Bank Runs are Back in Style I know, Silicon Valley Bank (SVB)… that’s what everyone wants to talk about. How did the 18th–largest bank in the United States crumble in 48 hours with no early warning, and what are the contagion risks? It’s an important...
Inflation Isn’t Coming DownLike They Tell the Herd I’m actually not surprised to see the Baby Boomers willfully piling into cash and bonds just as inflation is raging. The lure of “getting paid to wait” for the big one, as my personal...
Quietly Hiring The wild stories of 2020 I could tell… For one, I can never get over the empty Rolex stores or the line outside Louis Vuitton and Gucci boutiques. Those are images I cannot erase from my mind. I also can’t forget being told to wait 8 months for a car,...
Cutting the Grass In WW2, the Germans tried to conquer the British Isles and failed. Undeterred, Hitler assessed that it would take him two months to occupy Russia, reach Moscow, and demand surrender. He was wrong and greatly underestimated them. Errors of judgment...
Who Buys American Debt? Central banks acquired 1,136 tons of gold worth nearly $70B in 2022, which is the most in any calendar year going back to the end of WW2 when tracking of their purchases began. What’s this all about? Why are central banks filling up...
Not Backing Down, Not Backing Outand No Backup Plans I heard Vladimir Putin’s speech. The short version of it is that the war rages on and there’s no scenario in which Russia doesn’t either win on the battlefield or at the diplomatic table of...