Everywhere you look today, you are seeing Wall Street and Washington missionaries using annualized month-over-month or quarter-over-quarter inflation …
My rule of thumb is that it takes about two months for the dead bodies of institutional investment firms that have been drowned by some macro turn of …
What we saw happen in the UK last week is the first shock, not the last, and all the massive pension funds and asset owners who have turned themselves…
The relationship between interest rates and inflation is non-linear and non-monotonic, and in exactly the same way that the Fed was unable to spur inf…
The math that drives 2023 dovish hopes on Wall Street and the White House is this: string 12 months of constant +0.2% month-over-month CPI readings to…
This is how we resist the Long Now, how we find an alternative world to the endless present where the Party is always right. By connecting the human p…
Multiple not-seen-in-a-quarter-century events have occurred over the past six weeks in rates-world. The lack of narrative attention is striking, as ar…
Over the past 25 years, our leaders have intentionally constructed an Apocalypse Now world of proclamation and fiat, where our wealth has grown much f…
It feels weird to be rooting for a Volcker-esque recession and long bear market as the best potential outcome for where we are today. But there are wo…
The cure for the cancer of gun culture and police culture is not to be found in reform laws around guns and police, but in reform ideas around culture…
We have two new narrative signals here in June, both Bullish in direction, which is a welcome change from the largely uniform Bearish signals of April…
If you don't see that the crypto "industry" has become just as blindingly corrupt, just as oozingly fatuous, just as profoundly captured by the Nudgin…