Down, Down, Down: 10 Year Yields in Advanced Countries

Perusing the last issue of the Economist, I noted that among advanced economies, only Greece (180 bps), Spain (87 bps), Australia (133 bps), South Korea (112 bps) and Chile (108 bps) had larger declines in the ten year yields than the US (81 bps). Of these, one could argue Greece and Spain declines were attributable […]

Whale carrying costs > whale liquidity premium

Or so it seems to me, here is the headline: Washington state waterfront owners asked to take dead whales Here is part of the story: At least one Washington state waterfront landowner has said yes to a request to allow dead gray whales to decompose on their property. So many gray whale carcasses have washed […]

UK Deploying 100 Elite Royal Marines To Gulf After Tanker Attacks

Iran says it has summoned the British ambassador over the weekend after the UK publicly came out in support of the White House assessment pinpointing Iranian forces behind last Thursday’s two tanker attacks in the Gulf of Oman.  Last Friday Foreign Secretary Jeremy Hunt said the attacks were “almost certainly” carried out by Tehran. Hunt […]

Gottfried: No, America Isn't In Danger Of Becoming A Socialist Nation

Authored by Paul Gottfried via The American Conservative, The old S-word bugaboo has surfaced again but the real threat comes from globalism and social progressivism… At a dinner in his New Jersey home to which John O’Sullivan and I had both been invited, former president Richard Nixon posed the question: “What is politics?” My response […]

Visualizing The Father-Absence Crisis In America

There is a crisis in America. According to the U.S. Census Bureau, 19.7 million children, more than 1 in 4, live without a father in the home. Consequently, there is a “father factor” in nearly all of the societal ills facing America today. Research shows when a child is raised in a father-absent home, he […]

Russia Expert's 2017 Prophecy About The Nuclear Threat Of Russiagate Is Coming True

Authored by Caitlin Johnstone via, The New York Times has published an anonymously sourced report titled “U.S. Escalates Online Attacks on Russia’s Power Grid” about the “placement of potentially crippling malware inside the Russian system at a depth and with an aggressiveness that had never been tried before” which could potentially “plunge Russia into darkness or […]

Israel Unveils Newest Golan Settlement: 'Trump Heights'

First in Poland it was the proposed “Fort Trump,” but now in Israel it is “Trump Heights”. In a breaking story that had us doing a double take just to assure it is indeed real, a new Israeli settlement in the occupied Golan Heights has been named ‘Trump Heights’ in honor Trump’s deeply controversial decision to recognize […]

Wilbur Ross Warns Not To Expect A US-China Deal At G-20 Meeting

To anyone expecting a major breakthrough at the June 28-29 Osaka G-20 meeting, Wilbur Ross has a simple message: “Don’t.” Speaking to the WSJ, US Commerce Secretary Wilbur Ross sharply played down prospects of a “major” trade deal if President Trump and China’s President Xi Jinping meet at the Group of 20 summit in Japan […]

DJI's New Drone Teaches Kids Robotic Warfare

China, the rising power of the world, has seen one of its most popular drone companies step into the education market with a new robot that teaches children robotics, coding, and warfare. DJI, the world’s largest drone maker, has branched out from its traditional Phantom and Mavic drones to an entirely new land-based robot called […]

Pessimism About Happiness

Source: Mother Jones So last week, merely in passing, I tweeted that “Things are often better than you think, and with a little luck, maybe they might go your way,” Perhaps, people were being too pessimistic in general. That led to a few interesting emails and DMs, which eventually sent me hunting for some more […]

Dr.Doom Exposes The Growing Risk Of A 2020 Recession And Global Crisis

Authored by Nouriel Roubini via Project Syndicate, Across the advanced economies, monetary and fiscal policymakers lack the tools needed to respond to another major downturn and financial crisis. Worse, while the world no longer needs to worry about a hawkish US Federal Reserve strangling growth, it now has an even bigger problem on its hands. […]

“War On Tankers” To Exact A High Price For White House & Global Economy

Authored by Elijah Magnier, Middle East based chief international war correspondent for Al Rai Media Japanese Prime Minister Abe Shinzo conveyed a message from US President Donald Trump to the Iranian leadership, asking the release of 5 US prisoners and inviting Iran to sit around a negotiation table, adding “he [Donald Trump] would be ready to suspend all […]

Transcript: Jonathan Stein

The transcript from this week’s MIB: Jonathan Stein, founder and CEO of Betterment, is below. You can stream/download the full conversation, including the podcast extras on Apple iTunes, Bloomberg, Overcast, and Stitcher. All of our earlier podcasts on your favorite host sites can be found here. ~~~ This is Masters in Business with Barry Ritholtz on Bloomberg Radio. BARRY RITHOLTZ, […]

Did The 'B-Team' Overplay It's Hand On Iran?

Authored by Tom Luongo, Iranian Foreign Minister Javad Zarif has a term of endearment for Iran’s enemies, “The B-Team.” The “B-Team” consists of U.S. National Security Advisor John Bolton, Israeli Prime Minister (nee Dictator) Benjamin Netanyahu, Saudi Crown Prince Mohammed Bin Salman and the UAE’s Mohammed bin Zayed. When we look seriously at the attacks […]

Climate Change: Saving Coral Reefs

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. About half of the world’s coral reefs have disappeared since 1980. These ecosystems may collapse entirely as early as 2050 – absent significant progress in mitigating climate change, independently protecting reefs, or […]

Two Million Protesters Flood Hong Kong Streets, Demand Lam Resign

Despite City Executive Carrie Lam’s major concession to the protest movement – that is, the (not really) ‘indefinite’ suspension of the extradition bill that catalyzed the protests – a planned protest march went ahead as scheduled on Sunday, marking the second consecutive Sunday of street protests in Hong Kong. Though they celebrated the defeat of […]

Bear Markets: Understand Them, Don't Fear Them

Authored by Lance Roberts via, Review & Update This week I want to step back and talk about some misconceptions with concerning markets, cycles, and investing. However, before we get to that, let me give you a quick review and update on where we are following the “sellable rally,” we have discussed over the last couple […]

That was then, this is now

From Mrs. Bird, wife of Senator Bird, from Harriet Beecher Stowe’s Uncle Tom’s Cabin: “Well; but it is true that they have been passing a law forbidding people to give meat and drink to those poor colored folk that come along?  I heard they were talking of some such law, but I didn’t think any […]

Russia Slams CBS News For Cooperating With Syrian Al-Qaeda In Idlib

The Russian embassy in Syria has slammed CBS News for sending its reporters into Idlib province, which is controlled by the al-Qaeda group Hayat Tahrir al-Sham (HTS), at a moment of a stepped up joint Russian-Syrian aerial assault campaign over the northwestern territory.  Over the weekend the embassy tweeted of the CBS team’s reporting from […]

Waiting For The Black Swan

Authored by Chris Martenson via, Two more tankers were attacked near the Strait of Hormuz on Thursday morning  (6/13/19) in the Gulf of Oman, and if hostilities advance we could be facing a ‘black swan’ event. One that changes everything, and divides the world into ‘before’ and ‘after’ periods. A lot of us are […]

Links 6/16/19

Chief of Naval Operations lauds return to tradition of ‘false flag’ operations Duffelblog Target’s computer systems reportedly went down nationally, prompting long lines and confusion MarketWatch ‘Software engineering’ was a joke until the mission to the Moon made it the future Fast Company Hackers behind the world’s deadliest code are probing US power firms MIT […]

US Poised to Approve Shipping LNG by Rail for Export With No New Safety Rules

By Justin Mikulka, a freelance writer, audio and video producer living in Trumansburg, NY. Originally published at DeSmog Blog On June 6, the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) announced that the company Energy Transport Solutions LLC had applied for a special permit to transport liquefied natural gas (LNG) in unit trains 100 cars long and […]

Zimbabwean passport seigniorage is the best kind of Zimbabwean seigniorage

With Zimbabwe’s economy in shambles and political tensions rising, leaving the country seems the best option for many who are desperate for jobs. But those dreams often end at the passport office, which doesn’t have enough foreign currency to import proper paper and ink. A passport now takes no less than a year to be […]

Neglected Open Questions in the Economics of Artificial Intelligence

That is my essay in the new NBER volume The Economics of Artificial Intelligence: An Agenda, edited by Ajay Agrawal, Joshua Gans, and Avi Goldfarb.  Here is one excerpt from my piece: These distribution effects [from more powerful AI] may be less egalitarian if hardware rather than software is the constraint for the next generation […]

Colorado Hits $1 Billion In Marijuana State Revenue

Colorado has passed another major marijuana milestone, surpassing $1 billion in state revenue since it legalized the drug in 2014. Source: Up to May of this year, Statista’s Niall McCarthy notes that the state has seen more than $6 billion in total marijuana sales since the industry was given the green light. You will find […]

Why The S-400 Is A More Formidable Threat To US Arms Industry Than You Think

Authored by Federico Pieraccini via The Strategic Culture Foundation, Generally, when discussing air-defense systems here, we are referring to Russian devices that have become famous in recent years, in particular the S-300 (and its variants) and the S-400. Their deployment in Syria has slowed down the ability of such advanced air forces as those of […]

Goldman: Here's Why The Fed Is About To Shock The Market

As discussed earlier, and as both Bank of America and JPM explained, the biggest risk for the market next week is if the Fed not only doesn’t cut – the market assigns a very low probability to such a “pre-emptive” move – but fails to signal an aggressive dovish reversal in the form of a […]

Guest Contribution: “Remembering Martin Feldstein”

Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers.  Remembering Martin Feldstein June 13, 2019 — Here in Cambridge, we are reeling from the passing of Martin Feldstein on Tuesday.  He was tremendously influential both […]

Credit Card Debt Spikes In Hawaii As Economy Falters  

Total credit card debt among American consumers jumped 29% since 2015, reaching a whopping $807 billion in 1Q19, according to the latest Experian data. In the past year, as the economy cycles down, overall credit card debt rose 6%. More than 60% of Americans used credit cards for basic purchases in 1Q19. That’s an 11% […]

Williams: How To Create Conflict

Authored by Walter Williams, op-ed via, We are living in a time of increasing domestic tension. Some of it stems from the presidency of Donald Trump. Another part of it is various advocacy groups on both sides of the political spectrum demanding one cause or another. But nearly totally ignored is how growing government […]

JPMorgan: “Significant Risk” Is Coming Next Week… And Nobody Is Prepared

With arguably the most important two weeks of the year looming, on Friday Bank of America’s Chief Investment Officer, Michael Harnett, laid out a 2-by-2 matrix summarizing the four possible scenarios that could result from the Fed’s announcement next week, and the G-20 meeting on June 28-29, where there is a chance (if minuscule) that […]

The “Polar Silk Road” Could Be A Gamechanger For Natural Gas

Authored by Haley Zaremba via, It’s been well over a year since the then-United States Secretary of Defense Jim Mattis accused Russia and China of being “revisionist powers” each working its way toward making a power grab on the world stage and announced that the U.S. would be shifting its international relations focus away […]

The new Ben Horowitz management book

What You Do Is Who You Are: How to Create Your Own Business Culture.  It is the best book on business culture in recent memory, here is one bit: When Tom Coughlin coached the New York Giants, from 2004 to 2015, the media went crazy over a shocking rule he set: “If you are on […]

Is Facebook's “Libra” The Dollar's Killer App?

Authored by Jeffrey Tucker via The American Institute for Economic Research, Facebook changed the way we communicate, interact, and gather information. You don’t have to love all the results. But the reality of the shift in our lives is undeniable. Will Facebook’s new initiative to create a cryptocurrency do the same for money and payment […]

Pentagon Readies “Contingency Plans” For Potential Escalation Against Iran

Amid fears that the US is running headlong into yet another sure to be disastrous war in the Middle East, acting Defense Secretary Patrick Shanahan told reporters Friday that the Pentagon is prepping “contingency plans” should things quickly escalate militarily. “When you look at the situation… 15 percent of the world’s oil flows through the Strait […]

Fed Chair Powell's Plan To Pickle The Economy

Authored by EconomicPrism’s MN Gordon, annotated by Acting-Man’s Pater Tenebrarum, A Loose Relationship The Dow Jones Industrial Average made another concerted run at the elusive 27,000 milestone over the last several weeks.  But, as of this writing, the index has stalled out short of this psychosomatic barrier.  By our estimation, this is for the best. Since early […]