Mid-Week Open Thread

Just take care –> Get well.

I grew up till age 15 in Knoxville, Tennessee. I would like to visit back there at some point. If I actually do that, one place I would like to make very sure to visit is Dollywood, right near Sevierville, Tenn.

Images related to Dollywood.
https://images.search.yahoo.com/search/images;_ylt=AwrEbce7VI9qVAIAzrdXNyoA;_ylu=Y29sbwNiZjEEcG9zAzIEdnRpZAMEc2VjA3Nj?p=dollywood+theme+park&fr=sfp

One of the less well known things about Dollywood, which I would especially want to see if I get there, is the American Chestnut tree recovery-restoration work which is being done there.
Bill Owens’ American Chestnut Fund at Dollywood
https://eagles.org/donate/american-chestnut-fund/

When I was young and living there, there were still chestnut saplings struggling up from legacy American chestnut root systems. The blight would kill them after a few years but the roots stayed alive. I saw one of those saplings emerging from legacy roots in the woods at the top of the ridge we lived on the side of in Knoxville, around 55 years ago or so.

An amateur layman’s tribute to Dolly Parton.

A queen ❤️
https://www.reddit.com/r/TikTokCringe/comments/1vywdtr/a_queen/

Tick tok tick tok goes the clock while the sands run down.

My grandfather had an hour glass with one side filled with sand which when inverted trickled down through a narrow waist to fill the other side, thus marking an hour.
So old school in the digital age.

My grandfather also had a crystal ball inherited from a gypsy woman that was passed down to me. It’s one of the few possessions I’ve carried around and cherished over the decades, along with knives and cookware. The crystal ball sits upon a window sill, and the pots and pans and knives I use daily.

What I want to say is may your days be long and your health improved. May all obstacles vanish before the sands of time run out. Sending all good wishes.

And Kyle Kulinski of Secular Talk, who I believe is considered a Progressive ( as in NOT a liberal) discusses this secret meeting in his own special way. He makes clear his belief that Jeffries is indeed a Total MAGA Collaborator and a not-even-secret-anymore MAGA agent and operative. ( Just like Pelosi was probably a secret Bush-Cheney agent and operative . . . in my own purely layman’s opinion).

HAKEEM JEFFRIES IS F*CKED | The Kyle Kulinski Show
https://www.youtube.com/watch?v=4ct1uFtxyD4

DC,

So you knew Knoxville when it was a ‘scruffy little town’, eh? With hobos tenting out in the middle of the city between UTK and downtown? Where traffic was befuddled at “Malfunction Junction”?

@StewartM,

I lived there from 1957 till 1972. We lived out in the subdivision of Far View Hills. On a clear day ( which was often till I was about 12 years old), I could see the Smokies from my house and even way better from the top of the ridge ( which I used to call the top of the hill). I remember hearing about Malfunction Junction way after the fact. I never even knew about the hobos tenting out, even though my father worked at UTK.

But . . . there are things I do remember. Too many to list right here right now. Maybe later in another comment. But I will just say that I was struck by all the kudzu growing all over everywhere in some parts of the city and even more so outside of city limits.

I sometimes used to watch the Cas Walker Show on early morning TV, before my parents were up. It felt almost like a ‘forbidden pleasure’ given how antisouthernitic my mother was and tried to raise me to be.
Here is a present day newscast with some embedded footage of Dolly Parton’s first appearance on the Cas Walker Show.

Dolly Parton’s first TV appearance on Channel 10’s ‘The Cas Walker Show’
https://www.youtube.com/watch?v=5lnh36PpyRU

Here are some legacy clips from the Cas Walker Show on the Daily Motion website. I hope the link works right.
https://www.dailymotion.com/video/x3qanfo

Good luck with the surgery and hope you fell better soon. Take it easy and concentrate on the recovery.

Here’s to a speedy and healthy recovery!

” ‘ The time has come’ the walrus said, ‘ to talk of many things.’
‘ Of leopards eating faces, of cabbages and kings.’ ”

Sad Florida Republicans Got EXACTLY What They Voted For
https://www.youtube.com/watch?v=geJiJMyfZ6E

DC,

I remember the Cass Walker show too, though I wasn’t a regular viewer (I wasn’t in Knoxville until after you left). What was funny is that he had ads from his grocery stores with prices listed stacked on a easel, and he would announce each ad and then tilt the ad over to fall on the floor before announcing the ad hiding behind it. Very amaterurish.

However, when I was a boy (before Knoxville) there were a lot of locally-produced shows. We had a local “cowboy” who sang songs, including a sanitized version of “The Big Rock Candy Mountain” I’ll never forget. We also had a local comic playing a hobo (in the style of Red Skelton’s “Freedie the Freeloader”) and once I think my class, or another children’s group to which I belonged, got to sit on stage behind the comic during shooting. That was probably the only time I was deliberately on TV (though I made a cameo appearance riding a bike through a CBS morning show on the little town I live in now).

Ian:

glad all is ok.
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one of my favorites just explained what i found out with the first real gold bubble back in the 1970’s.

i got out before the top. because it was apparent that american can pay its bills, no austerity needed, and bonds issued were not for debt, because there is no government debt, unless is priced in some other currency.

in a deflating economy, you might be forced into selling off your high priced assets, to raise scarce cash to pay your bills.

its already happened recently, but the big one might be coming soon.

https://www.youtube.com/watch?v=2wfGapJ6XMY

Why Gold Can Fall When the Next Crisis Begins | Steve Keen

Aug 24, 2026 Market Updates and Analysis
Professor Steve Keen says the AI bubble has less than a year to run, with revenue from serious users running at roughly one fifth of what these companies are spending. Speaking with Jeremy Szafron, Keen argues the debt that matters is private debt, not the $40 trillion everyone is watching, and explains why companies that have serviced their loans comfortably for 15 years could start defaulting.

Keen was voted first by readers of the Real-World Economics Review in 2010 for having warned earliest and most clearly about the global financial crisis, ahead of Nouriel Roubini. He wrote Debunking Economics and built the economic modelling software Minsky and Ravel.

He explains how commercial banks create money when they lend, why he says more than 90% of the money created since 2000 came from the private sector rather than government, what the Federal Reserve’s bank stress tests miss, and where he parts company with Ray Dalio on sovereign versus private debt.

On gold, Keen calls it a speculative commodity that does well when people distrust the financial system, while warning it is “not a one-way bet” because leveraged holders get forced to sell into a crisis.

Recorded August 24 2026

Follow Steve Keen on X: @ProfSteveKeen ( / profstevekeen )
Follow Jeremy Szafron on X: @JeremySzafron ( / jeremyszafron )
Follow Kitco News on X: @KitcoNewsNOW ( / kitconewsnow )

CHAPTERS
00:00 Private Debt at a Breaking Point
01:00 What Is Gold Waiting For?
03:00 Why Markets Underreact, Then Panic
04:37 Why Gold Can Fall First
05:31 Why Private Debt Still Rules the Cycle
07:30 Households Deleveraged, Companies Didn’t
09:23 The Debt Chart Nobody Shows You
12:18 Credit Creation Drives Unemployment
15:30 Can Central Banks Rescue the System Again?
18:05 The $410B AI Debt Boom & Junk-Yield Risk
20:15 Why the AI Bubble Bursts Within a Year
23:45 Why Data Centers Age Faster Than Houses
25:44 How Commercial Banks Actually Create Money
27:48 Treasury Cash Drawdowns & Bond Buybacks
29:35 Double-Entry Accounting: Bank vs. Government Money
32:00 Are Treasury And The Fed Really Separate?
34:03 How Bond Sales Drain System Liquidity
35:52 What Happens If the U.S. Revalues Its Gold?
38:12 Could The Fed Just Buy All The Debt?
39:18 Inflation vs. Solvency: Where Risk Truly Lies
42:02 Step-by-Step Anatomy of a Corporate Default
46:04 Bank Capital Depletion & Equity Write-Downs
49:49 Why the Fed’s Bank Stress Tests Miss Reality
51:58 What Actually Triggers It, And When
54:30 The Impact on Savers & Unleveraged Households
55:50 Ray Dalio vs. Steve Keen: Sovereign vs. Private Debt
57:04 Irving Fisher & Modern Debt Deflation
59:45 Does Physical Gold Protect in a Debt Deflation?
01:00:20 What Would Prove This Framework Wrong?
01:02:08 Steve Keen’s New Book & Closing Thoughts

FIND STEVE KEEN
Substack and Patreon under Prof Steve Keen. His course is at skool.com/profstevekeen. His next book, How Economists Will Destroy Capitalism, is due from Polity Press.

Content creator J. S. Candid offers the following video talk. . .

Y’all About to Be Pissed at Me: Talarico Supporters, Live w/ Your Choice
https://www.youtube.com/watch?v=AUQPKOiK4Xc

She is telling the Talarico people that they need to put on their big boy pants and work to win for their candidate. She also reminds them that Talarico has himself instructed his supporters to shut their mouth about Jasmine Crockett. But they keep running their mouth about Crockett. At this rate, they themselves will get Talarico defeated. She reminds them to stop doing that, and start focusing against Paxton and shutting their mouths about Crockett at this point.

the trade deficit and the balance of payments are real debt that is dominated not in dollars, but the currencies of others. to understand money, is to understand debt.

bill clinton created the debt, and the only way out is through tariffs, that is why biden kept and enlarged trumps tariffs, and why the idiot neo-liberal democrats can’t get rid of the tariffs.

bill clinton doomed us to debt enslavement, no neo-liberal democrat will come clean.

the future is bleak indeed, the idiot running the fed looks like he will worry about inflation and the bond vigilantes, when in fact, the inflation is coming from free trade and monopolies that bill clinton created, and will raise rates in a deflating economy. and of course, their is no bond vigilantes.

debt deflation here we come. and we are witnessing the results of all of that debt, by robbing other countries through war and coercion since 1993.
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Democrats face challenges in discontinuing tariffs due to concerns about the balance of payments deficit, which has been cited as a justification for maintaining certain tariffs. This situation complicates their ability to shift trade policy without risking economic repercussions.
asil.org piie.com

Challenges for Democrats in Discontinuing Tariffs

Democrats are facing significant hurdles in their efforts to discontinue tariffs, primarily due to concerns surrounding the balance of payments deficit. This economic factor has been used as a justification for maintaining certain tariffs, complicating any potential policy shifts.

Key Factors Influencing Tariff Policy

Balance of Payments Deficit: The balance of payments deficit is a critical issue that Democrats must consider. It has been cited as a reason for keeping tariffs in place, as removing them could exacerbate the deficit.

Economic Repercussions: Shifting trade policy could lead to economic repercussions that may negatively impact constituents. This concern makes it difficult for Democrats to advocate for the removal of tariffs without risking backlash.

Current Political Landscape

Mixed Support Among Democrats: There is a divide within the Democratic Party regarding trade policy. Some members support free trade, while others are more skeptical, reflecting a broader realignment in both major political parties.

Public Opinion: Support for international trade is at an all-time high among the U.S. public, which may influence Democratic strategies moving forward. However, elected officials may still be cautious due to the potential economic fallout from tariff removal.

In summary, the balance of payments deficit and the associated economic risks are significant factors that complicate the Democrats’ ability to discontinue tariffs.
Forbes asil.org

Bill Clinton’s presidency oversaw a period of rising U.S. current account deficits, with the balance of payments “mess” linked to free-trade policies like NAFTA and deregulation that expanded trade imbalances and financial flows.
Dissent Wikipedia

Overview of the Balance of Payments During Clinton’s Presidency

Bill Clinton’s presidency, from 1993 to 2001, was marked by significant economic changes, particularly in the area of trade and finance. One of the notable issues was the rising U.S. current account deficits, which were closely linked to his administration’s economic policies.

Key Factors Contributing to the Balance of Payments Mess

Free-Trade Policies: The implementation of the North American Free Trade Agreement (NAFTA) and other free-trade agreements aimed to promote trade but also contributed to trade imbalances.

Deregulation: Financial deregulation during Clinton’s tenure allowed for increased capital flows, which exacerbated the current account deficits.

Rising Deficits: The U.S. current account deficit grew significantly, reflecting a broader trend of increased imports relative to exports, which was partly a result of the policies enacted during this period.

Implications of the Current Account Deficits
Aspect Description

Trade Imbalances Increased imports led to a higher trade deficit, impacting domestic industries.

Financial Flows Deregulation facilitated greater financial transactions, contributing to instability.

Economic Growth While the economy experienced growth, the sustainability of this growth was questioned due to the rising deficits.

Clinton’s economic policies, while credited with fostering growth, also set the stage for challenges related to the balance of payments, raising concerns about long-term economic stability.
Wikipedia Dissent

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so many are befuddled, its why this time it will not be different.

Many people during the Great Depression misunderstood the role of debt and monetary policy, which contributed to the economic crisis. This lack of understanding was prevalent as individuals and businesses faced severe financial hardships and high unemployment rates.
Teaching American History Wikipedia

Understanding Debt During the Great Depression
Misconceptions About Debt

Many individuals and businesses during the Great Depression struggled to grasp the implications of debt. This misunderstanding played a significant role in exacerbating the economic crisis. Key points include:

High Unemployment Rates: As unemployment soared, many people found themselves unable to repay loans, leading to widespread financial distress.

Severe Financial Hardships: The economic downturn caused many to misinterpret their financial situations, often underestimating the impact of accumulating debt.

Role of Monetary Policy

The Great Depression was also influenced by monetary policy, which was not well understood by the general public. Important aspects include:

Gold Standard: Adherence to the gold standard restricted the money supply, which contributed to deflation and worsened the economic situation.

Debt Mismanagement: Many did not recognize how excessive borrowing and poor financial planning could lead to greater economic instability.

Consequences of Misunderstanding Debt

The lack of understanding regarding debt and monetary policy had several consequences:
Consequence Description
Increased Bank Failures Many banks collapsed due to unpaid loans and poor investments.
Widespread Poverty High levels of debt led to increased poverty and homelessness.

Slow Recovery
Mismanagement of debt hindered economic recovery efforts.

Understanding these factors is crucial for recognizing how misconceptions about debt contributed to the severity of the Great Depression.
Teaching American History Wikipedia

Free trade can lead to international debts as countries with trade deficits borrow from surplus countries to cover their spending. This situation often results in imbalances where deficit countries accumulate liabilities while surplus countries accumulate assets.
cer.eu Carnegie Endowment for International Peace

Understanding Free Trade and International Debts

Free trade can significantly influence the financial dynamics between countries, particularly in terms of international debts.

How Free Trade Leads to Debts

Trade Deficits: Countries that import more than they export create trade deficits. To finance this excess spending, they often borrow from surplus countries.

Accumulation of Liabilities: As deficit countries continue to borrow, they accumulate international liabilities. This means they owe money to countries with trade surpluses.

Surplus Countries: Conversely, surplus countries accumulate assets as they lend to deficit countries. This creates an imbalance in the global economy.

Implications of Trade Imbalances
Aspect Deficit Countries Surplus Countries
Financial Position Accumulate liabilities Accumulate assets
Economic Impact Increased debt levels Increased wealth and investment power
Trade Dynamics Dependence on borrowing Influence over global capital flows

The relationship between free trade and international debts highlights the complexities of global economic interactions. While free trade can foster growth, it also creates vulnerabilities, particularly for countries that find themselves in persistent trade deficits.
cer.eu somo.nl

Here is a video titled: “How hostile architecture came for skating”
https://www.reddit.com/r/LoveTrash/comments/1w4jv8p/how_hostile_architecture_came_for_skating/

Its a little history of who and what began filling cities up with anti-sit chairs, anti-sleep benches, anti-skate surfaces of all kinds, etc. A pro-human-life Mamdaniform mayor might make some friends among the urban non-rich and non-powerful by ripping out all those anti-use disfeatures infecting the urban landscape.