- July 19, 2024
Going, Not Gone
The ability to choose our goods and services is fundamental to economics. The freer we are to make choices, the more the economy should prosper. That’s because our choices tell producers what works.
Read moreThoughts from the Frontline: Tag = "mauldin"
- July 12, 2024
Attitude Adjustments
We are in the time of year when Americans pack transatlantic airliners for their European vacations. I had actually hoped to be one of them. That didn’t work out but we can still talk about events in Europe. And we probably should, because potentially major changes are happening.
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- July 5, 2024
Meditations on Independence
I am writing this letter on the afternoon of July 4th, so it is natural to think about our government and independence. I want to comment on the Chevron case which is blowing up my X (Twitter) feed as well as my news feeds, both for and against. It is both less and more than many of the quick reactions. I would like to interject a little calmness, as not a great deal will immediately change, but it will change our experiment with self-government.
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- June 28, 2024
Debtors and Creditors
The giant federal debt we’ve been talking about isn’t just borrowed money. It is also lent money. Loans are two-party transactions. One side receives temporary use of cash which it agrees to repay with interest. The other gives up the current use of that cash in exchange for receiving interest. Ideally, it works out for both… but not always.
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- June 21, 2024
This Time Is (Not) Different
The old saw about doing the same thing and expecting a different result is less simple than it seems. Sometimes you need a few attempts to get it right.
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- June 14, 2024
The Coming Supercyclical Crisis
You know I’m highly concerned about government debt in the developed world, particularly the US. I’ve said for years a crisis is coming. We’ve blown right past all our chances to avoid it. Now all we can do is imagine what the crisis will look like… and how much it will hurt.
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- June 7, 2024
Geopolitical Breakdown
I’m writing you from Cape Town, South Africa, where I’ve been warmly welcomed and reminded how much I enjoy international travel (well, except for jet lag!). Our world has so many wonders most people never get to experience. Of course, “there’s no place like home,” but seeing other places makes me happy, too.
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- May 31, 2024
Inflationary Perceptions
A quandary of writing a weekly letter is I notice myself saying the same things repeatedly. Something comes to mind as I write, I start to include it, and then I vaguely remember, “Wait, didn’t I say that last month/quarter/year?” I check and sure enough, it’s right there. Should I say it again?
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- May 24, 2024
Artificially Intelligent
When new inventions turn into market frenzies, the contrarian part of me wants to be skeptical. But the optimistic part of me wants it to be true, especially when the idea promises to change life for the better. Reality is usually somewhere in between. And that, I suspect, is where the current artificial intelligence frenzy will go.
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- May 17, 2024
An Inflation Conversation
Sometimes two seemingly opposite things can be true at the same time. Right now, we can correctly say inflation is both a) better than it was and b) higher than it should be.
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