The financial system has been discharged from intensive care.what a relief![More]
 

Balzac was on to something 200 years ago, but to be fair to modern day multi-millionaires, the only real way to accumulate wealth prior to the 18th century was to steal it, or tax it, I suppose, as was the case with kings and their royal courts. It was only with the advent of capitalism and annual productivity gains that entrepreneurs, investors, and risk-takers with luck or pinpoint-timing could jump to the head of the pack and accumulate what came to be recognized as a fortune.[More]
 

The idea the U.S faces a new and chronically slower "normal" economic growth rate in future years has rapidly become vogue. Households, too overextended with debt and substantially under-saved, necessitate a deleveraging and reliquification era which will produce a prolonged period of subpar economic growth.[More]