One of the dirty little secrets of the stock market rally is that the rising corporate profits that powered it are largely phantom profits. They are artifacts of currency devaluation, not an increase in efficiency or production of goods and services.

Once a citizen receives a direct payment from the state, the state has purchased their complicity

Would we as a nation be better off dealing with the truth rather than believing fantasies that prop up the Status Quo and the Fed's dearly beloved measure of the economy, the stock market? How often does accepting illusion help us navigate real life? Short answer: never.

So now that the illusion of infinite growth is being exposed, the corresponding ballooning entitlements that enticed the larger public to become complicit in the illusion are becoming unglued.

The problems of the global economy are not based in perception, but in the reality of prices, balance sheets and income statements, vast concentrations of wealth and power, precarious systemic imbalances, ruthless exploitation, and command economies mismanaged by Central State/Bank policy and manipulation.

Reality, unlike perception, cannot be changed by propaganda.

The notion that better engineering can solve all our problems is rooted in an ignorance of non-linear systems and selective/wishful thinking.