Charles Hugh Smith


Next Stop, Recession: The Financial Meteor Storm Is Headed Our Way

  Many of those about to be vaporized did not grasp the fragility of the “prosperity” they assumed was both solid and permanent. Business-cycle recessions are not just inevitable, ... Read More

Projecting the Price of Bitcoin

The wild card in cryptocurrencies is the role of Big Institutional Money. I’ve taken the liberty of preparing a projection of bitcoin’s price action going forward: You see the ... Read More

The Path to $10,000 Bitcoin

So let’s imagine a scenario in which tens of trillions of at-risk wealth suddenly seek an alternative–any alternative to staying in an asset class that’s circling the drain. As ... Read More
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When Assets (Such as Real Estate) Become Liabilities

It will be the middle class that accepted the notion that “real estate is the foundation of family wealth” that will be stripmined by higher taxes on immobile assets ... Read More

Fun with Fake Statistics: The 5% “Increase” in Median Household Income Is Pure Illusion

The truth is the rich are getting richer and everyone else is losing ground as inflation chews through stagnant incomes. Supporters of the status quo nearly wet their pants ... Read More

What Are the Odds that the 2020-2022 Olympics Will Be Cancelled?

It’s tough to pay for an Olympics when 95% of your supposed “wealth” has vanished. In the modern era (1896-present), the Olympics have only been cancelled in wartime: 1916 ... Read More
People receive food that is either too old or not looking nice enough for sale at the non-profit Dortmund food bank in the western German city of Dortmund

The Odds of a Global Food Crisis Are Rising

The vulnerability of global food production to extremes of weather is a profound reality that few grasp. Given the current abundance of food globally, confidence in permanent food surpluses ... Read More

Globalization’s Few Winners and Many Losers

Quality, quality of life, and well-being are not easily quantified, so they are ignored. I often write about the Tyranny of Price, the rarely examined assumption that lower prices ... Read More

We’ve Entered an Era of Rising Instability and Uncertainty

And there you have our future, visible in the 13th, 16th and 18th century price-revolution waves which preceded ours. That we have entered an era of rising instability and ... Read More
Lifecycle of Financialization

Risk On/Risk Off: What Schizophrenic Markets Are Telling Us

These trends cannot be reversed with yet another rate cut or another “whatever it takes” announcement. In the conventional investment perspective, risk-on assets (i.e. investments with higher risks and ... Read More
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