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How to kill an economy

Repeat after me: There is no recovery in corporate earnings. There is only an explosion in debt, driven by central bank policies that have produced no growth and wasted time. Time is the most precious resource of all. Its misallocation…

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The enemy within

Dear oh dear Deutsche Bank! How low can you go. We begin the week wondering if Germany’s largest lender has hit rock bottom. Or is it still in free fall? Is the source of the next financial crisis somewhere in…

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Swan song of the bull

Today we pen an ode to easy money and bull markets without regret (or critical thinking). Maybe it’s not worth it to fight the Fed, or to point out how low interest rates have inflated stock and bond prices. Maybe…

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Did a civil war just begin in the US?

There’s no way around it so let’s get straight into it. In today’s letter, we have to deal with what the US Federal Reserve did and said yesterday. Let’s begin with the end in mind and conclude the following: the…

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Growth dividend trumps dead Fed

Promise me something today. Okay, you don’t have to promise. But do your best. Remember this: a better, wealthier, happier future with less human suffering is built by human beings trading in free markets, not governments or chairpersons of the…

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A bank big enough to take everyone down

First, a correction from last week on the total per capita cost of Brexit, according to Bloomberg economist Tyler Cowen. You’ll recall that Cowen said you could expect a 10% decline in British exports because of a weaker (long-term) pound…

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Patient zero in the banking zombie apocalypse

Everyone who’s anyone (in the office) is talking about Chinese debt levels. It was all the rage, thanks to the most recent quarterly report from the Bank for International Settlements (BIS). And what a page turner it was! I jest….

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Vectors of contagion

Let’s remember Lehman Brothers, which went bankrupt seven years ago. And let’s pray that Deutsche Bank isn’t the new Lehman Brothers. In fact, since Lehman is dead and Deutsche is still alive, let’s discuss the living before we remember the…

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