Behavioral psychology in the marketplace; Daniel Kahneman says “noise” is wrecking our judgment

Different economic forecasters will be noisy. A year later, there will be a correct answer. That’s when you can determine bias—whether [each forecaster] generally overestimated or underestimated the information. You don’t have to wait a year to observe noise.

Daniel Kahneman Says Noise Is Wrecking Your Judgment. Here’s Why, and What to Do About It. Barron’s, May 28th

Note to reader: we discussed Mr. Kahneman’s groundbreaking research in the past.  Specifically, his Nobel prize-winning research helped refine the study of behavioral economics and the concept of the  rationally irrational consumer. While we all are handicapped with unconscious preexisting biases, the vast sea of humanity is not aware that they exist, so we must make an effort to overcome them. If we can, we should be able to formulate more accurate economic and financial market predictions. If you a regular reader of my blog, you know that I have always emphasized that any macroeconomist or market prognosticator who refuses to recognize the agenda and objectives of the new world order must be heavily discounted. However, if we recognize this collective willed ignorance, we gain an edge over many well regarded economists and analysts.

As an independent economics researcher, I attempt to formulate my economic theories and financial research independently of all the omnipresent “noise,” which is why my research is often unique. To lower the noise in my predictions and determinations, I find it vital that I formulate my thoughts first, before I am “contaminated” by ideas of others; even if they are considered experts. This is why I often am not aware of what other analysts in the media are saying

In this Barron’s interview, Mr. Kahneman emphasizes that researchers who are making judgements, observations, and measurements should be making them independent of other researchers. When we put people in a room and ask them to generate a group judgement, we lose a lot of insightful information. He says that the best way to run a meeting is for individuals to come prepared with their individual judgements, and then start a discussion. If we start a discussion without eliciting prior judgements or by possessing preconceived ideas from the outside, people are going to unduly influence each other.

Barron’s: You say that errors in judgment have two main components, bias and noise. Let’s start there.

Daniel Kahneman: When judgements have a correct answer, bias is the average error. Noise is the variability of the error. It’s that simple. And even when you don’t know the correct answer, you can still observe noise…

The economy and markets work on differences of opinion; you can’t consider it a bad thing. Diversification is not noise. Noise is unwanted variability; it is variability in judgements that should be identical. Federal judges are supposed to be interchangeable. Similarly, when you have an investment firm, and you assign Smith or Kagen to assess a particular investment, you don’t want sources of noise to be a factor. You shouldn’t care whether it’s Smith or Kagen making the evaluation.

Daniel Kahneman Says Noise Is Wrecking Your Judgment. Here’s Why, and What to Do About It. Barron’s, May 28th

Daniel Kahneman Says Noise Is Wrecking Your Judgment
Insurance company premiums vulnerable to noise

Mr. Kahneman provided Barron’s with an example of noise; he was hired as a consultant for an insurance company as it wanted help in determining the right premiums for its products. The insurance firm constructed cases and submitted them to 48 underwriters.

The question was, how much variability, or noise, was there among underwriters? It turned out to be 55%—not the 10% they expected. Even Mr. Kahneman was surprised. The organization was completely unaware they had this problem. Noise was not on their radar. Variability is very costly, even if your premiums are correct, on average. A premium that’s too high will cause the insurer to lose business, and a premium that’s too low leaves money on the table. The insurer was losing hundreds of millions a year because of variability in its premiums.

Anyone who has been a long-term property manager and landlord can relate to this problem. In my walk as a property manager, I am often confronted with wide variabilities in P&C insurance premiums for the same coverage, and from the same firm.

Types of noise

Mr. Kahneman distinguishes three types of noise;

Level noise: The easiest example is judges passing sentences. Some judges are more severe than other judges would rule on the same cases. That’s level noise.

Occasion noise: Another source of variability is how one judge’s decisions might change during different mental states, or from hearing a case in the morning versus the afternoon. We call that occasion noise.

Pattern noise: Probably the most important source of variability is that people just see the world differently—that’s pattern noise. Judges view different criminals differently. One of them would be more severe in case A, and the other would be more severe in case B. We are not aware of it, because we can’t look inside people’s heads. We hire judges, so that they can be interchangeable, but the realities belie this objective.

How to overcome biases and noise

We need to resist relying on our intuition, which is just the feeling we “know” something even if we are not sure why you know. Our challenge is to identify unwanted variability or noise and then do something to mitigate it. This is where independent and unbiased research proves vital.

Most economists mentioned in the MSM and alt-media have proven almost useless, as they are beholden to the system for their paychecks and will thus refuse to contemplate the concepts we freely discuss on this blog. The worst algorithm we can employ is for us to embrace our worldview while simultaneously regarding these macroeconomists as knowledgeable experts.

In some cases intuition is very useful for making instant decisions. In other, less time-critical situations, Kahneman says judgements based on intuitive feelings need to be disciplined and delayed.

Mr. Kahneman emphasizes that we should act on intuition only after we have made a balanced and careful consideration of all the evidence. This means that we must gather evidence from diverse sources, and from people who have made their own independent judgement of the evidence. Don’t rely on the groupthink of any source, especially the MSM and compromised alt-financial media. Without this disciplined attitude, Kahneman said, noise can easily be amplified.

Expect the Fed to address rising inflationary expectations

Although inflationary expectations are running hotter than expected, the Fed has the available tools to engineer normalcy in a post-COVID environment. Over the next year, I expect inflationary expectations to once again move lower than UST yields.
Commodity prices (Dow Jones Commodity Index, right axis) ran hotter than expected, and the USD (UUP, left axis) fell, as Fed policy encouraged inflationary expectations to rise versus bond UST yields. Look for Fed policy to unwind these distortions. This should be dollar supportive.

-Inflationary expectations are running hotter than previously theorized. The marketplace is now looking to the Fed to begin taking action.
-Supply chain disruptions have been partially caused by the unanticipated heightened macroeconomic demand. The Fed will have to work to discourage this sharp rebound in demand as the global economy returns to some sort of normalcy.
-Some of this excess demand has been generated as economic participants have been hoarding in anticipation of scarcity and future higher prices.
-The Fed still has a lot of tools available at their disposal. Do not underestimate this ability.
-The Fed’s massive bond purchases (currently $120 bil/mo) have facilitated the drops in UST yields versus inflation data. Bond yields cannot continue to remain lower than comparable inflationary points.
-The fact that bond yields have remained lower than inflation demonstrates the power and efficacy of Fed policy. Do not underestimate this power when the Fed begins to taper and tighten monetary policy.
-Inflationary fears have diminished over the past week as market participants expect the Fed to eventually act. Recent FOMC minutes intimate sooner-than-expected action.
-I predict an initial tapering of MBS purchases of at least $20 bil/month. This would decrease overall monthly purchases to $100 billion. Look for a further unwind to $80 billion in UST only.
-Fed funds futures indicate a rise to .25% soon (.26%).
-While there is always anticipatory price volatility in front of future Fed action, my experience over the decades indicated that asset price volatility remains heightened, even after the Fed has already begun to tighten.
-Over the next couple years, we may once again be confronted with an overly tight Fed (e.g. during late 2018).

Market Update; The Fed, overnight lending, and the crypto crash; Drastic changes to my future plans

To download the podcast – Right mouse click here (duration; 36:54)

The markets in focus

-A discussion of the repo and reverse repo markets; The Fed ostensibly has a liquidity problem, but if asset prices fade, this dilemma should self-correct.

Interest on Required Reserve Balances and Excess Balances
Repo and Reverse Repo Agreements
Global Cryptocurrency Charts; Total market capitalization

-If asset prices fall, the glut of liquidity may shrink and the sudden drop of $1.2 trillion in crypto asset valuations may do the heavy lifting for the Fed, and help to shrink this liquidity oversupply.
-Despite what Zerohedge and the crypto shills claim, the governments and MSM have been very supportive of the crypto markets. The crypto market is the only truly unregulated market, and any other market would never be able to operate under such circumstances. I suspect cryptos will be the cause of a number of Hegelian dialectic crises in the future. Unregulated cryptos are already wreaking havoc in the ransomware markets.
-Stocks and commodities have remained in a weekly overbought holding pattern and I am still a seller of rallies on most assets
-How the Fed ended up becoming the lender of choice as opposed to the lender of last resort.

Recent changes in the world are accelerating my investment and personal timeline

-The world in a post-COVID environment is a much more openly hostile one to investors, especially to those in the real estate sector.
-States and counties have become emboldened to treat real estate investors with circumspection and contempt. These tax jurisdictions are planning on squeezing these people for as much money as possible. There will be a sharp increase in state and federal government tax audits and monitoring than in the recent past.
-States like Maryland and the blue states will become more openly recalcitrant and hostile in the future.  They plan on using race and wealth disparity as excuses.
-Real estate investors have been making a lot of money and the states want some of it. Look for changes to the tax codes.
-As long as we hold our worldviews dearly, we cannot continue investing through social proof. We need to act unilaterally and quickly. Many personal and investment strategies take several years to complete. If we wait until mid-decade, it will be too late.
-My plans going forward until mid decade.

Behavioral economics at work; Bitcoin was established to be a substitute for gold

The manipulation of gold (blue candles, left axis) and the vital role bitcoin (red and green candles, right axis) serves the central banks; Since the implementation of the COVID monetary and fiscal policy programmes, the price of gold has acted in a counterintuitive manner, while btc took off

Consumables Substitution Effect – As the price of a good increases, the demand for its substitute rises

In classical microeconomics, as the price of a consumable good increases, the demand for its competing substitute rises.

The substitute effect under everyday circumstances is straightforward and makes perfect sense. When we have the choice of consuming a number of goods; whether it’s cans of beans, soda, or clothing, as the prices of one or more of the choices rise, the consumer will be more likely to consume the competing choices, ceteris paribus.

Investment Substitution Effect – As the price of an asset falls, the demand for its substitute often rises

However, humans can be rationally irrational when it comes to buying investments, and this relationship is often the other way around; many investors tend to demand more of an investment as its price rises. This is often at the expense of its equivalent substitutes, which will often fall in value on a relative basis. Intuitively, the reverse makes sense, too; as the price of an asset falls, the demand for its substitute often rises.

In investment and behavioral microeconomics, as the price of an investment (bitcoin) falls, the demand for its substitute (gold) rises. In the case of this analysis, the price change of btc is the independent variable.

Of course, we can never know for certain whether bitcoin and gold are perfect substitutes for one another, but if we view their behaviors through their recent market action in the wake of the promulgation of the now ongoing post-COVID central bank monetary intervention, we do possess more empirical data and observations that this is most likely the case. Moreover, we can rest assured that the powers-that-be also know this and have purposely established this relationship with its inculcation to the masses via the business media.

This blog had theorized since 2016 that btc was developed and released by dark intelligence simultaneously with the introduction of QE in 2008-09 as a tool to suppress the price of gold. And while we can never know for sure that this is the case, we can investigate and observe over the longer-term to determine if this relationship is valid.

While the price action of Au and btc over the longer term are positively correlated, and will trend upward in tandem with the increases in the money stock measures around the world, I suspect that Au (and Ag) will not rise as quickly as long as btc is around and being heavily promoted by the MSM.

However, from time to time, we do see how the prices of Au and btc play off one another over the shorter term, and if recent price performance is any indication, these assets are highly related investment substitutes.  While this relationship may not matter to some people, I view it as an important one when it comes to trading both of them in the short and intermediate term, and in a linear environment.

I mean “linear” in the sense that this relationship is stronger when the markets are operating as usual and volatility measures are lower than normal or typical. However, from time to time both investments may drop in value together if we have that proverbial “Minsky moment,” which forces investors and traders to cover and liquidate from any unforeseen market event, whether it be endogenous or exogenous. A Fed tapering pronouncement is one example. We also observed that the manufactured COVID crisis was another instance.

But it does seem that when the market for btc suffers adverse circumstances, gold responds more favorably. It also seems that this relationship works best when circumstances affect the price of btc, rather than when circumstances affect the price of gold.

Keep in mind that often when the price of an asset falls, it can have a sympathetic response with its equivalents. Investors experience this often with the stocks of companies in the same sector. But I am confining this commentary to within a particular sector, and that is of assets that are considered monetary equivalents and stores of value.

Long-term successful traders recognize these relationships in action. Contrarian investors leverage these opportunities for long-term gain.

Barron’s; Inflation is here and it’s time to worry

Some of my recommendations and predictions under the current monetary policy programmes;

    • Value stocks – These firms can pass on inflation to its customers, and have a diverse customer base. Asset pricing models benefit these equities over other stocks, as their earnings are definite and immediate.
    • Growth stocks will continue to lag. Many of these face fierce competition. The downward pressure on many of these firms has been relentless
    • Commodities will remain strong as demand picks up again. With the willful US Fed on autopilot, it’s difficult to put the toothpaste back in the tube. The supply-chain shocks will persist, and actually may be encouraged by the Western governments themselves. For instance, the Biden regime’s energy policies have resulted in diminished oil/gas output, while restricting energy transport.
    • Residential and warehouse real estate will continue to power ahead under the current set of monetary and fiscal policies. Given the higher levels of inflation, real estate prices will remain remarkably resilient to higher mortgage rate levels. According to the USA Today, the real estate market continued to break historic records in April, as home prices rose 21% YoY and the median home-sale price soared to $348,500. In May, this level rose above $350k. A year ago, we predicted an intermediate-term rise to $385k when it was $315k. We are quickly reaching our target.
    • Residential rents have begun to rise again in earnest as the average renter will get squeezed from all directions. If rents rise higher than expected, this will provide rental investors more confidence in higher property prices. I predict rents will rise much higher than generally expected and the landlords will once again, gain the upper hand.
    • Ranch/farm land – Regardless of interest rate levels, farm and ranch land prices will continue to trend higher. This would mirror our experiences of the late 1970s.
    • Bond investors will increasingly find it more and more difficult to stay ahead, even if prices remained elevated from a loose monetary policy regime.
At some point, I have to conclude that this can’t be an accident

As millions remain out of work and as economic growth remains reliant on extraordinary monetary and fiscal support, the Fed’s concerns about the recovery are well founded. If the Fed is right that the U.S. economy is still weak enough to warrant near-zero interest rates and quantitative easing, while wrong that pricing pressures are temporary, investors are looking at the threat of stagflation. Longer term, some investors and economists warn of a so-called debt jubilee, effectively a default through hyperinflation, and the risk of the U.S. losing its reserve-currency status.

Policy makers are walking a fine line. The costs of not getting it exactly right are high, already affecting bottom lines, wallets, and investment returns, while threatening to unleash economic forces not seen in generations.

Inflation Is Here and Hotter Than It Looks. Why It’s Time to Worry., Barron’s May 14th

I came across an article from this weekend’s edition of Barron’s, and wanted to share it with you. I have attached a link to the web version, and you may be able to read it without a subscription.

Inflation Is Here and Hotter Than It Looks. Why It’s Time to Worry.

I have also attached a pdf version of it below. While the pdf version does not contain a few charts that were available in the web version, everything else is the same.

Inflation Is Here and Hotter Than It Looks
What’s the goal here?

I wanted to end with one final observation that was analyzed by Joel Skousen in his latest edition of the WAB. He makes an interesting conclusion as to why the US Fed is remaining remarkably loose, and while he often refers to sources I do not hold in high regard, it’s nearly impossible to ignore the growing inflation dilemma in the West.

I believe it has to do with the “great reset” the globalists created in the wake of the exaggerated pandemic. Locking down the small business and restaurant economy and then offering periodic stimulus payments got everyone on the dole, and each bailout bill had lots of bad legislation in it furthering government control—one of the goals of the Great Reset.

Creating high inflation allows Democrats to decry the not-so-free markets; blame them, and induce people to demand price controls, which Richard Nixon succumbed to during the high inflation of 1971. If price controls ever get reinstalled, I suspect they will keep them in place and never let us be free from them again—much like these pandemic restrictions. Price controls are a key aspect of Fabian socialist “solutions,” and may well lead to calls for even more government controls in healthcare, housing, and food.

Joel Skousen, World Affairs Brief, May 14th

As with deficit and all forms of social spending, the resulting inflation helps those with the assets, while hurting those who do not own them. If you were acquiring income generating assets over the years, you already have seen how your asset prices have kept pace and even rose higher than the general cost of living.

As asset owners, we will have to eventually confront the growing chorus from those left out of the bull market runs. As prices rise, the risk of facing new punishing taxation policies, ownership restrictions, or outright expropriation will climb as well.

A response to a reader; The importance of Old Testament prophecy leading up to WWIII

been reading you for a while but still don’t understand the relevance of old testament prophecies in which you put so much stock.

can you help me out in a couple of sentences?

H

As a Christian who takes the Bible literally in every detail, I have always been intrigued with the prophetic aspects of scripture. The Old Testament (OT) and the New Testament (NT) are loaded with prophetic markers to let the student gauge the Bible’s accuracy over time. As such, prophecy has often been referred to as “history in advance.”

The prophets of the OT were concerned primarily with three matters:

1) The foretelling of events and circumstances in the near and intermediate term regarding the ancient Israelites, as well as their neighboring kingdoms and adversaries when it involved Israel,

2) The spiritual fulfillment of the Abrahamic blessings with the arrival of the Messiah (Jesus), who would reconcile humanity back to its Creator,

3) Eschatological affairs regarding last day events.

The OT prophets identify which nations will be involved in WWIII

Although the advent of Jesus fulfilled the spiritual covenant, the physical aspect of God’s promises to Abraham are still in effect today. Indeed, Abraham was promised that the Messiah would come from his seed, but he was also told that kings as well as a company of nations and a great nation would come from his seed in the last days. The last days refer to the period after Jesus’s birth, thus these promises did not pertain to ancient Israel.

While the NT prophets did not mention the physical aspects of the Israelites in last day events, the OT prophets went into great detail about how the endtime events would revolve around these twelve tribes (13 with Manasseh).

Thus, when we analyze the eschatology of the NT, we are left with an incomplete picture. If a Christian scholar refers exclusively to the NT and Daniel, he will have a much more difficult time discerning the timeline and how it relates to the geopolitical world today. When we study the OT prophets in regards to eschatological matters, we begin to see how the Israelite remnants are intimately involved in every detail of the tribulation period.

While it is much more difficult to accurately interpret what the OT prophets have to say, it is worth the effort. Essentially, the OT prophets spoke in great detail about a devastating war that involved certain tribes and nations.

Why do we know these OT war prophecies concern the last days? It’s simple; there has never been a war that has involved this combination of peoples and countries in human history. Thus, it has yet to occur. But based on the developing geopolitical and economic circumstances, it should transpire sooner than most are expecting.

The OT prophets help us predict the timing of WWIII

When we try to unlock the mysteries surrounding last day events, the NT doesn’t reveal the entire combination. OT prophecy is needed in this regard to help the student correctly line up all the tumblers.

If we can objectively view the OT prophecies and what it said regarding the fate of the Israelite remnants in the final days, we can easily determine which nations they founded and where they are today.

So, why is all this important, and why am I emphasizing OT prophecy now? The answer is simple here; time is short and I believe that we are about to enter the time of Jacob’s trouble. This is the most amazing part of this analysis; the locations of the nations in WWIII are lining up like pieces on a chess board, and they all conform to OT bible prophecy.

The OT prophets help us determine which nations will be destroyed in WWIII

While the NT and Daniel explain the end days timeline, it offers an incomplete picture, since we do not know which nations and peoples are involved, and in what capacity. When we objectively analyze the OT prophets (Jacob was a very important prophet, too), we can easily deduce that this upcoming WWIII will be the prophesied time of Jacob’s trouble that will be the catalyst for Jesus’s return.

If we fully embrace what the OT prophets say, God will force Gog, Magog, Meshech, Tubal et al. (Russia and China along with its secret confederacy) to subdue Ephraim (Great Britain) and annihilate Manasseh (the United States, which is the “land of unwalled villages”). With the U.S. out of the way, the rest of the West will suffer a similar fate as well.

Based on my analysis, as well as others, it also seems there are elements within the Western governments themselves that are promoting this first strike offensive against the West to enhance the objectives of the New World Order. Unfortunately for everyone involved, it will be much worse than anyone expects. God will see to it.

Based on the willful ignorance of virtually all of today’s Christians, they will be totally astonished when it does happen. Esau, working with Japheth, will finally subdue Shem and Jacob.  Although, the Western adversaries will not wish to destroy the West, God will force their hand and the devastation will force God to intervene and put an eventual end to it. Basically, when all hope is lost and when countless millions are killed, God will supernaturally destroy Israel’s and Judah’s (the political nation-state of Israel) adversary.

The dominoes are falling and we must start preparing

Based on my most recent observations, time is running very short. We need to spiritually and physically prepare now, because today’s fire and brimstone Christian pastors will be astonished, and have not been properly warning their congregations.

Any church pastor on YouTube is forbidden to speak out against the government and its objectives that are antithetical to the American population. A combination of 501(c)3 tax deduction status as well as cognitive and willed ignorance, and disbelief renders the church pastors ineffectual when they are needed the most.

I have been reporting that the massive deficit fiscal spending is nothing but wealth consolidation, and as War gets close, this spending and wealth consolidation will go parabolic. All of the prerequisites leading up to war, including the debilitation of the Western population via the covid jobs are proceeding as planned.

If this makes sense to you, you’re going to be on your own.

05/12 Market update; We are lab rats with a one-party system, centrally-planned economy, and a Soviet media

60-90 minute wait at my local gas station. Other NoVA fuel pumps are experiencing the same routine, and FCP are are actively monitoring. The people are lab rats in a real-time experiment

To download right mouse click here – (3pm, duration 30:41)

-A huge warning for stock investors. The stock market is undergoing its first meaningful correction as official inflation data confirm that the US Fed may have to act soon to rein in inflation growth. The S&P 500 rose past the 4,000 minimum level needed for a meaningful retracement, and we are now getting it.

-After a recalibration, I have determined that people are now acting rationally irrational once again. I have simply lowered my expectations for humanity, and now their behavior is again making sense.

-Manufactured austerity; housing shortage to last forever! Gas shortages and living supplies shortages to persist in a centrally planned economy. The people now have the government they choose and want.

-Fake supply shocks and shortages. The police are monitoring hour-long waiting times for gas at the gas stations down the street from my house in NoVA. These supply shocks and shortages are manufactured and allow these elites to experiment on us in real time.

-Donald Trump was the perfect compromised patsy to blame for bringing the U.S. under a one-party system. He borrowed billions from the Rothschilds and still supported the mRNA jabs. The demoralized Christian pastors were praying for Trump, who was propped up as a globalist change agent.

-The MSM and even some of the alt-media (e.g. ZeroHedge) work to demoralize the population.

-The U.S. government is only a customer service window for the synagogue of Satan, who use the Pentagon (DoD) and CIA in Arlington and McLean, VA, to control the media. Our media is centrally run and has become just like the Pravda and TASS during the time of the Soviet Union.

-Satan points out racism. Satan wants everyone to be a light shade of brown. Satan demands we love everyone, including ourselves. This change in mindset is necessary, so the Americans can be treated like livestock.

-The fire and brimstone preachers on YouTube are now useless in helping us determine the truth. Though they speak with such authority; they tell the outliers to shut and be careful we don’t go to hell. These pastors lack the cognitive capacity and courage needed to assist their suckered congregations leading up to Jacob’s trouble. If you don’t go along with their Laodicean teachings, they warn you that hell awaits the liars and deceived.

The CIA and DoD; Engineers of the largest gaslighting campaign in history

Our lives have become propaganda memes developed in Arlington and McLean, VA. There is no more truth coming from the government, and the MSM work to demoralize its consumers. We are the unwitting participants of the largest gaslighting campaign in history. We are no longer going to find confirmation of our own observations. The average person will be slowly driven insane.

Google as well as the other major technology and social media firms own our data and know us better than we know ourselves. The elites, who control these firms and the data gatherers in the government agencies, don’t need the constitution. They have access to our most inner thoughts and views. Agenda 2030 is a layup from here.

They treat us like livestock and fungible commodities, because we allow them.

-COVID vaccine injuries will be greatly underreported, while COVID deaths and cases will be greatly exaggerated.
-The reasons the MSM give for the rising real estate prices in this cycle resemble those from the early-mid 2000s. The PTB using the US Fed, allowed house prices to rise the first time around, so they could collapse them. That provided them with the reason needed to consolidate their control of the monetary and financial systems, as well as provide the excuse to accelerate their wealth consolidation with QE.
-Real estate is rising this time via financial engineering, foreign government money, sovereign wealth funding, and open borders. But the MSM says it’s the remote worker and nesting in a post-covid world. More gaslighting.
-Many areas in the U.S. have seen ten years worth of real estate appreciation in only a year.
-If the U.S. did not pump in 6-7 trillion in stimulus, the economy would have collapsed.
-Overall demand is way down, but growing inflation at this point seems to be mostly supply-side driven. The supply chain is busting apart.
-Real cost of living expenses are rising at close to 10%/ year, yet the Feds say it is rising at 2-3%.
-QE and deficit spending is wealth consolidation. The Higher the spending, the closer we are to the force majeure.
-The US Fed is being willful with its implementation of monetary policy. Powell engages with the homeless outside the Marriner S. Eccles Federal Reserve Board Building and says he’s looking out for them. He tells the minorities he’s looking out for racial justice.
-The same dark force that owns the central banks created the crypto concept and let it flourish, so it could provide it with the manufactured existential problem for the central banks. The central banks have now been working on their own solutions to combat the cryptos. Crisis, reaction, solution, at its best.
-Events and processes are coming together for something big in the next few years.
-People are no longer rationally irrational. Asset prices have fully detached from reality.