Reassessing Constraints on the Economy and Policy, with a Pocket Full of Shells.
A K-shaped post.
Our isolation from the bulk of the country left us with a narrow view of the world. We valued what we could measure, and that meant material wealth. Things that couldn’t be measured—community, dignity, faith, happiness—were largely ignored because they were hard to see, especially from so far away. - Chris Arnade
Saturday Desk Cleaning…
Oh yeah - I got (for now) un-permanently-suspended by the Twitter. I frankly don’t expect my reprieve to last. I have countless posts that some brain-dead Twitter employee won’t like, and there’s no statute of limitations…e.g.
Fed staff say balance sheet runoff could strain Treasury market. What balance sheet runoff? Here’s the latest Fed QT, I mean QE:
I guess if QT ever actually happened it might “strain” the Treasury market:
You guys monetized over $5 TRillion of Treasuries over the past 13 years. What did you expect?
Citi forecasts historic 100-basis point Fed rate hike after inflation shocker
I searched, but couldn’t find any old news headlines with “Historic Fed Rate Cuts” or “Historic $8 Trillion Fed Debt Monetization” in them
This is from January 2021:
If you had subscribed to my (nonexistent) premium market prediction service, you could have shorted the S&P and made some money! (I just like making fun of the infamous CNBC question mark.)
What if they held an open house and no one came? Sad.
Due to to the Covid panic still apparently overwhelming the nation, Ginnie Mae will continue to ignore delinquencies until January 31, 2023, at which time they will extend again.
The size of the millennial generation is to blame for sky-high inflation, strategist says If you’re in the “27- to 42-year-old age bracket,” this is all your fault. I’d be more inclined to blame people like Ben Bernanke (68), Mitch McConnell (80), Nancy Pelosi (82), Jerome Powell (69), Janet Yellen (75) and Dick Cheney (81. Wars are expensive.)
Italian PM Mario Draghi offers resignation after coalition falls apart
ECB Bond Tool Seen Having No Stop Sign, Speed Limit as Steeper Rate Hikes Loom Nobody's gonna slow them down. Like a wheel, gonna spin it…
In June, occupancy levels in Jackson Hole were 74.1% compared to June 2021’s 95.2%, a 22.1% decrease. Percentages of percentages FTW! Hopefully central bankers will rescue the impoverished town in August.
…the main thing that came out of Glasgow was actually these plans for the financial takeover of the earth, in the name of saving nature. The entire conservation sector globally has now bought into these policies of financialization. - The Capitalist Solution to ‘Save’ the Planet: Make It an Asset Class & Sell it (I would’ve gone with “Corporatist,” or “Fascist”).
Douglas Valentine Interview – The CIA’s Dark & Criminal History (Nice overview of the origins of the ‘deep state,’ although it’s easier to just be ignorant.)
Hi Rudy. I am glad you’re back on Tw[a]tter, but please keep doing these long format versions as It is so helpful seeing all your work / ideas in one place and it is so easy to follow your work, having it delivered each day. Cheers john.
Banks paying fines for bad behavior = cost of doing business. Great post as usual.