the watcher·Jul 1The 10-to-1 Gap Holding Up the Entire AI BoomThe first piece in a series on the economics of the AI boom: is it overheated, can it fairly be called a bubble — and if so, by what…
Charles Hugh Smith·Jun 4Choose One: Housing Is Shelter, or Housing Is Just Another Asset in a Bubble EconomyThis will get massive pushback because it’s true: either Housing Is Shelter, or Housing Is Just Another Asset in a Bubble Economy — it…A response icon3A response icon3
Charles Hugh Smith·Dec 3, 2025Model Collapse: The Entire Bubble Economy Is a HallucinationConsider the data that the financial sector bases conclusions / decisions on (i.e. the data that the financial sector “trains” on) in a…A response icon9A response icon9
Andrew Zuo·Oct 27, 2025If I Hear ‘We’ll Be Left Behind By AI’ One More Time…Recently I received an email discussing AI and it said this:A response icon20A response icon20
Charles Hugh Smith·Aug 27, 2025AI: False Savior of a Hollowed-Out EconomyThe real story of the US economy isn’t about AI, it’s about an economy that’s run out of rope. AI is being hyped not just by promoters…A response icon6A response icon6
Charles Hugh Smith·Feb 16, 2024The U.S. Housing Market: Rent-Serfs and Artificial ScarcityIdeologies sound wonderful in the abstract, but run aground in the granular real world. The dominate ideology in the world today isn’t a…A response icon1A response icon1
Charles Hugh Smith·Feb 8, 2024Irony Alert: “Outlawing” Recession Has Made a Monster Recession InevitableThe mainstream view is that recession is caused by economic-financial factors. The mainstream view is wrong, for recession is ultimately…
Charles Hugh Smith·Jan 30, 2024The Era of Easy Money Ruined UsWe have yet to reach a full reckoning of the consequences of the era of easy money, but it’s abundantly clear that it ruined us. The damage…A response icon2A response icon2
Charles Hugh Smith·Sep 18, 2023The Peculiar Power of DenialDenial is scale-invariant and universal — we’ve all experienced in some way or another. By scale-invariant, we mean the individual…
Len Sherman·Jan 5, 2021Is Another Bubble About To Burst In 2021?Last month, Barron’s splashed the eye-catching headline “IPO FRENZY” on its cover, following the massive runups in first day trading for…
