German business model was based on:

1. Cheap energy from Russia

2. Cheap subcontractors in Eastern Europe

3. Steadily growing exports to China

All three are gone by now, but German politicians and unions are still mentally stuck in a world that doesn’t exist anymore.

Best chart I have seen in a while

Ht PPG

Good news is German real estate will become much cheaper, bad news is German pensions system is going into bankruptcy.

This chart keeps amazing me each time I see it. What happened in Canada in 2015 that already unaffordable real estate went parabolic?

Chart Karl Schamotta

This one made me smile. Central banks never cut rates in gradual, orderly way. They usually overtighten, something breaks and they cut fast in panic. Will it be really different this time?

I will just drop it here

Germany and Canada have more in common than one may have thought

Those predicting immediate collapse of USD seem to forget that Euro and Yen make out 71% of DXY.

Clear waters ahead for S&P 500

The dream of multiculturalism meets reality

As if buying property wasn’t already a luxury for most young Canadians

Interesting perspective. Europe has always followed the Fed, but probably not with upcoming cuts. Not really surprising given all the not resolved structural issues impacting European economy.

We have heard for at least a year now that Covid excess savings are running out. They eventually will, but nobody really knows the exact time.

I have seen many versions of this chart, but this one is probably most bearish with zero equity returns over next decade. Thoughts?

Ht Mark Ungewitter