The green transition comes with costs; but they are well worth it, and they pale in comparison to the costs of inaction. The ever-falling costs of renewables have not eliminated the politics of climate change. But they certainly have made our choices much easier.
From the Twitter feed of David Andolfatto, Senior Vice-President of the Federal Reserve Bank of St. Louis:
Robinson Crusoe on the fundamental value of Bitcoin. 🙂 pic.twitter.com/L2b8YZYVsn— David Andolfatto (@dandolfa) May 3, 2021Keeping in mind that the book was published in April 1719 and that from 1685 through the South Sea Bubble (1720) Defoe was in the thick of the commercial, trading, and
from Asad Zaman Brief History of Econometrics: Launched in early 20th Century by Ragnar Frisch, econometric methodology was strongly shaped by the Cowles Commission (CC) in the 1960’s. The CC approach relied on structural equations, which embodied causal information known in advanced to the researcher. The goal was estimation of causal effects, and not discovery […]
BofA: "Transitory Hyperinflation Ahead"
Last week, when discussing the latest earnings call commentary, Bank of America said "Buckle up! Inflation is here", and showed a chart of the number of mentions of “inflation” during earnings calls which exploded, more than tripling YoY per company so far, the and the biggest jump in history since BofA started keeping records in 2004.
Who…
From Matthew Graham at Mortgage News Daily: MBS RECAP: Logical Reaction to Data Sets Stage For Interesting WeekThe week began with bond markets reacting to weaker economic data with a logical rally. That's the sort of quintessential connection that's been fairly elusive for most of the post-pandemic era. Last month's super strong jobs report (and subsequent bond losses) suggested that trend may…
Snyder: We Are Dangerously Close To "The Tipping Point"
Authored by Michael Snyder via TheMostImportantNews.com,
Every dollar that the federal government borrows and spends puts us even closer to a day of reckoning.
Many Americans (especially those on the left) seem to think that we can endlessly spend trillions upon trillions of dollars without ever suffering any consequences…
Comments from US treasury secretary sends tremors through already jittery financial marketsFears of rising interest rates to dampen inflationary pressure as the global economy bounces back from Covid-19 has sent shares tumbling on both sides of the Atlantic.Comments from the US treasury secretary, Janet Yellen, that a modest increase in borrowing costs might be needed to rein in demand was enough…
Gold Is Laughing At Powell
Authored by Matthew Piepenburg via GoldSwitzerland.com,
Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.
Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest…
Peter Schiff: The Fed Cheats To Avoid Getting An 'F' On The Economy
Via SchiffGold.com,
A lot of the economic data that came out last week looked pretty good. GDP growth came in big in the first quarter. Personal income rose by a record amount in March. The mainstream spun it all as positive, raving as if the economy is earning an ‘A.’
But in his podcast, Peter Schiff argues that…
The excellent chaps at Nordea with the note: In our sister product, the week ahead, we mulled, if we are not experiencing something akin to a crack-up boom as the Austrian’s (Mises, Rothbard, …) describe it. The latest FOMC decision at least did nothing to assuage such fears – everything is transitory for Powell, it seems. From what
The post Nordea: US dollar boom ahead appeared first on…
Global Macro / Markets / Investing: Charlie Munger calls bitcoin ‘disgusting and contrary to the interests of civilization’ – CNBC The financial sector’s share of corporate profits, once less than 10%, reached 40% in the early 2000s and has remained consistently above 25% since – Pairagraph How the Federal Reserve Is Increasing Wealth Inequality –
The post Links 4…
Attempts to reinvent money such as bitcoin often create excitement, but achieve littleThe cryptocurrency revolution, which started with bitcoin in 2009, claims to be inventing new kinds of money. There are now nearly 2,000 cryptocurrencies, and millions of people worldwide are excited by them. What accounts for this enthusiasm, which so far remains undampened by warnings that the revolution is a…
Note: This is as of April 25th.From the MBA: Share of Mortgage Loans in Forbearance Slightly Decreases to 4.47%The Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 2 basis points from 4.49% of servicers’ portfolio volume in the prior week to 4.47% as of April 25, 2021. According to MBA’s…
Futures Slide, Tech Weak On Rising Inflation Fears
For the second day, US equity futures traded in a narrow range, dipping during the muted Asian session where markets in Japan, China and Thailand remained closed on Tuesday, but then rebounding as Europe came online to trade mostly unchanged as investors continued to move out of megacap growth stocks amid fears of rising inflation…
Escaping Serfdom
Authored by Jeff Thomas via InternationalMan.com,
The concept of government is that the people grant to a small group of individuals the ability to establish and maintain controls over them. The inherent flaw in such a concept is that any government will invariably and continually expand upon its controls, resulting in the ever-diminishing freedom of those who…