Gold prices eased Tuesday as headwinds from an uptick in U.S. Treasury yields offset support from a retreat in the dollar.
America was never meant to be flat. It was a land discovered by those who understood that the world was round. Flattening America has depressed its economy and its spirit. A flat world with no room for American exceptionalism is instead becoming a playground for Chinese and Russian exceptionalism. And America's economy is becoming one big permanent shortage.
There is a sense in which funny money literally drives everyone crazy, leading to what is sometimes called the “madness of crowds.” With artificial stimulation from the credit machine, multitudes are willing to believe in something that cannot possibly be true.
After more than a decade of chained stimulus packages and extremely low rates, with trillions of dollars of monetary stimulus fueling elevated asset valuations and incentivizing an enormous leveraged bet on risk, the idea of a controlled explosion or a “soft landing” is impossible.
With the acknowledged national debt now a politically and economically unpayable $30 trillion (in reality, its unfunded liabilities are far greater), Americans should start to become acclimated to the realities of the United States’ eventual, inevitable default.