Stock Market Leverage Always Ends Badly
Recommend you go to Wolfstreet.com and read his 10/16/25 post on this. There is just no way to feel good about this. Yes, I know- “This time is different.”
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Who’s Paying the Tariffs?
Today (10/13/2025) in The Boock Report, Peter Boockvar reported Goldman Sachs’ take on who’s paying the tariffs. “If recently implemented and future tariffs have the same eventual impact on prices as the tariffs implemented earlier this year, then US consumers would eventually absorb 55% of tariff costs. They estimate that US companies are eating 22%
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Without Books, We Will Be Barbarians
The eminent historian Niall Ferguson has written an article with the above title with quality statistics on the decline of reading and the impact on society. Here’s the link. It’s a short read. It seems so obvious. I knew about the reading problem. But his structure and analysis really brings it home.
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Where Do We Stand on Liquidity?
Liquidity in our financial system refers to the overall amount of readily available money and credit in the financial system that can be used for spending, lending, or investment. It includes cash, bank reserves, money market balances, and short-term funding available to financial institutions and markets. You’ve heard about the Fed increasing or decreasing liquidity.
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The Real Impact of Inflation and Tariffs
The Felder Report this week offers some information from generally well thought of sources on the real impacts of inflation and tariffs. Below is one of the graphs he features. Click on this link to go directly to the article. If you’ve had some sense that perhaps inflation is chronically under reported and aren’t quite
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The end of Pax Britannica
Britain used to be the world’s great power and it’s currency the world’s currency. What happened? Graeme Thompson explains it in this article he published on Engelsberg Ideas. Here’s the link. He says at the beginning, ” A mercantilist, multipolar geopolitical system appears to be emerging from within the liberal world order, destined to replace
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The Downsizing of America: Kraft Heinz’s Breakup Is Just the Beginning
This article from The Robin Report (free to sign up for their daily posts on retail) is about grocery stores. Actually, that’s not quite right. It’s about choice and the fact that we’re getting tired of having to choose among 20 kinds of detergent. Or cat food. Or ketchup. Etc. I find such a shopping
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A Little History on Presidents and the Federal Reserve
I believe in the concept of the Federal Reserve being independent. I don’t like the idea of Trump (or any president) trying to control it. At this particular time, I don’t think we need many, if any, interest rate reductions. A six to seven percent mortgage rate is a historical norm. You might consider that
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From 1728, this quote on the relationship between banks and government might sound familiar.
Richard Cantillon’s “Essay on the Nature of Trade in General” will resonate with you. He was one of the first guys to make a bunch of money in a bubble. Here’s what he said about the relationship between banks and government. Sound at all familiar? “It is then certain that a bank, in concert with
“Disruptive Change- When Trying Harder is Part of the Problem.”
Harvard Business Review, May 2002. Interestingly enough, trying harder is a problem when the business environment changes because of the tendency to do more of the same thing you’ve always done. Typically, those things are not the right things to do anymore. As I’ve written, this corresponds to my own experience doing turnaround work. You
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