Babylon Bee

This is a satire site, in the spirit of The Onion or Private Eye (minus the serious stuff). I signed up for their email list. This was the welcome letter that was auto generated by their mailing list system:

Seth here, CEO of The Babylon Bee. I want …

There are comments.

Tweets

Cathie Wood is day trading stocks like a monkey on crack..I do not see how this is sustainable for this fund

— 𝕮𝖍𝖎 (@chigrl) March 26, 2021

Wrap

Full blown risk on day. Everything up, except the VIX. Oh, and except some dodgy Chinese frauds, such as $GSX. Oh …

There are comments.

Note

I am not spending much time on this blog this week and next. I have personal stuff to deal with.

Wrap

The markets seem to be directionless. Gold is up a bit, Comex futures near month now over 1900. Bonds are up: 10Y yield down to 1.581%. Oil …

There are comments.

Capitalism without Capital

This post explains that companies do not function in the way they used to. They no longer transform savings into productive physical capital. They, in aggregate, are destroyers of physical capital. This trend has been observed for a long time, and conventional accounting measures sometimes fail to …

There are comments.

Wrap

Risk off, deflationary (except energy).

• Treasuries up,
• Crude up (>5%), practically all non-energy commodities down,
• equities down, NDX more than SPX,
• international equities fairly flat except the Turkish market, which was up strongly (even in USD terms),
• most currencies pretty flat, except NZD, which dropped 1.9% on measures …

There are comments.

Crumbs

FT Companies section was good today:

• low vol factor was original inspiration for index fund, but has underperformed almost ever since,
• Greensill really looks like a tar pit for Cameron. How can the guy argue he has good judgement?
• Wall Street changes its tune on BTC now it’s …

There are comments.

Chart: 5Y Breakeven rate

The market (various measures) seems convinced that inflation is going up. I’d spend all day writing this if I linked to everything I see that says this. But still, in bond prices, the evidence is far from overwhelming

Crumbs

The rise of ETFs (which are …

There are comments.

Governments spend and receive money. This generally involves the banking system. Governments can have bank accounts at any bank they choose to. Very often they choose to use one, which may be privately owned, or nationalized. Surprisingly often, they are not publically owned. It was not until the late 1940s …

There are comments.

Crumbs

Oil forecast

Currently, oil is trending down.

Commodities fading

Strong move down in commodities. Is this the consensus trade fading?

Crazy Cathie lives up to her name

Just listen to her, if you can bear to. Pick up the remarks at around 11m30s. Insane: she breezily dismisses the risk …

There are comments.

Crumbs

Marxist political theory update

After my comments a few days ago about Marxist theory of political power, I thought I’d better educate myself. This article explains the theory quite well, I think. Marx and Weber/Pareto seem to differ. Marx thought that political leaders automatically followed the (maybe …

There are comments.