Charles Hugh Smith's Substack

Charles Hugh Smith's Substack

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Charles Hugh Smith's Substack
Charles Hugh Smith's Substack
The No-Win Bubble "Wealth Effect": Either Way We Lose

The No-Win Bubble "Wealth Effect": Either Way We Lose

Spoiler alert: this ends badly.

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Charles Hugh Smith
Jun 30, 2025
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Charles Hugh Smith's Substack
Charles Hugh Smith's Substack
The No-Win Bubble "Wealth Effect": Either Way We Lose
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I have endeavored to explain how our economy has changed dramatically over the past 50 years beneath the surface. Nothing that's going to happen in the future will make sense unless we understand this, so refill your beverage of choice and let's go through what changed.

Wages gained ground 1945 - 1975, and lost ground 1975 - 2025. In the "glorious 30" (T…

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