Charles Hugh Smith has been an independent journalist for 22 years. His weblog, www.oftwominds.com, draws two million visits a year with unique analyses of global finance, stocks and political economy. He has written six novels and Weblogs & New Media: Marketing in Crisis and just released Survival+: Structuring Prosperity for Yourself and the Nation.
Teasing apart the various forces acting on the price of gold reveals the complex financial character of the yellow metal. That gold is in a…
The explosion of Deepwater Horizon and the collapse of Lehman Brothers share similar characteristics of risk, denial and coverup. My good friend G.F.B. recently observed…
A slow-growth real economy has been replaced with a credit-based speculative financial economy dependent on low interest rates and systemic fraud to survive. It is…
Does the Chinese stock market presage the U.S. market's direction? If so, the U.S. market is set for a fall. The economies of China and…
Something profound has happened, obscured by all the concerns about economic details and speculation about whether we are in a “deep recession” or a “depression,”…
With the world teetering on the edge of another global financial meltdown, it's a good time to revisit my May 2008 Oil "Head-Fake" Scenario. In…
The foundation of the American lifestyle and economy is cheap oil. Remove that prop and every aspect of that lifestyle becomes questionable. Not to sound…
Market fluctuations are mostly noise. To understand the trends beneath the surface noise, we need to establish an integrated context. The Mainstream Financial Media (MFM)…
Papering over the structural imbalances in the Eurozone with endless bailouts will not resolve the fundamental asymmetries. Beneath the endless announcements of Greece's "rescue" lie…
A chart of exponential growth/depletion may be the "chart of the century." The chart displays two lines: the blue line traces out exponential growth (for…
Below are two self-explanatory charts which shed light on the current rallies in the stock market and oil. The first is a long-term snapshot of…
Human beings resist change until there is no other choice, and then they adapt and habituate rather quickly. Human beings are remarkably adept at short-sightedness…
The Central State and Financial Plutocracy are bound in a mutually beneficial, highly predatory partnership. The Mainstream Media is missing the Big Story in the…
The status quo not just incentivizes gaming the system, it has made it the primary way to get ahead in today's economy. Gaming the system…
Shoddy construction throughout the world, but especially in China and the U.S., is a type of mal-investment, and it will have consequences. Everybody seems to…
Despite the year-long equities rally and the euphoric mood of speculators and government officials, maybe the best trade of the next 5 years will be…
Four key factors in the 1970s were very different from present conditions, and that argues against 1970s-style stagflation as a model for 2010-2020. Sometimes history…
The majority of economic observers seem convinced that the dollar is doomed, and not in some distant future. The basic reason for this unanimity is…
The U.S. deficit and the Treasury bonds which must be sold to fund it are beyond comprehension. The trouble with bonds (the U.S. Treasury variety,…
The ramifications of Google's decision to leave China are deep: China's leadership, be careful what you wish for. I have been a student of China…