Wall Street’s Fake Beer
This is not about making real money…or adding real value. This is the foam on an estimated $45 trillion worth of fake beer on Wall Street.
Commentary
Easily Squeezed
Look for higher interest rates. Savings that might have been used to fund past borrowing must now be directed to current expenses. Lenders begin to think their money might be safer at home.
Live by the Sword
Ashurbanipal might be a good model. He inherited an empire from his father. He is credited, or accused, of being ambitious, ruthless and cruel. He, like Donald Trump, faced challenges. And he, like DJT, thought the best way to deal with them was with superior force.
Tapped Out
Cutting taxes was not necessarily a bad idea. But increased spending eliminated the benefit. So did the ‘tariff’ program, which acts as a tax increase on Americans.
Thunderclouds Overhead
The gap between the charged-up price action on Wall Street…and the depressing ground of the macro world….must be closed. What will spark a correction, we don’t know.
The Great Pruning
Major innovations begin by destroying wealth. New tech — from internal combustion engines to dot-coms to AI — offers to cut costs for both consumers and producers. AI may be exceptionally deflationary.
