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This is Water

April 17, 2019

Time to add a fourth shift in the Zeitgeist: capitalist productivity, now 200+ years old, is becoming capitalist financialization.

Wall Street gets something to sell, management gets stock-based comp, the Fed gets a (very) grateful Wall Street, and the White House gets re-election.

What do YOU get out of financialization? You get to hold up a card that says “Yay, capitalism!”.

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ET In Full

The Spanish Prisoner

By Ben Hunt | July 7, 2019 | 26

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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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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