Shawn Berry, a partner and worker-owner at LIFT Economy, interviews Scott Morris, an economist, community organizer, and social entrepreneur. Morris has dedicated his career to solving the problem of why the economy only works well for some, while others get left out. He is currently the founder and CEO of IthaCash.
It's impossible to predict with certainty how much more insane our financial markets will get before an inevitable correction, but my personal bet is “a lot!”
For my reasons why, take a few minutes to watch the chapter on bubbles below from The Crash Course. For those who haven't seen it before, the takeaway is this: bubbles pop only when greed in the market has been exhausted.
- The Only Thing, Historically, That's Curbed Inequality: Catastrophe
- Alan Greenspan: Ron Paul Was Right About The Gold Standard
- Wal-Mart In Trouble
- Digitalization, Efficiency and the Rebound Effect
- Tomorrow's cities - nightmare vision of the future?
- Venezuela’s economic crisis is so dire that most people have lost an average of 19 pounds
- It's Like the Financial Crisis Never Happened
- Unsatisfied With Oil Prices, Iraq Calls For New OPEC Meeting
- Dallas Police Pension Board Approves Benefit Cuts; Asks For More Taxpayer Money To Avoid Collapse
The main lesson from Oroville -- or Fukushima, or Katrina -- is that governments do a poor job of relating accurate information to their citizens when big threats are involved. Part of that is likely due to a desire to avoid stoking fear. Part probably due to politics and bureaucracy. And part probably due to plain old incompetence.
Regardless of the cause, it means that the public -- even the vigilant ones -- suffer information deficits when it matters most. Simply put, the authorities do not share all the facts necessary for making informed decisions.
Which brings us to one of the truly great risks we're facing today. One with much more destructive potential than a single failed dam but, like Oroville, one the authorities are desperate to keep us in the dark about.
My brother taught English to recent immigrants to the U.S. He used to talk about a student who had recently moved to Salem, Massachusetts, from Turkey. She would confide in him about how much she and her family missed Turkey — in particular, their tight-knit community where neighbors looked out for one other. The family moved to the U.S. because they believed it would improve their lives, but they were so lonely that they often wished they could return home.
- Rising inmate health costs have lawmakers weighing another prison closure
- Will San Jose’s pension costs consume revenue from new taxes?
- Pensioners could be left thousands of pounds poorer as government considers ditching inflation protections to save struggling final salary schemes
- Cost of insuring French debt against default at highest since 2013
- Strategic Defaulters Owe €10 Bln to Greek Banks
- Le Pen Gains in French Polls as Security Concerns Win Voters
- EU Commission to warn Italy on Wed over rising debt
- Korea’s household credit tops $1 trillion in 2016 on housing boom
In this week's Off The Cuff podcast, Chris and Charles Hugh Smith discuss:
- The War Within The Deep State
- Which regime will triumph?
- Our Crumbling National Infrastructure
- Can the American empire still afford itself?
- How The Oroville Dam Is An Omen
- Systemic collapse always surprised with its swiftness
- The Wrong Mindset
- Our leaders aren't incented to care about preserving what we have
7 steps for creating a personal support network that to help seniors and the elderly find safety and security during emergencies and natural disaster situations.
- Wanted: a CEO willing to hold Greek banking's "poisoned chalice"
- When Speculators Prosper Through Ignorance
- If Trump is Impeached, it Might Be the End of America
- For-Profit Schools, an Obama Target, See New Day Under Trump
- North Korea's Regime In Jeopardy As China Bans Coal Imports
- The United States of oil and gas
- California Braces for More Rain. How Bad Can It Get?
- Why Ditching NAFTA Could Hurt America's Farmers More Than Mexico's
- These Are Times Of General Corruption
- Yellen Can't Halt Trump Gold Rally That Funds Bet Against
- Angela Merkel says Europe must take MORE refugees and Islam 'isn't source of terror'
- Pope Fancis: 'Muslim Terrorism Does Not Exist'
- ‘Last Night in Sweden’? Trump’s Remark Baffles a Nation
- The Strange Case Of The Russian Diplomat Who Got His Head Smashed In On Election Day
- The Shift Towards Renewables Is Picking Up Pace
- Engineers have known for decades that Oroville’s backup spillway was unreliable
- As Obesity Rises, Remote Pacific Islands Plan to Abandon Junk Food
Dr. Nafeez Ahmed is an award winning 15 year investigative journalist, noted international security scholar, best-selling author and film-maker. He authored The Guardian’s Earth Insight blog and has twice won the prestigious Project Censored Award for outstanding investigative journalism.
In his new book Failing States, Collapsing Systems, Nafeez points out, as we often do here at PeakProsperity.com, that everything in our modern society is connected to energy, and that our pursuit of ever more, ever higher growth is finally colliding with planetary limits. Scarcity and strife will be the dominant trends from here, unless we, as a species, start looking for different ways of living better-suited for a finite world.
- Fed President Admits US Banks Have Only "Half The Equity They Need"
- ‘The eurozone isn’t working’ - Alan Greenspan
- Considerations On Cost Disease
- 11 Deeply Alarming Facts About America’s Crumbling Infrastructure
- What Trump Voters Know That The Democrat Elite Don't (Video)
- Merkel Might Lose After All
- Central Banks Are Secretly Buying Up The World’s Corporations
- Stock market rigging is no longer a ‘conspiracy theory’
- You’re about to see a big change to the sell-by dates on food
- Alberta’s Growing $30-Billion Liability: Inactive Wells
- How overvalued is the system?
- The biggest errors that got us to this point
- What to expect during the big reset
- Taking necessary action
What will the coming reset look like when it finally arrives?
This is the operative question everybody should be asking themselves because, believe me, the bankers and politicians are already frantically at work on the only question they care about: Who, instead of us, is going to eat the losses?
Let me be clear. The coming reset is going to be very, very painful. Part of me just wants to rip the proverbial Band-Aid off and get on with it, yet part of me dreads what’s coming and is in no hurry to see it arrive. Talk about being ambivalent!
The big picture looks like this: Ray Dialo’s firm Bridgewater Associates, a mega-money management firm, put together the below chart of the IOUs of the US (most other countries look the same, so feel free to extrapolate for Japan, or most of the EU, or the UK).
There are, simply, too many promises that cannot be kept. At a recent ICV wealth conference (just this week) one of the speakers was a man named Bradley Belt, former executive director of the Pension Benefit Guaranty Corporation (PBGC).
I asked him if there were any possible solutions to the staggering risks posed by the data in this chart. And who, if anyone, is working on them?
He answered that...
- Money managers no longer hate gold, saying it’s undervalued
- Dying Wish: Giving The Ultimate Gift
- Researchers develop eco-friendly concrete
- The Compost King Of New York
- Are Ice Batteries The Future Of Energy Storage?
- The ‘New Normal’ In America: Renewables Boom, Emissions Plunge And Consumers Save More Than Ever
- A small city in Iowa is devoting 1,000 acres of land to America's vanishing bees
- The Life Before Dawn
What is at the heart of the problems erupting worldwide? Is anything good emerging from these multiple crises? Can a new system grow from within the old one? Is it already here, visible and thriving?