A Trillion Here, a Trillion There

  The late Everett Dirksen, a long-serving Minority Leader of the Republicans in the U.S. Senate, is famously quoted as saying a billion here, a billion there, and soon we’re talking real money. That was back in 1969. At the time, a billion dollars was about one-tenth...

Markets Rally, but what about COVID?

  This morning: Markets look set to rally strongly into Q2, but are they over-exuberant? The rise in deaths and new strains in Brazil hints the Covid war isn’t won yet, there are rising political risks in Europe, and widening wealth inequality is apparent everywhere....

It’s time to officially bury Goldbug Macro

  You know, the school of thought that’s always warning about dollar debasement and inflation as a result of money printing. Here is a chart of gold over the last 10 years. It’s up about 10%. During this period we’ve run large deficits the entire...
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