‘You Had One Job’
The absence of a governor didn't stop South Korea from hiking rates on Thursday, when the BOK joined New Zealand and Canada in the club of central banks leaning harder into the inflation fight this week.
"The existing inflationary pressures could go on longer than expected due to the Ukraine situation," acting chairman Joo Sang-yong, who's standing in for the unconfirmed Rhee Chang-yong, said.
It was Korea's fourth hike of the current cycle (figure below). The decision was unanimous. The polic
H-
One of the best things about ‘The Heisenberg Report’ is that ‘the author’ uses his vast experience, knowledge, insights and beliefs (not his profit motivation) to determine the top three, or so, issues of the day.
My virtual knowledge of your beliefs and where you have come from in life (I miss, yet at the same time, do not miss your SA scorching missiles) has led me to the conclusion that you would rather be true to your beliefs than earn another dollar. That keeps me subscribed- my beliefs of what are your beliefs. Crazy.
Yeah, you don’t have to apologize for covering the dry stuff. The colorful articles are fun, but the macro is what we came for originally.
Maybe it’s just me, but when I go to the handful of non-mainstream finance/econ sites that I used to read in 2010/2011/2012, I can’t even navigate them now. Literally. I can’t find my way around. The ones that are still publishing regularly are now publishing so rapidly that the dilution is unbearable (e.g., 10 posts in 10 minutes) and often, the content is totally off the wall and/or so poorly written that I can’t suffer it. And then there’s a handful of what I’ll call “sane” sites that get a lot of favorable mentions from finance-focused social media, but some of them are only updated once or twice a week. That’s not a “site.” That’s a straight blog. I don’t know why anyone would pay $35/month (or whatever) to read someone’s random musings on Substack five times a month.
Your timing on Musk is impeccable
I don’t know if you’re being sarcastic or not (it’s certainly fine if you are), but that’s actually the irony here. I’ve (accidentally) predicted nearly everything he’s done for two straight years. I’d emphasize accidentally. I’m no prophet, I’m just a good social critic.
No sarcasm. I’m seem to remember being warned about sarcastic posts…
From the title, I expected an article beginning with Putin saying to his generals “You had one job” followed by mass arrests as a segue to a central bankers story. As always, your articles are well worth reading; thanks.
You nailed it, H. Now we are facing another “Murdoch Moment”, like when Old Rupe got permission to control media outlets in the US. Musk can buy and sell Rupert and Trump several times between now and lunch without denting his checking account. The question is how he will use his concentration of power. I don’t feel good about it.
Musk is regularly described as a man of “vision.” When I was teaching and consulting about strategic management two words on my black list were (and still are) vision and mission. CEOs love to create vision and mission statements (having both at once is just too much). They are always useless and rarely if ever contribute to success. Musk is not really a visionary, he is just a guy with “ants in his pants,” as my sainted grandmother used say. He wants to say everything that goes into his brain, and even act on it when he thinks it will be fun and disruptive. Sadly, he is easily bored, overly entitled, and not really fond of self-control, discipline, or responsibility, in short, an aging teenager who will never actually grow up. He bought all that Twitter stock because the SEC is back on his butt and he just wants to say whatever he wants when he wants, period. He thought he could buy that kind of control for $3 bil and soon found that he couldn’t. The only way he gets to have a say at Twitter is to take it private. It’s ironic, isn’t it, that to turn it into his vision of free speech he must take away the company’s freedom.
Well put, Mr. Lucky. I believe the $Fifty-“Four-Twenty” per share price offer tells exactly where Mr. Musk is coming from,
I would be lost without the Heisenberg Report, so thank you H. Not only do I gain a little understanding of the markets but also of the world in general. I had thought the last few years were crazy, apparently we ain’t seen nothing yet.
Musk seems to be getting weirder every day.
So a little history review is due:
There was NO electric vehicle market before Musk created one. Now every single car company is shifting to EVs. It will be a while before any of them catch up. Functionality wise, a Tesla is to a gasoline car what a smart phone is to a flip phone.
Since the end of the Space Shuttle program, the US has been relying SOLELY on Russian RD-180 rocket engines to get us to the Space Station. For some reason we’ve been incapable of building our own. That is, until Musk started SpaceX and designed Falcon 9 rockets that could be REUSED (for heaven’s sake) and cost a fraction of the Russian rockets. He also had to wrestle/sue the current ULA monopoly ( Lockhead Martin/Boeing/DoD alliance) to get NASA and the military to start using SpaceX’s completely US designed and built rockets instead of Russian based ULA rockets. And look how good that timing turned out.
Musk does stuff that no one in their right mind would do. He’s building a Starship to land and take off from Mars.
Who does that? Genius or nutcase?
I don’t understand his Twitter thing but based on his credentials so far I’m willing to give him some rope. He’s worried about the state of the world, is intensely pro-humanity (yeah go ahead and roll your eyes) and he is a man of action – amazing, crazy, impossible actions. Now you can laugh 🙂
I still don’t know what to make of Elon: entrepreneurial genius, visionary, narcissist, a modern day P.T. Barnum, or perhaps all of the above?