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Tue Oct 05, 2010 at 09:21 AM PDT

Beyond the Trust Horizon

by Stoneleigh

Beyond the Trust Horizon is an intro written for The Automatic Earth.

Relationships of trust are the glue that holds societies together. Trust takes a long time to establish, and much less time to destroy, hence societies where trust is wide-spread, particularly for long periods of time, are relatively rare. In contrast, societies where trust does not extend beyond the family, or clan, level are very common in history.

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The following is part of an on-going conversation between Aaron Krowne (who runs The Mortgage Implode-O-Meter) and myself  at The Automatic Earth on the subject of deflation versus inflation. It began three days ago in response to my last article on the subject - The Unbearable Mightiness of Deflation.

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A recent article by Gary North, entitled Pushing on a String, has ignited another round in the inflation/deflation debate. Our readers at The Automatic Earth have repeatedly asked us for comment. The topic still remains a confusing one for many.

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Thu Jun 18, 2009 at 05:37 AM PDT

40 ways to Lose Your Future

by Stoneleigh

People have been asking how we at The Automatic Earth see the future unfold. In case you wonder about the specifics of our position, much of our view of what's to come can be found in the primers on the right-hand side bar of the front page. Here is an additional brief summary (in no particular order and not meant to be exhaustive) of the ground we have consistently covered over the last year and a half at TAE, and before that at The Oil Drum:Canada.

Here is our list of basic predictions from today's intro.

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Tue May 19, 2009 at 09:12 PM PDT

The Sweetest of Dreams

by Stoneleigh

This is Ilargi's intro from The Automatic Earth today.

There's no better way to prove that, and why, we will not climb out of our present crisis hole on the sunny side than to read and hear reporters and the people they quote. Everybody tells us that everything they do and say is shaped by their firm look towards the future. And the problem, of course, is that nobody is actually looking at the future. Everyone looks at the past, to pick what they like best, maybe tweak, twitch and embellish it a little bit, and project in unto and into the future. But that particular kind of future is no longer available. Too many among us have too much debt, and would need to make absolute fortunes in order to ever pay it off.

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Mon May 18, 2009 at 12:34 PM PDT

Addicted to Financial Innovation

by Stoneleigh

This is Ilargi's intro from The Automatic Earth.

People say the darnedest things (which is funny really only in kids), and sometimes it's good to look more closely. We've noticed the Anglo media's tendency to talk down other countries' economies many times before, and that just won't stop. In their view, Germans are incredibly stupid, and so are the Chinese. They should do what America and Albion do: why won't they recognize the shining examples these two provide? Likewise, economists, politicians and investors can't seem to be able to quit touting the advantages of innovations in the markets, no matter that they are tearing entire economies, including their own, to shreds.

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Fri May 15, 2009 at 04:27 AM PDT

Them's Fighting Words

by Stoneleigh

As reported exhaustively, GM, in its present state, has only weeks left to live. So does California. The state, successfully terminated by the Terminator (though it'd be unfair to blame it all on his incompetent head), has brainstormed its way into two new bound-to-fail solutions for all its different, but still the same, conundrums.

This is Ilargi's intro over at The Automatic Earth.

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Sun May 10, 2009 at 06:50 PM PDT

Built to Fail

by Stoneleigh

This is Ilargi's intro from today's post over at The Automatic Earth.

Derivatives expert Satyajit Das, in another excellent article, says the current economic order was built to fail. Not deliberately set up to do so, but set up in a way that made the downfall inevitable from the start. Das writes: "The ability to sustain high rates of economic growth, decreed by governments and central bankers, is questionable" , which seems a very kind way of phrasing the issue. Almost all of us can understand that perpetual growth of any kind, and in any system, is impossible. How to apply this principle, or even law, to financial matters is less obvious to many. Which is probably a logical consequence of the fact that our fiat money doesn’t represent anything of real value, and we are confused about what it does represent.

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Sun Apr 12, 2009 at 06:47 PM PDT

As Rich as an Argentine

by Stoneleigh

Lately, Professor Michael Hudson has been making a serious name for himself as a fierce critic of the present day power cabals in our financial and political circles, two groups that differ far less than many still wish to maintain.

This is Ilargi's intro over at The Automatic Earth.

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Sat Mar 07, 2009 at 02:58 PM PST

Political Social Ethical Capital

by Stoneleigh

This is Ilargi's intro to today's post over at The Automatic Earth:

There are two separate issues today in the US that occupy my mind. One is the Wall Street Journal revelation that at least $50 billion in taxpayer money ostensibly doled out to save AIG has gone straight to a consortium of the world's largest banks. That is worrisome because it should never have gone there. It also is because just a few days ago, Fed officials refused to tell Congress about these behemoth transfers of public funds. Yes, perhaps it’s also worrisome that the Journal found out regardless, and it certainly is that the banks' dealings with AIG consisted, purely and simply, of gambling wagers for which the once mighty insurer volunteered to be counterparty. The American taxpayer did not, and should never have been forced to pay a dime for the bets. The reason why (s)he was anyway leads to the by far most troubling part of the story. It shows that in the White House and on Capitol Hill, it's the bankers who have final control, not the people.

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Thu Feb 05, 2009 at 07:46 PM PST

A King Among Clowns

by Stoneleigh

This is Ilargi's intro from today's Automatic Earth:

Dear Mr. President,

A funny thing happened to me today. I saw this headline in the Wall Street Journal: "Obama Creates Faith-Based Office", and I thought: you can say that again, and in fact I often have said it. Then, of course, I read the article, and noted that it wasn‘t talking about the Oval Office once again following faiths based policy and the 'Change You Can Believe In' slogan, but that you had created an actual institution that is supposed to address faith-based initiatives, the White House Office on Faith-Based and Neighborhood Partnerships.

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Fri Jan 30, 2009 at 04:47 PM PST

The Price of a Bailout

by Stoneleigh

Did you know that the cost of the proposed Wall Street bailout (in 2008 inflation adjusted dollars) exceeds the cost of all US wars, the Louisiana Purchase, the New Deal, the Marshall Plan and the NASA Space Program Combined?

This is Ilargi's intro from today's post over at The Automatic Earth.

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