ECONOMY

Two Charts of Extremely Perverse Incentives
As a thought experiment, consider these changes to our economy’s incentive structure.Warren Buffett’s partner Charlie Munger had a maxim: Show me the incentives, and I’ll show you the outcome. With that in mind, let’s look at two charts.The first is a chart depicting the use of ChatGPT. (Source: OpenAI Usage Plummets in the […]

The Butker Principle: Is America Better Off Without Women In The Workforce?
Some readers might recall a year ago the internet was in an uproar about a commencement speech given by Kansas City Chiefs kicker Harrison Butker at Benedictine College, a private Catholic liberal arts school in Kansas. The speech went viral due to his denouncement of abortion, Pride Month, COVID-19 lockdowns […]

What’s the Driving Force Behind Trump’s Tariff Merry-Go-Round?
A one-word answer explains. Can you figure it out? Why the Trump Tariff Merry-Go-Round Won’t Stop Robert B. Zoellick, U.S. trade representative (2001-05), and deputy secretary of state (2005-06) explains in a WSJ op-ed. Please consider Why the Trump Tariff Merry-Go-Round Won’t Stop Anyone trying to make sense of President Trump’s […]

The Boomer Mirage
One Chart. Three Generations. Total Extraction. I saw this chart making the rounds on Twitter this week, and it stopped me cold. While the specific figures combine data from multiple sources, the trend is undeniable: in 1950, over half of 30-year-olds were married homeowners. By 2025, some analysts project that number as […]

Gold Market Manipulation: Three Abuses Within the Last 5 Years
Gold has served as humanity’s most trusted store of value for millennia, but recent enforcement actions have revealed a darker side to modern precious metals markets. Over the past decade, major financial institutions, institutions we are told to trust, have paid billions in fines for systematically manipulating gold prices, proving […]

Canada’s Climate Lockdown Pilot Scheme
Six days ago, the Canadian province of Nova Scotia announced a total ban on hiking, camping, hunting or other human activity in the forest. A breach of this new rule is punishable by a fine up to 28,000 Canadian dollars. Then, yesterday, New Brunswick decided to enforce a similar ban in their forests. The aim, […]

Militarizing the Capital
Trump’s decision to send the National Guard into Washington, D.C., will be defended as a matter of national security. History teaches us this is not about protecting the people at all. The National Guard was deployed to protect the political class from the people. The United States is now following […]

Has anybody noticed that US M2 is hitting all-time-highs?
From my monthly Bitcoin Capitalist Letter to subscribers, after a lengthy look at bond yields, and how they’ve been going the wrong direction ever since the Fed’s half-point cut last September, I remarked on the following: “The US is flooding the bond market with so much supply to fund deficit spending, that […]

Now Comes the Hard Part
That this extreme inequality is itself the primary threat to both democracy and social stability is poorly understood. Scraped of pleasantries, the ultimate purpose of any status quo is to 1) distribute most of the economy’s gains to the top tier and 2) offload the sacrifices this requires to the bottom […]
Free Market Money: The Antidote
The Donald seems to be continuing his bombing campaign, albeit this time by pivoting back to the home front and taking aim at “Too Late” Jay. As usual, Trump has his facts all wrong about who has had how many rate cuts and that inflation has miraculously disappeared since January […]