Author Archives: Charles Hugh Smith

If We Can No Longer Tell the Truth, We’ve Failed

The last thing addicts want to hear is the truth: the only thing more terrifying than the truth is the possibility that they will lose access to whatever they’re addicted to: smack, Oxy, coke, alcohol, sex, porn, power, etc. If we … Continue reading

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2019: Fragmented, Unevenly Distributed, Asymmetric, Opaque

Here are the key dynamics of 2019: fragmented, unevenly distributed, asymmetric, opaque. Want to know what’s happening with inflation, deflation, recession, populism, etc.? It depends on what you own, when you own it, where you own it and its relative scarcity and … Continue reading

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Could Stocks Rally Even as Parts of the Economy Are Recessionary?

We contrarians can’t help it: when the herd is bullish, we start looking for a reversal. When the herd turns bearish, we also start looking for a reversal. So now that the herd is skittishly bearish, anticipating a recession, contrarians start … Continue reading

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Commoditization = Deflation

Apple’s slumping sales growth in China re-energized discussions on the commoditization of smart phones: the basic idea is that once devices, services, goods, platforms, etc. are interchangeable and can be produced/generated anywhere, they are effectively commodities and their value declines accordingly. In the case of … Continue reading

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The Crisis of 2025

While many fear a war between the nuclear powers or the breakdown of civil order, I tend to think the Crisis of 2023-26 is more likely to be financial in nature. War and civil breakdown are certainly common enough in history, … Continue reading

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