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Charles Hugh Smith: Our dead money economy
12:15p ET Friday, March 19, 2021
Dear Friend of GATA and Gold:
Financial writer Charles Hugh Smith of the Of Two Minds blog this week elaborated brilliantly on a point made lately by the market analyst and author James G. Rickards: that the "velocity" of money isn't coming close to keeping up with money creation, at least not yet.
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Smith writes that the result is "our dead money economy":
"The surprise is that the velocity of money of zero maturity topped out in the inflationary peak of 1981 and has been in a freefall since the start of the financialization-globalization era.
"Not to put too fine a point on it, but this aligns with the secular stagnation of earnings and wages that began in earnest at the same time (1981), and the rising dependence on central bank intervention and stimulus that has reached the extreme absurdity where the U.S. stock and bond markets and its entire financial system now teeter on the edge of collapse if there is even a hint that 1) the Fed won't give more free candy to Wall Street or 2) the Fed has lost control of the dead money economy it has created."
Smith's analysis is headlined "Our Dead Money Economy" and it's posted at Of Two Minds here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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