Credit Suisse draws closer to the edge of collapse as the Saudis pull their funding.

San Francisco considers giving $5 million to black adults as race reparations and the

wokes go insane over a Charlie Kirk speech while the media declare that

wokenness is a figment of your imagination.

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Well, we were told by the Biden administration that all the pain was basically over that now that they bailed out the depositors of Silicon Valley Bank all would be well.

The problem, as we discussed over the last couple of days, is that none of that is true. You've created massive systemic risk. You've just redistributed the risk for the moment. But that risk will eventually re-coeless, and there will be more bank failures, and there will be more bank runs, and there will be more economic uncertainty, if not outright, depression. And the reason for that is because you have created systemic problems. The world's stupidest people are running the world's biggest institutions with the world's most power. And that is a serious, serious issue. We saw this during the COVID pandemic, where people who are basically single factor analysts were in charge of all global policy. The single factor they cared about was the spread of COVID. They did not care about the impact of COVID. They didn't care about the impact of the shutdowns. They didn't care about age striation.

They didn't care about the impact of how vaccines should be got, should be gotten to the people. They didn't care about any of that. They cared about one thing and one thing only. And those single factor analysts were the experts. And because they were the experts, we listened to them on this, their area of expertise. All other issues were to be put aside. Well, the same thing has now

happened with the economy. We simply leave it in the hands of central banks to figure out all policy.

And all they are focused on is their mandate. And their mandate is twofold. One, keeping liquidity

so that there isn't some sort of depression. And two, reducing inflation. The problem is very often

those two things

are in conflict. And it really should be our elected officials who are making economic

policy. It should not be central bank officials who are manipulating the currency here and there

in order to achieve political purposes. Because again, they're using single factor analysis

and they are really not answerable to the general public at large. But that's exactly what is happening.

Country after country, after country.

They've created a set of perverse incentives.

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