Leaders take a lot of criticism. In fact, that’s part of the job. Presidents, governors, CEOs, football coaches, other top decision makers and even your humble analyst all have to answer for what happens on their watch—even when it’s not their fault. Then-general Dwight Eisenhower prepared a letter for release in case the 1944 Normandy landing failed, placing all blame on himself. Which, I suspect, he knew would happen anyway.
Read moreIf, like me, you’re old enough to remember the 1990s internet bubble, today’s AI excitement might be giving you flashbacks. The parallels are unmistakable.
Read moreYou may have noticed the stock market rising lately. Much of the gain isn’t so much “the market” as a handful of mega-cap stocks. Nonetheless, the bulls are clearly in charge. The question is how long they will stay there. History suggests longer than many market bears think.
Read more“There is a difference between you and me. We both looked into the abyss, but when it looked back at us, you blinked.”
Read moreToday, we have a different kind of letter. I’ve been in California for some rather innovative and hopefully life/health span-extending medical treatment. I’m fine, but it has been a bit tiring. So this week, I’m handing the keyboard to you, my intrepid and smart readers.
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The Debt Supercycle theory traces the increasing transfer of private debt to government balance sheets, highlighting its implications, the unique constraints of government debt management, and potential future scenarios—including the limits of government borrowing, the role of bond vigilantes, and the risk of a major fiscal crisis if current trends continue.
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