A Week of Marvels
The empire has entered a dark, degenerate phase typical of a declining empire
She Will Destroy Us All
She Will Destroy Us All
As the ancients put it, no man ever born of woman ever survives. And none ever gets through his life without making mistakes. Vanity, hatred, envy — the sins to which flesh is heir — always show up.
Imperial Mountain
Imperial Mountain
In the Great Depression, we went broke and stood in food lines. History – that tart – always gets what she wants. So what do we do now?
By the Grace of God
By the Grace of God
Investing is always about tomorrow. Every recommendation…every analysis…every newsletter editor tries to look ahead in order to take advantage of it…or protect himself from it.
The Curious Case of Fake GDP
The Curious Case of Fake GDP
Fake growth produces high asset prices, increased sales and profits, and raises debt levels. It distorts the economy…uses up precious time and resources (capital!)…and actually makes us poorer.
Ghost Nation
Ghost Nation
Ultimately, output depends on someone putting out. But who? Native-born American women are not having enough children to keep up.
Scott Bessent’s Big, Beautiful, Budget Abomination
Scott Bessent’s Big, Beautiful, Budget Abomination
The more of a society’s resources that are spent on the feds’ projects, the less is left for everything else. Government borrowing in the US now ‘crowds out’ private borrowing almost completely.
In Defense of Real Numbers
In Defense of Real Numbers
Real numbers are the sacred language of a win-win economy. They allow us to quantify, measure, and compare everything from time to the price of tomatoes.
Heart of Fiscal Darkness
Heart of Fiscal Darkness
We only know if things are worth doing when and if people — of their own free will and with their own real money — pay for them. Otherwise, the transaction is likely to be a scam or a mistake.
An Abundance of Scarcity
An Abundance of Scarcity
Inequality is a fake problem. It is a symptom, not the disease itself. And when we set aside the headlines du jour, and look more closely, what we see is a whole edifice of fakery.
