Category Archive: 5) Global Macro

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The Only Way to Get Ahead Now Is Crazy-Risky Speculation

2021-04-23

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2021-04-23

Security Brokers and Dealers, 1960-2020
It's all so pathetic, isn't it? The only way left to get ahead in America is to leverage up the riskiest gambles. It's painfully obvious that the only way left to get ahead in America is crazy-risky speculation, but nobody seems to even notice this stark and stunning reality. Why are people piling into crazy-risky bets on speculative vehicles like Gamestop and Dogecoin?

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SMART BOURSE – L’invité de la mi-journée : Thomas Costerg (Pictet WM)

2021-04-22

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Jeudi 22 avril 2021, SMART BOURSE reçoit Thomas Costerg (Économiste sénior US, Pictet WM)

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Charles Hugh Smith on the Terminally Ill Economy

2021-04-22

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Http://financialrepressionauthority.com/2021/04/22/the-roundtable-insight-charles-hugh-smith-on-the-terminally-ill-economy/

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If You Don’t See Any Risk, Ask Who Will “Buy the Dip” in a Freefall?

2021-04-20

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2021-04-20

Nobody thinks a euphoric rally could ever go bidless, but as Greenspan belatedly admitted, liquidity is not guaranteed. The current market melt-up is taken as nearly risk-free because the Fed has our back, i.e. the Federal Reserve will intervene long before any market decline does any damage.

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Weekly Market Pulse: The Market Did What??!!

2021-04-19

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2021-04-19

One of the most common complaints I hear about the markets is that they are “divorced from reality”, that they aren’t acting as the current economic data would seem to dictate. I’ve been in this business for 30 years and I think I first heard that in year one. Or maybe even before I decided to lose my mind and start managing other people’s money. Because, of course, it has always been this way.

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America’s Fatal Synergies

2021-04-19

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2021-04-19

America's financial system and state are themselves the problems, yet neither system is capable of recognizing this or unwinding their fatal synergies. why do some systems/states emerge from crises stronger while similar systems/states collapse?

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Scottish independence: could Britain break up? | The Economist

2021-04-18

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The union between the nations of the United Kingdom is looking increasingly fragile, thanks to Brexit. If Scotland were to break away from Britain it would face an uncertain future—as would the rest of the union. Sign up to our newsletter to keep up to date: https://econ.st/3a6aZmv See all of our Britain coverage: https://econ.st/3e1cN15 How the pandemic has strengthened calls for Scottish independence: https://econ.st/3tqDZwL Scottish...

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What’s Taboo? Everything Except Greed

2021-04-16

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2021-04-16

OK, now I get it. Take a couple tabs of Euphorestra and Hopium, and stick to talking about making money in the market. Greed won't offend anyone. So I started to tell my buddy about my new screenplay idea: "There's a global pandemic, and when they rush a bunch of vaccines to market, then...."

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SMART BOURSE – L’invité de la mi-journée : Thomas Costerg (Pictet WM)

2021-04-15

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Jeudi 15 avril 2021, SMART BOURSE reçoit Thomas Costerg (Économiste sénior US, Pictet WM)

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The Middle Class Has Finally Been Suckered into the Casino

2021-04-15

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2021-04-15

The Fed's casino isn't just rigged; it's criminally unstable. The decay of America's middle class has been well documented and many commentators have explored the causal factors. The bottom line is that this decay isn't random; the income of the middle class isn't going to suddenly increase at 15 times the growth rate of the income of the top 0.1%. (see chart below) The income of the top 0.1% grew 15 times faster than the incomes of the bottom 90%...

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The “Helicopter Parent” Fed and the Fatal Crash of Risk

2021-04-14

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2021-04-14

Margin Accounts at Brokers and Dealers, 1960-2020
All the risks generated by gambling with trillions of borrowed and leveraged dollars didn't actually vanish; they were transferred by the Fed to the entire system. The Federal Reserve is the nation's Helicopter Parent, saving everyone from the consequences of their actions.

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Is a Cultural Revolution Brewing in America?

2021-04-13

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2021-04-13

The lesson of China's Cultural Revolution in my view is that once the lid blows off, everything that was linear (predictable) goes non-linear (unpredictable). There is a whiff of unease in the air as beneath the cheery veneer of free money for almost everyone, inequality and polarization are rapidly consuming what's left of common ground in America.

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Weekly Market Pulse: Nothing To See Here. No, Really. Nothing.

2021-04-12

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2021-04-12

The answer to the question, “What should I do to my portfolio today (this week, this month)? is almost always nothing. Humans, and especially portfolio managers, have a hard time believing that doing nothing is the right response….to anything…or nothing. We are programmed to believe that success comes from doing things, not not doing things.

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The Trial of the Chicago 7: fact v drama | The Economist

2021-04-10

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“The Trial of the Chicago 7” has been nominated for six Oscars. Aaron Sorkin, the film’s screenwriter and director, speaks to The Economist about the tension between historical accuracy and compelling drama. 00:00 - The Trial of the Chicago 7 00:51 - Why is the story still so relevant? 01:34 - How to adapt real events into drama 02:40 - Why the film deviates from historical fact 04:41 - Historical accuracy v artistic truth 05:41 - Altering events...

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Rechecking On Bill And His Newfound Followers

2021-04-09

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2021-04-09

The benchmark 10-year US Treasury has obtained some bids. Not long ago the certain harbinger of bond rout doom, the long end maybe has joined the rest of the world in its global pause if somewhat later than it had begun elsewhere (including, importantly, its own TIPS real yield backyard).

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Real Dollar ‘Privilege’ On Display (again)

2021-04-08

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2021-04-08

Personal Income, 2014-2021
Twenty-fifteen was an important yet completely misunderstood year. The Fed was going to have to become hawkish, according to its models, yet oil prices crashed and the dollar continued to rise. Both of those things were described as “transitory” by Janet Yellen, and that they were helpful or positive (rising dollar means cleanest dirty shirt!), but domestically American policymakers’ clear lack of conviction and courage about that rate hike regime...

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How AI is transforming the creative industries | The Economist

2021-04-07

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Artificial intelligence is helping humans make new kinds of art. It is more likely to emerge as a collaborator than a competitor for those working in creative industries. Film supported by Mishcon de Reya Sign up to The Economist’s daily newsletter: https://econ.st/3dm9rp9 Find our most recent science and technology coverage: https://econ.st/2QTAukd Listen to Babbage, The Economist’s science and technology podcast: https://econ.st/3ftaPJf...

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Jeff Snider On Salomon Brothers, Repo Market, Velocity, Shadow Money, Banks, FED (RCS Ep 117)

2021-04-07

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Topics- Salomon Brothers, the eurodollar market, treasuries, collateral, derivative market: Jeff tells the story of what happened in the early 90s with the Treasury, Warren Buffett, FED, Primary Dealer Banks, Repo market. Velocity: money supply, shadow money, measuring the monetary system. Repo market as a real monetary market: missing data in the FED’s measurements. FED funds rate, banking system, monetary details.

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Don’t Be the Victim of These 20 IRA Mistakes

2021-04-06

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2021-04-06

Hey! It’s just an IRA. What is there to know? You put money in and it’s a tax deduction, you get to take it out after 59 ½ without paying a penalty, and at 72 the IRS makes you take some out. What else could there be? In reality, there’s a lot more.

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Weekly Market Pulse: Buy The Rumor, Sell The News

2021-04-05

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2021-04-05

There’s an old saying on Wall Street that one should “buy the rumor, sell the news”, a pithy way to express the efficient market theorem. By the time an event arrives, whatever it may be, the market will have fully digested the news and incorporated it into current prices. And then the market will move on to anticipating the next event, large or small. What prompts this review of Wall Street folk wisdom is the most recent employment report.

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