Kuppy and the Incredible Hulks

Kuppy has been keen on tankers for a long time.

Wrap

Another strong risk-on day. Trump leaves hospital, Pelosi talks about stimulus packages, the trade deal is on (again?), CL1 jumps 6.2%. All agricultural commodities green, with the exception of corn, which is flat (up over 9% over the month).

Best Economy Ever

Politicians and central bankers love to tell us what a great job they’ve done of managing the economy, how low inflation and unemployment rates are. They’ve certainly done a great job of bloating the balance sheet.

The reality is that, for men at least, the 1950s were a lot better in terms of their employment opportunities than they have been since. I think this may have something to do with the enduring level of support for Trump, who is, arguably, unashamedly misogynistic but whose comments resonate with older, less skilled workers who are the people who actually are out of work as a result of an influx of women into the workforce. The disruption of western economies as a result of women entering the workforce on a huge scale was largely welcomed by everyone, because nearly all men have a female relative who they respect and want to see do well economically. The economy has benefited enormously. But the losers have not been compensated, even though a generous compensation would be tiny compared to the gains.