The Spanish Prisoner

July 7, 2019

Mark Zuckerberg is not The Spanish Prisoner. He’s the guy running the con.

Libra, the cryptocoin promoted by Facebook, is a classic Spanish Prisoner con. This is how the State and the Oligarchy co-opt crypto. Not with the heel of a jackboot. But with the glamour of convenience and narrative.

Bitcoin will be permanently diminished in its social importance by the adoption of Libra and other Oligarchy-sponsored and State-embracing crypto currencies. Bitcoin will never again MEAN what it used to mean.

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ET In Full

Life in the Gyre

By Rusty Guinn | July 2, 2019 | 12

I was mad, and I was going to write an article about what had made me mad.

Except I was wrong. And the truth about what is happening in media should be much more concerning. It is seductive in ways that will make it difficult to resist for anyone who hasn’t decided to pay attention to those who would tell us what the crowd thinks the crowd thinks.

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The Half-Happy Horror

By Rusty Guinn | June 21, 2019 | 2

The Half-Happy Horror is the realization that pursuit of multiple objectives can end up with a baby split in two.

At best we give lip service to secondary or tertiary goals, all as part of some cartoon we’ve constructed about our “process”.

Yes, optimization is a scourge, and it hits every aspect of modern life. It hits the professional investor hardest of all.

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In the Trenches: Cake

By Peter Cecchini | June 19, 2019 | 1

The recent rally in U.S. equities is largely a result of market participants believing they can have their rate-cut cake and eat it, too.

ET contributor Pete Cecchini doesn’t think the Fed will cut rates proactively. Will they cut? Sure. But only if the real-world economic data deteriorates further. Which it probably will.

But don’t eat that cake just yet.

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After All, We Are Not Communists

By Ben Hunt | June 18, 2019 | 4

It’s all been leading up to this.

We’re sharing the summary results of our core investment research project with the Narrative Machine.

If you’ve ever wondered, “Gosh, how DO you apply these cool narrative maps to an actual investment strategy?” … well, here’s your answer.

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A Song of Ice and Fire

By Ben Hunt | May 27, 2019 | 13

We are the human animal.

We are non-linear.

We ARE a song of ice and fire.

It’s a song that has built cathedrals and fed billions and taken us to the moon. It’s a song that can do all of that and more … far, far more … if only we remember the tune.

The Pack remembers.

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Wage Growth, Groucho Marx Edition

By Ben Hunt | May 7, 2019 | 3

Wage stagnation in 2016 was actually much worse than you were told. Did this make a difference in the Midwestern states that swung the election, in that actual labor conditions were worse than everyone thought they were? I think yes.

Wage growth in 2018 was actually much better than you were told. Did this make a difference in the current Fed/Wall Street/White House narrative that inflation is dead and the easy money punchbowl can be maintained without consequence? I think yes.

For a few days, we’re making this ET Professional note available to everyone to review. We think the ET Pro service is something that every portfolio allocation, wealth management and active investment team can find useful, particularly for risk management.

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