beveridge Curve, suggests that […] Read More

The “Economic Recovery” Continues: Businesses Are Being Destroyed Faster Than They Are Being Created

What would you say about an economy where businesses are shutting down faster than they are opening?  Well, a shocking new study released by the Brookings Institution indicates that this is exactly what is happening in the United States.  We are absolutely killing small businesses and the entrepreneurial spirit in this country, and as you will see below, the number of self-employed Americans has been on a downward trend for a decade even though our population has been steadily growing.  Traditionally, small businesses have been the primary engine of job growth in this nation, so the fact that study after study has found that small business creation is being crippled in the United States is a really bad sign for our economic future. Personally, I write about our long-term economic decline nearly every day, but even I had no idea that businesses were being destroyed faster than they were […] Read More