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Introduction: Unveiling the Hidden Architecture of Money To understand why modern financial markets behave the way they do (why wealth inequality widens during economic crises, why national debt climbs continuously, and why asset prices decouple from real wages), investors must…
Ask most investors what oil costs and they will read you a number off a futures screen. Right now that is the least useful price in the whole energy complex. The price that is feeding into inflation prints, bond yields…
When the dollar was cut loose from gold in August 1971, the rules of money changed, and the rules of money decide who gets rich and who falls behind. There is a popular corner of the internet that blames 1971…
Bad forecasts are usually allowed to fade away quietly. Goldman Sachs did something less common with its “lost decade” call for US stocks: it publicly withdrew it. In October 2024, the bank’s equity strategists told clients to expect the S&P…
There is a new genre of finance video doing the rounds, and you have probably seen one. A familiar face, no studio lighting, an apology for the rough production because the message simply cannot wait. The warning is that artificial…
There is a particular kind of confession that only a very rich man can make. When a factory worker says the system is rigged, he is dismissed as bitter. When someone who sits in the top 0.01% of earners says…
Ask most investors which rich economy is nearest to a sovereign debt crisis and the answer comes back almost instantly: Japan. The debt pile is the largest in the developed world relative to output, so the logic seems unbeatable. Yet…
For most of this year the bond market has followed a simple rule: when oil jumps, yields climb. The rule held through the summer, and it held in mid-September, when Brent touched $131 a barrel on September 15 and the…
On the morning the Federal Reserve was due to announce its September decision, Mohammad Bagher Ghalibaf, the speaker of Iran’s parliament, posted an equation to X. It looked like something lifted from a first-year monetary economics exam, and that was…
Washington asked Europe for 120 million barrels. What it got on Friday was 100 million, spread over four months. Group of Seven leaders, pulled together on a video call by Emmanuel Macron after his conversation with Donald Trump, agreed to…
