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Tag Archives: On Politics

India’s Experiments with COVID-19

  Shooting from the Hip [ed. note: the tweets linked below mainly show videos from various lockdown phases] Reminiscent of his demonetization effort in 2016, on 24th March 2020, Indian Prime Minister Narendra Modi, appeared on TV and declared an immediate nationwide curfew. No one was to be allowed to leave wherever he or she happened to be. All flights, trains (after 167 years of continual operation) and road transportation came to a...

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Diversity or The Bigotry of Low Expectations

    Value Traps and Economic Ignorance A financial analyst is often, or at least should be, more of a psychologist than a financial expert. There are companies that I knew fifteen years ago that had inherent value a multiple of what their stocks were trading at. Today, there continues to be similar upside, except that upside targets and share prices are lower. What went wrong? A problem reaches the far North faster than climate change...

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Dawn of the Dead in the United States of Voodoo

  Dead Men Don’t Spend The checks went forth yesterday. And all the peoples rejoiced. Stimulus blinders firmly attached! Let’s go! Mars is within reach! [PT] Bloomberg reports: As the economy reopens, consumer spending over the next two quarters is likely to be the strongest such period in at least 70 years with a rebound in services leading the way, according to economists at Wells Fargo & Co. This is La Bubble Epoch… a gay...

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Did You Make Janet Yellen Rich?

  The Stress of Losing Billions Up until the WallStreetBets crowd short squeezed Melvin Capital for a $7 billion loss, Robinhood had it made. But losing billions is stressful. And when your product blows up your customer the clucking that follows comes hot and heavy. A surprise revival of business at Game-Stop… [PT] One of the sweetest displays in the world, we’ve been told, is the bursts of digital confetti that shower down...

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Grantham’s ‘Real McCoy’ Bubble in a World Gone Mad

  The Lure of Easy Money Right now happens to be an attractive time to do something stupid.  What’s more, everyone is doing it.  Maybe you are too. Stock valuations and corporate earnings growth no longer appear to matter.  Why not buy an S&P 500 index fund and let it ride?  Or, better yet, why not buy shares of Nvidia? NVDA, weekly, over the past 6 years. The stock really started to take off after the 2016 election surprisingly...

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Janet Yellen: Too Dumb To Stop

    Autographing Funny Money The United States Secretary of the Treasury bears a shameful job duty. They must place their autograph on the face of the Federal Reserve’s legal tender notes. Here, for the whole world to witness, the Treasury Secretary provides signature endorsement; their personal ratification of unconstitutional money. Janet Yellen – first she got to print a lot of funny money, now she gets to autograph it. The Titanic...

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“In America Money Does Grow on Trees”

    Full Commitment This week provided additional confirmation that America is fully committed to a program of currency destruction.  Decades of terminal intelligence have gotten us to this special place.  We will have more on this in a moment.  But first some words on being fully committed. Say hello to the provider of bacon… lots of bacon, in this case. [PT] We have never gutted a hog.  But we hear it is a bloody mess.  The volume...

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In The Long Run We Are All Alive

  Prophet of Doom In 1976, economist Herbert Stein, father of Ben Stein, the economics professor in Ferris Bueller’s Day Off, observed that U.S. government debt was on an unsustainable trajectory.  He, thus, established Stein’s Law: “If something cannot go on forever, it will stop.” Herbert Stein, looking worried about the budget deficit. [PT] Stein may have been right in theory.  Yet the unsustainable trend of U.S. government debt...

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Central Planners At Work

  Consumption without Production “Every man is a consumer, and ought to be a producer”, observed 19th century philosopher Ralph Waldo Emerson.  “He is by constitution expensive, and needs to be rich.” Ralph Waldo Emerson (May 25, 1803 – April 27, 1882), who inter alia opined on consumers and the need to not only consume, but also produce. The latter activity has recently become even more severely hampered than it already was. And yet,...

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What You Will Find When You Follow the Money

  Lockdown Disaster It has been a rough go for California Governor Gavin Newsom. Late last week it was revealed that the state Department of Public Health had tickled the poodle on its COVID-19 record keeping. Somehow the bureaucrats in Sacramento under-counted new corona-virus cases by as many as 300,000. Governor Newsom gesticulating his way through the pandemic…  [PT] Perhaps this oversight prompted Newsom to imbibe a little...

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