‘The IMF Is Wrong. The Ice Age Is Dead’: Albert Edwards
In February of 2020, on the eve of the pandemic, SocGen’s Albert Edwards made a
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The Marvelous Stupidity Of The US Debt-Ceiling Debate
I have a very difficult time countenancing the debt-limit debate as it manifests in soundbites
The Most Important Takeaways From A Bad News Week
The bad news is… everything, really. It’s not so much that there’s a “bull market”
BoE Will Buy Unlimited Bonds To Stem Crisis. QT Target ‘Unaffected’
Just yesterday, Bank of England Chief Economist Huw Pill said plans to proceed with quantitative
I’m From The Government, And I’m Here To Help
If fighting determined central banks is a fool’s errand, what is fighting panicked governments? That’s
War Footing
The world is six months into the war in Ukraine. Or eight years, or 239
Everyone Can’t Be Rich. Sorry
As Americans stare down the highest inflation anyone under 40 has witnessed in their lifetimes,
Xi Pledges ‘No Retreat’ On COVID. Stocks, Yuan Retreat
Chinese shares tumbled Friday, amid ongoing concerns around the economic fallout of Xi Jinping’s strict
We Built The World Wrong
Two days after publication, Zoltan Pozsar’s latest “dispatch” was still circulating and otherwise prompting discussion
Howard Marks’s ‘Perpetual Motion Machine’ In The Pandemic Era
Back in 2017, long before I stopped reading his memos, Howard Marks delivered one of
The ‘Collapsing’ Credit Impulse And The Story That Matters
“Is the collapse in the global credit impulse going to extend cyclical revulsion?,” SocGen’s Albert
‘What Good News Is Left?’ BofA Finally Raises S&P Target
In was barely a month ago when, during remarks to Bloomberg Television, BofA’s Jill Carey
The Blank Check Rant
It’s nice to see some initiative, but I’ll admit to being a bit annoyed when
Sweet Fruits
SocGen’s Albert Edwards still believes in “The Great Melt.” Not the BBC David Attenborough documentary.
A (Very) Uncomfortable Take On Inflation
[Editor’s note: When I set about writing this, I had something different, albeit tangentially related,
Joe Biden’s Bajillion-Dollar Budget: How To Think About It
For the next several days, the media (in general, not just financial portals) will be
‘So-Called’ Bubbles
“Asset prices may be vulnerable to significant declines,” the Fed reckoned, in its semi-annual financial
Just Print The Money
“People may have different ideas about how to pay for it,” Jen Psaki said Tuesday,
If Enough People Read This, Hyperinflation Is Coming Next Week
Pernicious fictions You can feel the ground shifting. The pandemic forced the issue. Around this
The Hubris Bear Market Has Arrived
US equities skirted what could have been another sizable weekly loss thanks to a manic
Who’s Boss
I’ve talked quite a bit recently about central banks’ power over markets, and especially their
The Wealth Tax And Our Shared Insanity
I’d describe my life as a largely stress-free endeavor. Attaining serenity wasn’t easy. At first,
Snorting M&M’s
If you listen closely, you can hear the questions asking themselves. After a dozen years,
Boiler Rooms And Silver Manias
It’s not safe out there, folks. There was quite a bit of chatter last week
Totally Inexcusable, Wholly Predictable
“Let me be clear: Things are going to get worse before they get better,” Joe
‘Act Big’ (Tequila In The Blender)
Janet Yellen had no trouble with her confirmation hearing on Capitol Hill Tuesday. I imagine
Dogma
On Saturday, after putting the finishing touches on “Something Crazy In The Air (Fried Egg),”
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