It’s interesting, and telling, the different treatment meted out to the historical crimes of Hitler’s Nazis versus the Soviet Union’s Communists. From Bill Bonner at bonnerandpartmers.com:
Berlin is the testicle of the West. When I want the West to scream, I squeeze on Berlin.
– Nikita Khrushchev
BERLIN – “You’d think they would have learned something. They lived with communism for 45 years. They should know what it’s like.”
We are in Berlin at a business conference. A friend was explaining why progress in human affairs comes so slowly… if at all.
Fakey Capital Structure
We will come back to that in a minute. But first, we note that the mill is still grinding away. That is, despite all the bluff and blather about what a great economy we have, interest rates are rising… undermining the whole fakey capital structure.
We remind readers that the whole thing – including some $250 trillion worth of debt worldwide – rests on artificially low interest rates. If rates continue to rise, it is sure to fall down.
