Author: Charles Hugh Smith

What Happens as State and Local Tax Revenues Crater?

What Happens as State and Local Tax Revenues Crater? by Charles Hugh Smith for Of Two Minds We can anticipate a federal bailout of pension funds and one-time aid to state and local governments, but bailouts won’t repair the eroding...

The New (Forced) Frugality

The New (Forced) Frugality by Charles Hugh Smith for Of Two Minds There are only two ways to survive a decline in income and net worth: slash expenses or default on debt. In post-World War II America, the cultural zeitgeist...

The Covid-19 Dominoes Fall: The World Is Insolvent

The Covid-19 Dominoes Fall: The World Is Insolvent by Charles Hugh Smith for Of Two Minds Subtract their immense debts and they have negative net worth, and therefore the market value of their stock is zero. To understand why the...