The Thesis
The Natural State: The Whole Thesis
Every economy drifts toward a resting condition — the argument for what it is, and why it cannot be legislated away.
Read the thesis— prices want to fall
Latest
— sight from inside the charade
More essays
Four Pounds of Debt for One Pound of Growth
Every rescue is new debt piled on the debt the last rescue left, while technology drags prices down harder every year. Why the gap widens, the pile grows, the medicine weakens, and the next intervention is always bigger.
The Price Fall That Never Arrived
Technology cut the cost of making most of what you buy, but the money system is built to stop prices falling, so the saving was collected before it reached you. Why measuring inflation against zero keeps the taking invisible, and what the honest baseline is.
A Pay Cut by Another Name
Your payslip number went up, but what it buys mostly didn't, because wages are the slowest prices to move and the rise lands a year after the price rises it was meant to cover. Why inflation and a real pay cut are two views of one thing, and why the honest comparison is your rise against the falling prices you never got.
The Guaranteed Loss
The official promise to anyone holding pounds is that the unit will buy about 2% less every year, on purpose, while the interest on the safest savings mostly comes in below inflation. Why the system's real offer to a saver is lose slowly or take risk you didn't choose, and why saving itself was never the broken part.
Who Gets the New Money First
New money enters the economy through a few specific doors, mostly bank lending and central bank bond purchases, and because of where the doors are, it lands in financial markets and property first, reaching wages only after prices have already moved. Why the order of arrival decides who wins, whose pounds pay for it, and why the bill arrives as prices instead of a tax.
Houses Stopped Being Homes
A house is priced as two things at once, shelter plus the savings account of a country whose money loses value by design, so buyers bid against stored wealth and cheap credit as well as each other. Why supply is the smaller of the two reasons, how new money reaches assets first, and what the same house looks like measured in a money nobody can make more of.
The Index
Every essay, in one place.
The whole run, kept in order — from the first to this morning’s. Nothing filed away, nothing hidden.
Open the index