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When I got into the industry more than 50 years ago, finance was an adjunct to the real economy.
Basically it was used to finance real growth. But today it’s become the dominant factor in the world.
That is, finance is running the world and the real economy is kind of a sideline. It’s the adage about the tail wagging the dog.
But in this instance the tail is swinging the dog around the room and banging it off all four walls until it’s comatose.
And that’s basically what’s happening to the real economy -- it’s going to be comatose before this is over. --
John Embry

Your cellphone is a gold mine of information about where you have been, who you have been talking to, and what you have been doing online.  And now a “mysterious new tool” is enabling law enforcement authorities all over the nation to get access to that information on virtually any phone.  So if you end up going to prison someday, it could be the evidence that is pulled out of your cellphone that ultimately puts you away.  Of course most Americans never even consider that their own cellphones could be systematically gathering evidence against them.  For most of us, cellphones are simply extremely convenient tools that allow us to communicate effectively with the rest of the world.  But if the authorities decide to investigate you, your cellphone is going to be one of the first things that they want, and what they find on there could put you behind bars for a very, very long time. ...

See the full article @ End of the American Dream

 

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