Hmmm… well, like we say in econ, if you don’t remember the last correction you

Hmmm… well, like we say in econ, if you don’t remember the last correction you can’t imagine the one that’s coming. Thankfully, because as a nerd I’m aware of these things, I remember a lot of them. Beginning with 69, but particularly the oil crisis in 73, and by 77 only 40% of college gads were getting jobs.

The vox populi doesn’t grasp that Reagan’s use of credit to defeat the soviets wasn’t ever reeled in, because productivity had collapsed (partly due to misallocation of IQ points to financialization in my generation and later. So for most of these nitwits, living memory is the equivalent of spending down their inheritance.

So the sort trifecta of geoeconomic-strategic, demographic, and capital cycles are just having a frat party, and I think it’s gonna be fascinating to watch.