Category Archive: Global Macro

Washington Post: Russian Propaganda Sites

In case you missed it, The Washington Post's criminally careless publishing of "fake news" about purported "Russian propaganda" created a backlash -and the Post's attorney-approved bleating to sidestep responsibility for publishing "fake news" failed...

Emerging Markets: What has Changed

Hong Kong Chief Executive Leung Chun-ying said he won’t seek a second term. Korea’s parliament voted 234-56 to impeach President Park. Czech National Bank raised the possibility of negative rates to help manage the currency. A Brazilian Supreme Court...

Global Warm-Ongering: What Happens If Trump Takes US Out Of Paris Agreement?

For all the shock, horror, and aghast of global warm-ongers, comes a startling revelation: It’s Irrelevant if US Pulls Out of Paris Accord. Donald Trump has sent his clearest message yet about his plans for reshaping US policy on global warming by...

Populism in America: “Follow the Money”

If you want to understand today's populism, don't look to the mainstream media's comically buffoonish propaganda blaming the Russians: look at the four issues listed below. One of the most disturbing failures of the mainstream media in this election...

Our “Gaslight” Economy

If you don't like what these charts are saying, please notify The Washington Post to add the St. Louis Federal Reserve to its list of Russian propaganda sites. Yesterday I described our gaslight financial system. Today we'll look at our gaslight...

Emerging Markets: Preview of the Week Ahead

EM remains a mixed bag. Despite the negative connotations of a rising US rate environment, EM gathered an element of stability last week as the dollar consolidated its recent gains. Rising commodity prices are also helping EM at the margin, with RUB...

Net National Savings Rate, the Best Alternative Indicator to GDP Growth

For us the Net National Savings Rate is the best alternative indictator to GDP growth. It is positively correlated with the change in wealth, with the establishment of future productive capacity, the price of government bonds and currency valuations....

Beyond Income Inequality

Judging by the mainstream media, the most pressing problems facing capitalism are 1) income inequality, the basis of Thomas Piketty’s bestseller Capital in the Twenty First Century, and 2) the failure of laissez-faire markets to regulate their...

Six Narratives on the Ascendancy of Trump

A remarkably diverse array of "explanations" of Donald Trump's presidential election victory have been aired, representing both the conventional political spectrum and well beyond.

Emerging Markets: Week Ahead Preview

EM ended last week on a somewhat firmer note, though we note divergences remain in place. For the week, ZAR and KRW performed the best while TRY and BRL were the worst. US jobs data Friday will draw some attention, though a December Fed rate hike is...

Why Is the US Dollar Rising?

Note the apparent breakout above 100 and the constructive similarities to the 2014 breakout that was followed by a 20% increase in the purchasing power of the USD relative to other currencies.

The New Nobility Uses Political Correctness to Fragment the Precariats

Combine identity politics with political correctness, and the New Nobility/Oligarchy can laugh their way to the bank while their pawn-serfs fight over how many politically correct angels can dance on the head of a pin.

How Do We Create Value When Knowledge Is Almost Free?

Credentials are increasingly in over-supply; problem-solving skills are scarce. How do we create value in an economy that is increasingly dependent on knowledge? The answer is complicated by the reality that knowledge is increasingly digital and...

Emerging Markets: What has Changed

Philippine President Duterte will reportedly ask central bank. Governor Tetangco to stay on for a third term. South Africa’s government has proposed a national minimum wage. Fitch moved the outlook on South Africa’s BBB- from stable to negative....

Healthcare: Inflation Hidden in Plain Sight

Charles Hugh Smith shows how health care costs are exploding in the United States and how this will lead sooner or later to inflation.

Why Reshore Manufacturing? It’s the Only Way to Avoid Defective Pirated Parts

If you want to lose your brand, your pricing power and your customers, by all means, rely on a global supply chain filled with defective parts that cannot possibly be detected. Reshoring the entire supply chain so it can be trusted is the low-cost...

The Age of Disintegration: Political Disunity and Elites At War

Historian Michael Grant identified profound political disunity in the ruling elite as a key cause of the dissolution of the Roman Empire. Grant described this dynamic in his excellent account The Fall of the Roman Empire. The chapter titles of the book...

Emerging Markets: Week Ahead Preview

EM FX ended the week on a soft note, as higher US rates continue to take a toll. EM policymakers are getting more concerned about currency weakness, with Brazil, Malaysia, Korea, India, and Indonesia all taking action to help support their currencies....

Emerging Markets: What has Changed

Malaysia appears to have enacted a subtle change in FX policy. Turkey cut foreign currency reserve requirements in an effort to increase the supply of foreign exchange. Brazil’s central bank suspended the sale of reverse currency swaps and started...

The Great Con: Political Correctness Has Marginalized the Working Class

So when the protected class of well-paid institutional "progressives" speak darkly of "reversing 40 years of social progress," what they're really saying is we're terrified that the bottom 95% might be waking up to our Great Con of identity politics...
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