Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices
2021-02-22
Update February 22 2021: SNB intervening. Sight Deposits have risen by +0.1 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +0.1 bn. compared to last week.
The Dangerously Diminishing Returns on Monetary and Fiscal Stimulus
2021-01-21
Allow me to translate the risible claims of Jay Powell and Janet Yellen that their stimulus policies haven’t boosted wealth inequality to the moon: “Let them eat cake.”
The Tyranny Nobody Talks About
2021-01-08
All the tricks to hide our unaffordable cost structure have reached marginal returns.
Reality is about to intrude.
There is much talk of tyranny in the political realm, but little is said about the tyrannies
in the economic realm, a primary one being the tyranny of high costs: high costs
crush the economy from within and enslave those attempting to start enterprises or keep their
businesses afloat.
Traditionally, costs are broken down into fixed costs such as rent and fees which don’t change
regardless of whether business is good or bad, and operating costs such as payrolls, fuel,
etc. which rise and fall with revenues.
To some degree, this division no longer matters, because the entire cost structure of our
economy is tyrannically high: if rent, insurance, taxes and general overhead
2020 the “Worst Year Ever”–You’re Joking, Right?
2020-12-29
So party on, because "the worst year ever" is ending and the rebound of financial markets, already the greatest in recorded history, will only become more fabulous.
2021 is Already Optimized for Failure
2020-12-01
One sure way to identify a system “optimized for failure” is if all the insiders are absolutely confident the system is “optimized for my success”. I often discuss optimization here because it offers an insightful window into how systems become fragile and break down.
Our Frustrations Run Far Deeper Than Covid Lockdowns
2020-11-25
The reality is the roulette wheel is rigged and only chumps believe it’s a fair game. It’s easy to lay America’s visible frustrations at the feet of Covid lockdowns or political polarization, but this conveniently ignores the real driver: systemic unfairness.
U.S. Healthcare Is Unraveling
2020-11-19
The confidence that there will always be facilities and professionals to care for us is no longer realistic. I’ve covered the systemic problems of U.S. healthcare for over a decade, and as a result I’ve attracted numerous healthcare professionals as correspondents.
Prepare for Winter
2020-11-16
Realism must precede optimism or the optimism will collapse as the tsunami of reality comes ashore. It’s time to prepare materially and psychologically for a winter unlike any other in our lifetimes.