I postulated that China must necessarily fall into a depression, probably comparable to the American one from the 1930s, which in turn will spread to become a worldwide depression. In response, many readers asked whether in such a depressionary environment the price of oil would go up or down.

Few perceive the truth about the Federal Reserve. Rare are those who know its origins. It is right in front of us, but our relative ignorance of economics and history is their protection.

I can’t help but feel that we are careening toward a pivotal moment in financial history and the coup de grace may very well come when the Fed meets this week.

It´s just like the Titanic in a way, except that this currency-cruiser is not really about to hit an iceberg. Instead, it has been set on a wrong course from the very beginning (meaning 1971) with the rudder structurally tethered so that the course cannot be changed. Unfortunately, the inevitable consequence of this is that, the longer this ship sails, the greater is the likelihood that it will hit dry land – eventually. (And that eventuality isn´t too far away anymore, as July´s non-farm payrolls fiasco has shown us today!)