One Good Ponzi Deserves Another

Economy By David Stockman.  |  December 10, 2019

A turbulent history has taught Chinese leaders that not every problem has a solution and that too great an emphasis on total mastery over specific events could upset the harmony of the universe. Read More

How to Give Thanks at “Peak Debt”

Economy By David Stockman.  |  November 25, 2019

A recent Wall Street Journal piece on the raging insanity in the auto loan market tells you why this going-on-126-months-old “recovery” is a ticking time-bomb, not a singular success that warrants the Federal Reserve doing “whatever it Read More

Does Anybody Know This Is Nowhere

Economy By David Stockman.  |  November 19, 2019

Everybody seems to wonder What it’s like down here I gotta get away from this day-to-day running around, Everybody knows this is nowhere. Read More

Welcome to Financialization

Economy By David Stockman.  |  November 15, 2019

At the end of the day, Bubblevision’s narrative doesn’t match the facts. Read More

Where Will the Next Crisis Begin?

Economy By David Stockman.  |  November 7, 2019

I don’t mind being the skeptic in situations like these. Read More

How to Ask the Right Questions

Economy By Michael Coolbaugh.  |  November 7, 2019

Bernard Baruch said, “Something that everyone knows isn’t worth anything.” I absolutely love this quote. A lot of smart people invoke it. And they always assume you know what they’re talking about. Read More

“Liquidity” Is a Drug

Economy By David Stockman.  |  November 7, 2019

The headline unemployment rate is at a 50-year low of 3.5%. The trailing-12-month Consumer Price Index less food and energy posted at 2.35% in September, which is about as close to the Federal Reserve’s 2. Read More

The Great Disconnect

Economy By David Stockman.  |  November 5, 2019

The promise of easy money forever and eternal Trade War optimism continue to lift markets so far this week, despite the fact that incoming data point harder and sharper in the direction of recession. Read More

China’s Rulers Lead the World into Chaos

Economy By Chris Scott.  |  November 5, 2019

It was raining on that cold February night as I rode a taxi from downtown Shanghai across the mouth of the Yangtze River. Read More

QE Is Dead, Long Live QE

Economy By David Stockman.  |  November 4, 2019

The Federal Reserve has opened Pandora’s Box. Read More