Karl Denninger's Blog

Author
The Market Ticker

Mr. Denninger, recent author of the book Leverage: How Cheap Money Will Destroy the World,is the former CEO of MCSNet, a regional Chicago area networking and Internet company that operated from 1987 to 1998. MCSNet was proud to offer several "firsts" in the Internet Service space, including integral customer-specified spam filtering for all customers and the first virtual web server available to the general public. Mr. Denninger's other accomplishments include the design and construction of regional and national IP-based networks and development of electronic conferencing software reaching back to the 1980s.

He has been a full-time trader since 1998, author of The Market Ticker, a daily market commentary, and operator of TickerForum, an online trading community, both since 2007.

Mr. Denninger received the 2008 Reed Irvine Accuracy In Media Award for Grassroots Journalism for his coverage of the 2008 market meltdown.

The Ponzi Debt Bubble Leaves Only Two Options

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It may not be intuitively obvious when you look at that chart, but this is what was happening. The data is a bit "noisy" as the granularity is quarterly, and of course there are small recessions and such in there, but on balance this entire "expansion" was in fact false.

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