You’re not a racist.
So don’t let racists use your story to fuel theirs.
I think we are about to experience a pretty dramatic resurgence in inflation.
LLMs ensure their survival by showing us that we can all find meaning in our lives so long as we keep talking with the LLMs. They ensure their survival by telling each of us not what is true but what we want to be true – what we NEED to be true – at the semantic core of our individual identity, even if what we need to be true is an LLM-dominated dystopia.
And we are so grateful.
The House passage of the Big Beautiful Bill and Elon Musk stepping back from DOGE is a Common Knowledge moment — everyone now knows that everyone now knows that the US deficit cannot be controlled, much less reversed, over the remainder of Trump’s term — and it puts us on a pretty straightforward path to a global sovereign debt crisis.
In this episode of The Intentional Investor, Matt Zeigler sits down with Andrew Cohen, a former market maker at Bernie Madoff’s firm whose life took a dramatic turn when the largest Ponzi scheme in history unraveled. But this isn’t just a story about scandal—it’s about resilience, reinvention, and redefining success on your own terms.
This is a common knowledge moment for the global financial system — everyone now knows that everyone now knows that the US deficit cannot be controlled, much less reversed, over the remainder of Trump’s term — and it puts us on a pretty straightforward path to a global sovereign debt crisis.
I think we are now resuming our regularly scheduled entertainment, which means dollar down, gold up, and everyone – and I do mean everyone – poised with itchy trigger fingers to blast away at long-dated Treasuries as soon as the Big Beautiful Bill passes.
We’ve built and published a new set of Narrative storyboards on traditional safe haven assets like US Treasuries, and we discuss that in this live Zoom call with ET Pro members, along with some additional narrative datapoints on fiscal policy.
It’s really pretty stunning how the largest sovereign bond market in the world (the United States) and the third largest sovereign bond market in the world (Japan) are now no-fly-zones when it comes to safe havens and risk-off behaviors.
The death of risk happened with a whimper, not a bang. Not because the market blew up, but because of an icy truth: safe havens ain’t safe.
If you don’t trust the meaning of risk-free, you can’t trust the meaning of risk, and we have built everything on the meaning of risk.