- ‘Beautiful Mind’ Nobel winner Nash dies in tragic crash - Nash was subject of movie “A Beautiful Mind” with Russell Crowe - Nash was renowned mathematician who developed game theory - Game theory suggests that world may be forced back onto a gold standard - Debased dollar vulnerable to bitcoin, crypto-currencies, silver and gold - Gold standard could cause a price reset at $10,000
The death of mathematician John Nash on Sunday was met with a degree of sympathy and publicity seldom enjoyed by mathematicians whose contribution to society is usually a quiet, unappreciated one, behind the scenes. The 86 year old was killed with his wife in a tragic taxi accident in New Jersey. (more…)
Ridding the world of Monsanto via a state buy-out would be a boon to humanity.
Capitalism fails in two situations: monopoly and state-capital cronyism. Monopoly extinguishes competition and that effectively extinguishes capitalism.
When the elites of the state and private capital collude, i.e. crony capitalism, the few gain power and wealth at the expense of the many.
The state (broadly speaking, government) fails when it serves the few at the expense of the many, while claiming to serve the interests of the many. The state only fulfills its purpose when it serves the interests of the many at the expense of the few who control the majority of the political power and private wealth.
Monsanto is the epitome of monopoly and crony-state collusion.
China Creates Gold Bullion Fund For Central Banks
– China’s new gold fund – 60 countries to develop gold mining projects - Allow member central banks to have easier access to gold - Gold to be traded on increasingly important Shanghai Gold Exchange - Another important step in making yuan reserve currency - China and Russia challenging U.S. dominance in key Eurasia - New gold fund shows monetary importance placed on gold by China - China ensuring supply in event gold flows from West to East end - Gold’s reemergence as important monetary asset both for individuals and powerful nations
China has announced the establishment of a new international gold fund with over 60 countries as members. The large fund, which expects to raise 100 billion yuan or $16 billion, will develop gold mining projects across the economic region known as the New Silk Road. (more…)
We discuss the ‘if you ain’t cheating, you ain’t trying’ school of economics. ‘ In the second half, Max continues his interview with John Aziz (Twitter: @Azizonomics) about Keynesianism and what it could do for our sick economies.
The consequence of policies that exacerbate injustice, inequality and double-bind demands is a madness that will find a social and economic outlet somewhere, sometime.
We all know crazy-makers: people who make contradictory claims about reality, who say one thing and do another, who change their stories constantly to justify their own pursuit of self-interest, who demand the impossible of others while giving themselves unlimited excuses.
When they can’t change reality to suit their purposes, they change their accounts of reality, and stick with the revised stories even when they are contradictory.
This describes the entire financial structure of the U.S.: crazy-making.
Bubbles are followed by echo-bubbles, and the bursting of the second bubble ends the speculative cycle.
If we have learned anything in the past 20 years of massive asset bubbles and equally massive declines when the bubbles finally pop, it’s this: those caught up in the expansionary phase of the bubble cannot believe the bubble that’s rewarding them so richly could actually burst.
This psychology of mass delusion now dominates housing, stocks and bonds: not only is this not a bubble, the expansion will continue forever.
History, however, suggests otherwise: all bubbles burst, period.
-“The world economy is like an ocean liner without lifeboats …” – HSBC - Four areas of high risk identified by HSBC - Risk of stock market crash - Pension funds and insurers may not meet obligations - Chinese recession may drag U.S. into recession or depression - Premature rate rise would expose very fragile global economy - “There aren’t enough lifeboats to go round” - Gold vital lifeboat when global ship strikes iceberg
The chief economist of the world’s third largest bank, HSBC’s Stephen King, has compared the global economy to the Titanic. (more…)