A Fool and His Money...
…are soon parted.
So goes the old saying, but experience of the last few decades would more accurately say the more money makes the bigger fool. Just start at the top and go down the list. You can even cut off at a billion, the fool things said by money are endless. Which gets to Davos, you remember, it's a place where a big chunk of global wealth goes each winter to holiday for a week and talk about running the world.
This year’s festivities started out with talk from the convener about the great “energy transition.” I've noticed from the Rhine to the Thames to the Potomac talk about an “energy transition” is all the rage. It's talked about in relation to climate issues, but has been greatly catalyzed by the idiocy of the War in Europe.
So far beyond any sense — A continent completely dependent on one nation for a large portion of their natural gas and oil decides its a good idea to let a war begin with that state. Well, you let yourself be led by the perpetual failure of the American National Security State, Rockridge politics rule:
The rising cost of oil and gas are helping crash the established global economy, and it ain't no part of an energy transition. There's no such thing as an energy transition. Fossil fuels were the most magical elixir we excessively chattering hairless apes ever stumbled upon. The world economy, or the part of it they built, cannot be run on renewable energy generation. And that's ok, a different economy based on renewables can be built, but that's not an energy transition. That's an economic transformation. Thought of such a transformation is beyond the pale for the fortunes eating overpriced food and drinking expensive liquor in the Alps.
Getting to real fool’s money, maybe a bigger immediate threat to many fortunes is the Fed. Talking about money in anyway except how to get more is the biggest fool's errand, nonetheless, one thing about money from the dawn of its creation, it's ever changing. Money is and always will be an open system. However, at any given time, the powers that be always insist the great unwashed not concern themselves with such matters, but every once in awhile you get a little a girl and her little dog, “If you were really great and powerful you'd keep your promises...”
The modern bank-debt money system, which was instituted with the Fed's founding, has changed the whole time, undergoing its most major shift a dozen years ago. This was when the Fed went from providing “emergency funds” to underwriting the whole money system, including every piece of bad debt, to the point, well, you really can't tell what's good debt or bad debt:
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The whine from Wall Street and the banks has yet to reach piercing levels. So, it appears at this point, the Fed will continue tightening, and Fed rates are still below 1% and they haven't even started lowering their $9 trillion balance sheet. So as they say at the dog track, place your bets, “Here comes the rabbit!”
Most despairingly, back to Europe and a little east of Davos, America's greatest living unaccountable National Security State war criminal, the Sith lord himself, Mr. Kissinger, gives the best advise on ending the idiocy of the War in Europe. Henry and his master, Mistah Nixon, infamously ran the American war in Vietnam for a half dozen years, over the course illegally raining bombs on Cambodia the whole time – Civilian deaths in Cambodia alone, “a rough low estimate of 250,000,” allowing the Khmer Rouge to seize power, resulting in at a least million more Cambodian deaths over the next several years.
Henry says, and here I say it, “He's right,” give the Russians the Ukrainian east and stop the war, which of course is a worse compromise than the Ukrainians could have had without a drop of blood being spilt - 75 years of unaccountable failure.