I agree with you holy except that they're not extraordinary tools fancy names for debasing the currency.. the crack up boom is a term that mises brought about. And I do think we're in some stage of that and if we don't change our direction we will experience hyperinflation... And everybody will run to hard assets accentuating the problem..
Krugman. LOL. There cannot be any credibility to any "top 5 worst prediction" list if Krugman is not included. He was the guy that made the economics Nobel meaningless going forward.
I would say this prediction is far worse than any above except maybe for #4. https://wattsupwiththat.com/2018/12...would-be-gone-inconveniently-its-still-there/ Regardless of where you stand on the issue (I think most would agree that the climate is changing), how we react to it has huge economic consequences. The people in the original post above don't have much influence. Al Gore does. He can affect resource allocation. And he's not the only person with influence who has been making these predictions... https://www.newsweek.com/alexandria...nge-world-will-end-12-years-un-report-1300873
I agree on Al Gore making horrible predictions. Horrible. I don't agree about climate change, though. It's a control issue like many other things right now.
Bernanke was the worst: Subprime is contained. There has never been a national decline in real estate prices. These people have no knowledge of economic history. You wonder what these academics were doing all day. I guess these people never heard of the real estate collapse of the 1930s which is ironic since Bernanke's thesis was in the mistakes of the 1930s Fed. The biggest blunder was how much the Fed underestimated the influence of the shadow mortgage industry.
Saying that the climate is changing isn't really saying much...the climate has always been changing. Just a matter of degree and cause.
There is one problem underlying the market, Mr. Maple syrup. Remember the last time the hikes were flowing in in 2018? We had no pandemic, no inflation, no war. And we had a perma-bull Fed chair who had just taken the job. A mere 4 years later, all of that has changed to a great degree. Not to mention Yellen, the previous uber-dove Fed chairperson, she's getting hawkish as treasury secretary! WTF! Time to move to Canada and buy those CDN oil companies and long the loonie I guess, because Biden is a dickhead and will not re-authorize Keystone XL. Therefore demand for CDN oil abroad is going to go through the roof by certain Asian countries.
I remember Christmas Eve 2018 when Cramer looked the most depressed I ever saw. That December was one of the worst months I ever saw in the Nasdaq especially since it would just go down day after day. It wasn't a huge gap down like Covid or the Yuan devaluation of August 2015. I'm still not sure what happened but I believe after everything I've read it was due to the Fed language of rate hikes. They were on automatic rate hikes no matter the data prints. That does seem to be what they are on now so I wouldn't be surprised if pretty soon there is another 20% collapse in the QQQ. I mean if CPI came in at 5-7% next month the Fed will still continue its rate hikes.
I remember that and I'm almost sure it was mostly based on interest rate hike fears. The Fed was planning to raise rates pretty aggressively. Inflation wasn't nearly as big of a threat then, though. They weren't doing insane things to raise energy prices and disrupt supply chains.
Well isn't that technically what's been happening? The US dollar is already being demoted from being the world's base currency. Many who are still on it are TRYING to get off it, and more-so every day. And who can blame them? As for inflation, as Milton said, it's always there, even when it's hard to spot. If you wonder where it was hiding while stats said we only had 2-3% inflation, just look at the prices of houses... THAT's where it was hiding. Right in front of you.