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.

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.

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.

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

Reality, unlike perception, cannot be changed by propaganda.

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.

Humans are wired to feel uncomfortable with uncertainty and contingency, and so we gravitate to a position after a short time even if we have no new information.