A very good assesment of our current economic outlook as of November 2025. A summary to wit:
The way to cut the bourgeoisie is to grind them between the millstones of taxation and inflation – Vladimir Lenin
Private Sector. If you do not change direction, you may end up where you are heading – Lao Tzu
Misallocation of Capital. The two great aims of industrialism – replacement of people by technology and concentration of wealth into the hands of a small plutocracy – seem close to fulfillment – Wendell Berry
Globalism and China. Over recent years, urbanisation, globalisation, and the destruction of local cultures has led to a rise in the prevalence of mental illness in the developing world – Iain McGilchrist.
Deflation and Chaos. The way you create deflation is you create an asset bubble – Stanley Druckenmiller
Inflation – The Main Event. In the absence of the gold standard, there is no way to protect savings from confiscation through inflation – Alan Greenspan
Conclusion. The inflation comes through either increasing the money supply or increasing the government spending, and that’s what happened under Biden – Scott Bessent
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