Many were fooled by the Grandmotherly image and probably still are, as she is still polluting the minds of students and those who pay vast amounts of money to hear her speak.
I was unaware that she also conspired with the “Maestro,” Alan Greenspan.
Thanks for pointing that out.
That’s why you are who you are.
I wonder how she will be ultimately treated in the annals of history?
Indeed. The latest mantra as to why everyone should continue to pile into Tech and whatever else is the flavor of the day, even if they have been already been bid to the Moon, is that there is so much money sitting on the sidelines.
They rarely allow anyone with a cautious or bearish view to appear on their channels.
As far as Yellen is concerned eventually, if he hasn’t already, someone like Nassim Taleb will come along and label her a Fragilista with no real skin in the game, except to dupe and milk the public for her own gain.
History is written by the winners. Janet’s a winner, short-term at least. Hilsenrath wrote a book about that he called “a love story.” Our financial media are grotesque sycophants.
Rudy, excellent as usual! The more people learn about Hyman Minsky and Charles Kindleberger, the more prepared they will be for the hideous happenings in the 21st century. Truly two very under-rated economic powerhouses.
Because they’re not markets. Some refer to the ‘what we’ve got here is … failure to communicate’ spectacle as a casino. I think the old term, for the same old scam, “bucket shop,” still should be vernacular. But then the requisite failure to communicate would have failed. Almost nobody seems to want that.
I don’t see “laundry finance” in Minsky’s mix, but have been seeing it in Webb’s book. Dirty-dark money stains, bleach & agitation … only superficially different-looking an experience than working up the lather-rinse-repeat on a rock in the shallows of a river teeming with predators & parasites & rip tides … oh, my. (Bert Lahr, the lion, coming up. Too Cowardly To Fail refers to really Big - the Biggest - cowards.)
Make PE “physical education” again. I remember that as the period between academics, such as they were, when bullies had the piss beaten out of them (or their victims did). So, “Piss Effluence,” too.
It’s also, again, not a market if it’s missing the mechanisms that force marking to it. Without that rubber/road contact patch it’s just a/nother show about nothing. But …
Recall the color of credential/aw protected “doctor” episodes. And remember dentist Watley who double-dipped. He converted. “For the jokes.” Made himself into part of a more untouchable caste. Heisenberg, here he came.
Grant’s IRO has been a good read for longer than I’ve been reading this stuff.
But isn’t it ironic pyrite to write “the people who manage our currencies”?
Maybe that word is managed.
MannaGE. Gov Expenditures. Or Embezzlement.
Dregulators go after the no longer hanging fruit. Rotten Peaches, on the ground:
MannaGE brought to mind Paul Manafort. His mother’s name is Antionette Mary … let ‘em eat rotten peach cake, & if a side of typhoid, or typhlation, comes along, so be it.
Asset strip, no tease … “the film is a fictional account of the invention of the striptease at Minsky's Burlesque in 1925.”
A Christmas Story. “You’ll shoot your eye out!” Then what kind of gift would that Red Ryder BB gun be?
Despite the caution, the warning, the meeting with the Green Beret in the bar scene, The Deer Hunter & the boys spun the cylinder & pulled anyway. Then they did it even more, “over there.”
(And then Michael Cimino, who’d earlier directed Thunderbolt & Lightfoot - lots of rhyming stories - spun Heaven’s Gate, & “died” big. Homerically epically big.)
Martin Balsam character, Little Big Man. Kept losing body parts, couldn’t stop, had a philosophy - or an observation - to explain, justify just keeping on until he was all gone:
In the spherical world of the blind the Cyclopes are kings:
“First came the twelve Titans, next came the three one-eyed Cyclopes:
Then [Gaia] bore the Cyclopes, who have very violent hearts, Brontes (Thunder) and Steropes (Lightning) and strong-spirited Arges (Bright), those who gave thunder to Zeus and fashioned the thunderbolt. These were like the gods in other regards, but only one eye was set in the middle of their foreheads;[57] and they were called Cyclopes (Circle-eyed) by name, since a single circle-shaped eye was set in their foreheads. Strength and force and contrivances were in their works.”
“In Book 9, Homer gives a more detailed description of the Cyclopes as:
an overweening and lawless folk, who, trusting in the immortal gods, plant nothing with their hands nor plough; but all these things spring up for them without sowing or ploughing, wheat, and barley, and vines, which bear the rich clusters of wine, and the rain of Zeus gives them increase. Neither assemblies for council have they, nor appointed laws, but they dwell on the peaks of lofty mountains in hollow caves, and each one is lawgiver to his children and his wives, and they reck nothing one of another.”
For the ancient Greeks, the name "Cyclopes" meant "Circle-eyes" or "Round-eyes",[114] derived from the Greek kúklos ("circle")[115] and ops ("eye").[116] This meaning can be seen as early as Hesiod's Theogony (8th–7th century BC),[117] which explains that the Cyclopes were called that "since a single circle-shaped eye was set in their foreheads".[118] Adalbert Kuhn, expanding on Hesiod's etymology, proposed a connection between the first element kúklos (which can also mean "wheel")[119] and the "wheel of the sun", producing the meaning "wheel (of the sun)-eyes".[120] Other etymologies have been proposed which derive the second element of the name from the Greek klops ("thief")[121] producing the meanings "wheel-thief" or, deriving the first element from Proto-Indo-European *péḱu, "cattle-thief".[122] Although Walter Burkert has described Hesiod's etymology as "not too attractive",[123] Hesiod's explanation still finds acceptance by modern scholars.”
So this old story has been retold a lot, still sells.
What an excellent read! Thanks again. The Minsky / Kindleberger piece perfectly describes the recent development cycle which produced a 50-year high in new supply, only to have short-term rate increases make much of this new product worth less than cost.
What I find so infuriating is that a disciplined, saver must now choose between the certainty of lost purchasing power via inflation or allocating capital to “risk on” assets at historically high valuations. A terrible choice wrought by the Fed, their bankster owners, undisciplined / corrupt politicians, all of whom should rot in prison.
Iraq, the GFC, Epstein, COVID, and before that Iran contra, Watergate, Vietnam, and everything in between...there’s never any justice, accountability, or meaningful reform. Which is why everything just keeps getting worse. They have no incentive to change or stop and the people have become cynical and demoralized. Where this ends is not very fun to think about...
"We're in peace-time. We're at full employment, and yet we're running $2 trillion deficits over the next decade, every year. That's just unimaginable and unsustainable." Sorry it's both. It's not Schrödinger's economy. It's dead but appears alive.
I parked a bunch of cash in $EMLC in Jan 2025. YTD total return 12.65. Dividend 6~7%. Paid monthly. Nice to see it mentioned as it mostly goes unnoticed.
While we’re sitting, waiting on a Minsky Blowout :) remember the whit and wisdom of Marty Whitman regarding Limited Partnerships: A limited partnership is one which in the beginning the limited partners bring the money, and the managing partners the experience. In the end the managing partners get the money and the limited partners the experience.
You, you are very good, you.
It’s been Yellen all along
Many were fooled by the Grandmotherly image and probably still are, as she is still polluting the minds of students and those who pay vast amounts of money to hear her speak.
I was unaware that she also conspired with the “Maestro,” Alan Greenspan.
Thanks for pointing that out.
That’s why you are who you are.
I wonder how she will be ultimately treated in the annals of history?
Indeed. The latest mantra as to why everyone should continue to pile into Tech and whatever else is the flavor of the day, even if they have been already been bid to the Moon, is that there is so much money sitting on the sidelines.
They rarely allow anyone with a cautious or bearish view to appear on their channels.
As far as Yellen is concerned eventually, if he hasn’t already, someone like Nassim Taleb will come along and label her a Fragilista with no real skin in the game, except to dupe and milk the public for her own gain.
History is written by the winners. Janet’s a winner, short-term at least. Hilsenrath wrote a book about that he called “a love story.” Our financial media are grotesque sycophants.
The David Lynch piece is awesome. 🙏🏻
Rudy, excellent as usual! The more people learn about Hyman Minsky and Charles Kindleberger, the more prepared they will be for the hideous happenings in the 21st century. Truly two very under-rated economic powerhouses.
National treasure - man of the people.
Because they’re not markets. Some refer to the ‘what we’ve got here is … failure to communicate’ spectacle as a casino. I think the old term, for the same old scam, “bucket shop,” still should be vernacular. But then the requisite failure to communicate would have failed. Almost nobody seems to want that.
I don’t see “laundry finance” in Minsky’s mix, but have been seeing it in Webb’s book. Dirty-dark money stains, bleach & agitation … only superficially different-looking an experience than working up the lather-rinse-repeat on a rock in the shallows of a river teeming with predators & parasites & rip tides … oh, my. (Bert Lahr, the lion, coming up. Too Cowardly To Fail refers to really Big - the Biggest - cowards.)
Make PE “physical education” again. I remember that as the period between academics, such as they were, when bullies had the piss beaten out of them (or their victims did). So, “Piss Effluence,” too.
It’s also, again, not a market if it’s missing the mechanisms that force marking to it. Without that rubber/road contact patch it’s just a/nother show about nothing. But …
Recall the color of credential/aw protected “doctor” episodes. And remember dentist Watley who double-dipped. He converted. “For the jokes.” Made himself into part of a more untouchable caste. Heisenberg, here he came.
Grant’s IRO has been a good read for longer than I’ve been reading this stuff.
But isn’t it ironic pyrite to write “the people who manage our currencies”?
Maybe that word is managed.
MannaGE. Gov Expenditures. Or Embezzlement.
Dregulators go after the no longer hanging fruit. Rotten Peaches, on the ground:
https://www.youtube.com/watch?v=xlcREOS5p5c&list=RDxlcREOS5p5c&start_radio=1
I left from the dockland two years ago now
Made my way over on the S.S. Marie
MannaGE brought to mind Paul Manafort. His mother’s name is Antionette Mary … let ‘em eat rotten peach cake, & if a side of typhoid, or typhlation, comes along, so be it.
Asset strip, no tease … “the film is a fictional account of the invention of the striptease at Minsky's Burlesque in 1925.”
https://www.youtube.com/watch?v=LkaE0TV4NFg
It's all fun and games until someone loses an eye......
A Christmas Story. “You’ll shoot your eye out!” Then what kind of gift would that Red Ryder BB gun be?
Despite the caution, the warning, the meeting with the Green Beret in the bar scene, The Deer Hunter & the boys spun the cylinder & pulled anyway. Then they did it even more, “over there.”
(And then Michael Cimino, who’d earlier directed Thunderbolt & Lightfoot - lots of rhyming stories - spun Heaven’s Gate, & “died” big. Homerically epically big.)
Martin Balsam character, Little Big Man. Kept losing body parts, couldn’t stop, had a philosophy - or an observation - to explain, justify just keeping on until he was all gone:
https://www.youtube.com/watch?v=P7YeRBXEUTY
In the spherical world of the blind the Cyclopes are kings:
“First came the twelve Titans, next came the three one-eyed Cyclopes:
Then [Gaia] bore the Cyclopes, who have very violent hearts, Brontes (Thunder) and Steropes (Lightning) and strong-spirited Arges (Bright), those who gave thunder to Zeus and fashioned the thunderbolt. These were like the gods in other regards, but only one eye was set in the middle of their foreheads;[57] and they were called Cyclopes (Circle-eyed) by name, since a single circle-shaped eye was set in their foreheads. Strength and force and contrivances were in their works.”
“In Book 9, Homer gives a more detailed description of the Cyclopes as:
an overweening and lawless folk, who, trusting in the immortal gods, plant nothing with their hands nor plough; but all these things spring up for them without sowing or ploughing, wheat, and barley, and vines, which bear the rich clusters of wine, and the rain of Zeus gives them increase. Neither assemblies for council have they, nor appointed laws, but they dwell on the peaks of lofty mountains in hollow caves, and each one is lawgiver to his children and his wives, and they reck nothing one of another.”
For the ancient Greeks, the name "Cyclopes" meant "Circle-eyes" or "Round-eyes",[114] derived from the Greek kúklos ("circle")[115] and ops ("eye").[116] This meaning can be seen as early as Hesiod's Theogony (8th–7th century BC),[117] which explains that the Cyclopes were called that "since a single circle-shaped eye was set in their foreheads".[118] Adalbert Kuhn, expanding on Hesiod's etymology, proposed a connection between the first element kúklos (which can also mean "wheel")[119] and the "wheel of the sun", producing the meaning "wheel (of the sun)-eyes".[120] Other etymologies have been proposed which derive the second element of the name from the Greek klops ("thief")[121] producing the meanings "wheel-thief" or, deriving the first element from Proto-Indo-European *péḱu, "cattle-thief".[122] Although Walter Burkert has described Hesiod's etymology as "not too attractive",[123] Hesiod's explanation still finds acceptance by modern scholars.”
So this old story has been retold a lot, still sells.
And the dish ran away with the spoon!
Thank you again. I really enjoy your work.
What an excellent read! Thanks again. The Minsky / Kindleberger piece perfectly describes the recent development cycle which produced a 50-year high in new supply, only to have short-term rate increases make much of this new product worth less than cost.
What I find so infuriating is that a disciplined, saver must now choose between the certainty of lost purchasing power via inflation or allocating capital to “risk on” assets at historically high valuations. A terrible choice wrought by the Fed, their bankster owners, undisciplined / corrupt politicians, all of whom should rot in prison.
Iraq, the GFC, Epstein, COVID, and before that Iran contra, Watergate, Vietnam, and everything in between...there’s never any justice, accountability, or meaningful reform. Which is why everything just keeps getting worse. They have no incentive to change or stop and the people have become cynical and demoralized. Where this ends is not very fun to think about...
"We're in peace-time. We're at full employment, and yet we're running $2 trillion deficits over the next decade, every year. That's just unimaginable and unsustainable." Sorry it's both. It's not Schrödinger's economy. It's dead but appears alive.
I parked a bunch of cash in $EMLC in Jan 2025. YTD total return 12.65. Dividend 6~7%. Paid monthly. Nice to see it mentioned as it mostly goes unnoticed.
While we’re sitting, waiting on a Minsky Blowout :) remember the whit and wisdom of Marty Whitman regarding Limited Partnerships: A limited partnership is one which in the beginning the limited partners bring the money, and the managing partners the experience. In the end the managing partners get the money and the limited partners the experience.
That opening tweet is a gas. Great find.