Someday this war's gonna end.
YOU enter the Roosevelt Room and say hello to participants.
The Federal Reserve was begging for inflation for years. Well, they got their inflation. Now we’re on the other side of the mountain, Danny, and they’re trying to tamp this down, and in doing so, look what’s happening to the economy before our very eyes. All the economic data that’s come out over the last couple weeks has been, in a word, shitty, and my sense is it’s going to get shittier, and that’s what they wanted on the way in, and now that’s what they’re trying to fix on the way out, and there are ramifications for this.
You know, what upsets me the most? People say why do you get so exercised about the Federal Reserve? It’s because the people they screwed going in were the lower and middle-class people and the people getting screwed on the way out are those same people. They’re getting it on both ends.
And you know who wins? The top, the wealthiest - they win on the way in, and guess what? They win on the way out. You know why? Because they’ll go to their f*****g cocktail parties this weekend, and they’ll laugh about, “Oh, I paid $6 a gallon, oh I paid $6 1/2 a gallon,” and it doesn’t affect their life one iota, and that to me - that’s what’s heartbreaking about this entire thing, and you know what? You can @ me on Twitter - it’s all at the feet of the Federal Reserve.
"The evil of aristocracy is not that it necessarily leads to the infliction of bad things or the suffering of sad ones; the evil of aristocracy is that it places everything in the hands of a class of people who can always inflict what they can never suffer."
- G.K. Chesterton
"...the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost." - Citadel Ben Bernanke, 2002
“Bay Area Housing: Mortgage on Typical Home Now $9,100 in San Jose, $8,100 in SF” For a typical home. Not sure what the down payment they’re assuming is. Typical rents are $3200-$3300.
[Read in a very sad voice] When Money Is No Longer Free
What these eerie parallels to the past 4 real estate market crashes may foreshadow
Oh dear…
How Long Will This Bear Market Last?
God help us: Forget TINA, Bond Yields Herald the Era of PATTY
Investors yearn for the catharsis of hitting a market bottom Endeavor to persevere!
This is great: How the ECB can tackle fragmentation in the eurozone Just eliminate ratings for euro area government used as collateral! I love it.
Is it too early for investors to buy the dip? A perennial CNBS headline.
Brazil Central Bank Chief Says He’s Aiming for Sub-4% Inflation Maybe Brazil will get there before the United States.
US banks pass latest round of Fed stress tests in sign of financial health Banks get 95 points for legibly printing the bank name at the top of the test.
Futures Surge To Two Week High As Traders Eye End Of Fed's Hiking Cycle Boy, that was some hiking cycle, wasn’t it?
The consensus seems to have shifted from the “this Fed is the most hawkish Fed since Attila the Hun” to “they’re going to cut soon” in record time. And as for all that fabled QT…
I hear often that “we now have positive real-rates” (because of this).
Come on.
Fed Funds are 1.58%, the 10-year’s at 3.1%, and official CPI is 8.5%. Don’t gaslight me, bros.
As Harley Bassman says:
"People are going to go make a prediction about inflation based on TIPS prices? That's nuts. The whole thing's manipulated."
Jim Cramer once said, "You don’t want to raise in May and cut in January, you look like Mexico for heaven’s sake.” (If you remember, the Fed raised in December 2018, and cut in July 2019, looking like Mexico.)
fyi The epic Aaron Task/Jim Cramer video that quote came from is still out there. Check it out. Imagine if we had some sort of Securities and Exchange Commission, some sort of regulator…
World’s Biggest Oil Field Faces Pollution Rules That Could Curb Drilling Wonderful timing.
“Russia could default on its foreign debt for the first time this century as the clock ticks down on a pair of overdue interest payments blocked by western sanctions.”
Growing Revolt Among Medical Practitioners Against Vaccinating Toddlers for Covid
“A Digital Road to Hell”: NYU School of Law Sounds Alarm on World Bank’s Digital Identity Programs
CDC Eyes Bavarian Monkeypox Vaccine for Kids as Outbreak Spreads I can’t out of my head the 2021 Munich Security Conference Tabletop Exercise scenario that “portrayed a deadly, global pandemic involving an unusual strain of monkeypox virus that emerged in the fictional nation of Brinia and spread globally over 18 months.” Almost seems pre-planned.
PHYSICIST SAYS THERE'S A SMALL CHANCE YOU'LL WAKE UP ON MARS TOMORROW DUE TO QUANTUM PHYSICS So you’re telling me there’s a chance?
TWITTER IS HIRING AN ALARMING NUMBER OF FBI AGENTS I'm shocked! Shocked!!
Friend of the show Dylan Grice on Moneyweek. I laughed.
Merryn Somerset Webb: Hello and welcome to the MoneyWeek magazine podcast. I am Merryn Somerset Webb, editor-in-chief of the magazine, and with me today, and this is a special treat by the way, we haven’t had him on for ages, so I’m excited about what he’s going to tell us, although I have a horrible feeling it might not be particularly positive. But we’ll come to that. It is Dylan Grice. Now, Dylan, you haven’t been on our podcast for, gosh, a good year, maybe more. So, tell us about what you’re up to at the moment.
Dylan Grice: I think ever, actually, Merryn. I don’t think I’ve ever been on the podcast.
Merryn: That’s nonsense. You must have been.
Dylan: No.
Have a nice weekend, amigos.
F’n great stuff all day, every day. Every f’n week. Every f’n month. Rudy rules.
Enjoy the weekend.
Brilliant!