Krushner and Kodak

You’ve probably heard about how Kodak came to be loaned an extraordinary amount of money to make a drug to tread Covid-19 that nobody thinks works with the result that insiders may become obscenely rich. So far, so well-known. What I had not realized previously was …

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Morning

I just stumbled on The Cow Guy. Crazy suit, crazy guy, but he talked a lot of sense on corn. The news was bad, but the price rallied. As he explained, this is what happens. How long it continues, nobody knows, though, so be careful!

August VIX future ticks …

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Fiscal Dominance

We are starting to hear more about the concept of fiscal dominance — here and here as well as MMT. Various central bankers for years have been pleading with governments to shoulder more of the burden of getting inflation to go up. Well, now it seems they are getting …

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Morning Call

UK GDP headed down by more than 20% in the quarter but the FTSE goes up. Well, both entirely predictable, but still, in a way, shocking.

Joe Biden (or his minders) announce that it’s Kamala Harris, to just about nobody’s surprise. I guess this probably increases …

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Inflation: the bear case

Although everyone and his pet monkey is writing about how inflation is around the corner, we haven’t seen it yet, and most of them have been saying that for years anyway. This article, by Michael Strobaek, global chief investment officer at Credit Suisse, argues that …

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Extend and Pretend goes wild

If you reclassify debt enough, it never goes bad. So creditors never have to worry … do they? The funny thing is that credit card debt went right down, which probably mainly just reflects a crash in consumer spending. When Milton Friedman was in his prime …

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All day

It’s Saturday. I didn’t pay attention to markets today. There weren’t any open. I did read a few articles in the FT saying that inflation was coming, but that buying gold is an unreliable way of profiting from that. I also read one saying that …

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Morning call

The markets are mainly dead, with a couple of exceptions:

• Silver has caught fire, overtaking gold in percentage increase terms,
• The Turkish Lira seems in deep trouble.

I see a lot of press coverage of gold (and a bit of silver) and the inevitable return to discussion of …

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Market notes

Risk on day, which really means currency debasement day. I didn’t check every asset class, but commodities generally up. Bonds and equities pretty flat. Things seem dangerously quiet, but we are in the dog days of summer.

Trading ideas

David Einhorn, who is very sceptical about $TSLA …

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Don’t Fight the Fed

Kuppy writes that it’s pointless going short in these markets. This is more or less the summary of a series of podcasts with Grant Williams, Bill Fleckenstein and others. They are all fantastic, but to really have your mind blown, listen to this one …

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