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Featured

Achtung Baby

September 20, 2026September 20, 2026
  • What Happens To Stocks If Treasury Yields Go To 6%?

    September 20, 2026September 20, 2026
  • A King In Washington

    September 20, 2026
  • The ‘Real-World’ Energy Shock’s Finally Here

    September 19, 2026September 19, 2026

Markets

‘The House’ Humiliated As Yen Plunges

September 18, 2026September 20, 2026
  • Relief

    September 17, 2026September 19, 2026
  • Holding Pattern

    September 17, 2026September 18, 2026
  • ‘The Plain Fact’

    September 16, 2026September 17, 2026
  • How Crack Spread Reflexivity Kills The Equity Bull Market

    September 16, 2026September 17, 2026

economy

Weekly: The Counterfactual

September 18, 2026September 20, 2026
  • A Mixed Read On A Grim Housing Market

    September 17, 2026September 19, 2026
  • Below 200k. Again.

    September 17, 2026September 18, 2026
  • Warsh Fed Hikes, Thank God

    September 16, 2026September 17, 2026
  • Bolstered By Stock Gains, Americans Keep Spending

    September 16, 2026September 16, 2026

Geopolitics

Over A Barrel

September 14, 2026September 14, 2026

The Bab Al-Mandab Now Belongs To The Houthis

September 11, 2026September 14, 2026

$5,000 ‘Trump Dividend’ Is Classic Populist Inanity

September 10, 2026September 11, 2026

Duly Noted

Who’s Coming To Nashville?

September 19, 2026September 20, 2026

Builder Sentiment Crumbles As US Mortgage Rates Soar

September 16, 2026September 17, 2026

Trump’s NY Campaign Co-Chair Likens Michelle Obama To “Maxie The Gorilla” (And That’s Not The Worst Of It)

December 24, 2016

Donald Trump’s New York campaign co-chair Carl Paladino knows exactly what he wants to see happen in 2017.

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2 Comments on Trump’s NY Campaign Co-Chair Likens Michelle Obama To “Maxie The Gorilla” (And That’s Not The Worst Of It)

A “Stimulating” Pocket Guide To Central Bank Largesse

December 24, 2016

On Friday in “The Ghosts Of Central Banks Past And Future,” I outlined the history

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“Entirely Fake”: Krugman Accuses Trump Of “Scamming” America’s Working Class

December 24, 2016December 24, 2016

“Ha, ha. You all have a clown for a president. This will be interesting.” —

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It’s A “Buyer’s Market” For Weapons; Here’s Who’s Selling

December 24, 2016

Earlier this month, the US decided to block the sale of precision-guided weapons to Saudi

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Talking Turkey: “Don’t Worry, I’ll Just Surgically Remove The Infected Bits”

December 24, 2016

Well, I suppose you can’t really blame Turkey for wanting to crack down on terrorism

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Red Light, Green Light: Should We Deregulate The Banks For Our Own Safety?

December 24, 2016

One of the more amusing things about the dynamics that fed the Eurozone sovereign debt

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2 Comments on Red Light, Green Light: Should We Deregulate The Banks For Our Own Safety?

Rats…

December 24, 2016

Via @kaltoons:

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“The Downside Tail Has Grown”

December 23, 2016

In all my many years observing and analyzing markets, I don’t know that I’ve ever

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A Little Reminder About Macro, Ca. 2010

December 23, 2016

Just to underscore why, as a macro guy, I focus so much on tail risk,

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Is The “Full Employment” Meme A Myth?

December 23, 2016December 23, 2016

I talk to a lot of folks (both pros and retail guys/gals) about markets and,

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The Ghosts Of Central Banks Past And Future

December 23, 2016

Well, it’s just about over. The greatest (or worst, depending on how you’re inclined to

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3 Comments on The Ghosts Of Central Banks Past And Future

A “Deluge” Of “Craptacular Sh*t”: Barclays Complaint Reveals How They Really Felt

December 23, 2016

Early on Friday, I outlined the deals Deutsche Bank and Credit Suisse were able to strike with

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1 Comment on A “Deluge” Of “Craptacular Sh*t”: Barclays Complaint Reveals How They Really Felt

Goldman: We Were “Mostly”/ “Partially” Correct On 2016 EM Predictions

December 23, 2016December 23, 2016

One of the more popular posts on this site in December carried the headline “Goldman

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“SuperPutin”: 5 Hilarious Quips From Putin’s Annual Press Conference

December 23, 2016December 23, 2016

Vladimir Putin is the middle of his annual marathon press conference which The Telegraph describes

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“Deja-Vu All Over Again”: Why 2017 Looks A Lot Like 2016

December 23, 2016December 23, 2016

“Twas the Friday before Christmas and all through the house, …” Wait. To hell with

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2 Comments on “Deja-Vu All Over Again”: Why 2017 Looks A Lot Like 2016

Daily Kickstart (“Sh*t Loans” Edition)

December 23, 2016December 23, 2016

Deutsche Bank and Credit Suisse are on the move overnight after the banks both settled

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Beware The “Currency Cold War”

December 22, 2016

One of the key themes in 2016 was the extent to which the dollar dictated

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2 Comments on Beware The “Currency Cold War”

“Whoa, Who Said That?” Trump Calls Berlin Attack “Jihad Against Christians”, Promptly Forgets

December 22, 2016December 22, 2016

There’s really not a whole lot I can add here, other than to just give

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5 Comments on “Whoa, Who Said That?” Trump Calls Berlin Attack “Jihad Against Christians”, Promptly Forgets

Paul Krugman Rips Trumponomics, Issues Hilarious Two-Word Warning

December 22, 2016

Ok, I’ll be honest. I spent almost two years of my professional career writing anonymous,

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1 Comment on Paul Krugman Rips Trumponomics, Issues Hilarious Two-Word Warning

The Good Old Days “Are Surely Over” For Hedge Funds

December 22, 2016

“2 and 20” works fine when things are going well. Not so much when things

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1 Comment on The Good Old Days “Are Surely Over” For Hedge Funds

Billionaire Jamie Dimon To Businesses: “Share The Wealth A Little Bit, Ok?!”

December 22, 2016December 22, 2016

One person who benefited handsomely from the rally off the 2009 bottom is JPMorgan Chase’s

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2 Comments on Billionaire Jamie Dimon To Businesses: “Share The Wealth A Little Bit, Ok?!”

Rise Of The Machines Will Lead To “Communist-Style”, “Unconditional” Basic Income

December 22, 2016

I know someone who works at McDonald’s in New York state. This person makes $9.50/hour

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3 Comments on Rise Of The Machines Will Lead To “Communist-Style”, “Unconditional” Basic Income

Daily Kickstart (Watch US Data For Direction)

December 22, 2016

European and Asian bourses are mixed on Thursday amid thin holiday trading following Wall Street’s

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A Graphical History Of Oil Prices

December 21, 2016

“Traders are getting antsy and think this is a global oversupply pushing barrels into the

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Fearing Trump, Liberals Buy Guns, Prepare For “Apocalypse”

December 21, 2016

Earlier this week, someone asked me to disclose how much physical gold and silver I

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1 Comment on Fearing Trump, Liberals Buy Guns, Prepare For “Apocalypse”

Most Russians Regret The Fall Of The Soviet Union: Study

December 21, 2016

Ok, I admit it: I’m not big on totalitarian regimes and autocrat rulers. I’m a

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2 Comments on Most Russians Regret The Fall Of The Soviet Union: Study

What’s Up With This? Percentage Of Young Americans Living At Home Hits 75-Year High

December 21, 2016

How many times have you heard that we’re nearing the “end of cycle” lately? Or

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1 Comment on What’s Up With This? Percentage Of Young Americans Living At Home Hits 75-Year High

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Monthly Letter

  • To Be Happy

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Monthly Letters

To Be Happy

September 4, 2026September 4, 2026

Hell Or High Fashion

July 3, 2026July 3, 2026

Escape Artists

May 11, 2026May 11, 2026

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