New newsletter: We need to talk about how GLP-1 drugs seem to be good for practically everything—and what that means for the future of medicine and health Hundreds of studies have now shown that GLP-1s, such as Ozempic and Zepbound: - seem to curb alcohol, cocaine, and tobacco

Summary of Fed Chair Jay Powell's recent Jackson Hole speeches (1 of 3) - The pain speech of 2022: Higher rates will "bring some pain to households and businesses. These are the unfortunate costs of reducing inflation."

The Gaza Famine is the world’s famine. A preventable, predictable famine. Enough. Ceasefire. Open all crossings, north and south. Let us get food in, unimpeded and at massive scale.

1. Stocks: all-time high 2. Home Prices: all-time high 3. Bitcoin: all-time high 4. Gold: all-time high 5. Money Supply: all-time high 6. National Debt: all-time high 7. CPI Inflation: 4% per year since Jan 2020, 2x the Fed's "target" 8. Fed: cutting interest rates next month

for decades the united states thought china would eventually become a free market system. turned out it’s the united states becoming more state capitalist.

Here we go: „Der Sozialstaat, wie wir ihn heute haben, ist mit dem, was wir volkswirtschaftlich leisten, nicht mehr finanzierbar. Deswegen werden wir das ändern müssen.“ — Friedrich Merz, CDU Parteitag in Niedersachsen

Central banks are in a global easing cycle. What's unusual is that long-term gov't bond yields are rising at the same time. 30-year yield (red) is rising everywhere, even for a huge safe haven like Switzerland. After the debt splurge of COVID, we have a global debt overhang...

The world is struggling with a post-COVID debt hangover. The world's leading central banks have all been cutting policy rates, but this global easing cycle isn't pulling down long-term bond yields (red). Fiscal space is finite and we're running out of it. robinjbrooks.substack.com/p/the-global-d…

What is happening here? Over the last 48 days, the US Federal Debt has surged by +$1 TRILLION, or +$21 billion PER DAY. Since August 11th, the US has added +$200 billion in debt. Why is US government spending running at WW2 levels in a "strong" economy? (a thread)

This is the most important chart for investors at the moment. 30y JGB yields hit a new record high today. Checking JGB yields is the first thing I do each morning with my cup of tea in bed. Higher JGB yields will eventually break the US equity market. (source datastream)

Why say stupid things like these? Even for political reasons. There is absolutely no need for the IMF to intervene… This idea that we need an adult in the room is..🤦🏻‍♂️ #IMF #France They may be busy with the UK first anyhow (sorry bad French joke 😆) reuters.com/world/french-f…

Où est allée la dette publique ? Un élément de réponse : Depuis 2017 : - Hausse de la dette publique : 1.100 milliards d'euros. - Hausse de l'épargne des ménages de France : 1.300 milliards.

Perfect storm in global bond markets: (i) high debt levels mean countries must abandon the status quo & pursue fiscal consolidation, which is difficult (France); (ii) elsewhere, politicians lean on central banks to bring yields down (Italy, US). The result: long-term yields rise.

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Les épidémiologistes energétitiens, russophones, spécialistes de l’IA, docteur ès Cassandre, et désormais spécialistes de la dette (sans en avoir acheté/vendu/émis une de leur vie) sont de sortie. Ils volent en escadrille, sortez couverts 😂

Foreign central banks now officially hold more gold than US Treasuries — for the first time since 1996.   Let that sink in.   If you think this buying streak is ending, just look at what happened in the 1970s.   This is likely the beginning of one of the most significant global

However big you think solar will be, it’ll be bigger than that.

#real yield up, #inflation expectations flat – (my two cents) It could mean 1) #investors expect higher «neutral rate» (r)*, 2) #Fed may keep policy tighter for longer and 3) large UST issuance or weaker foreign demand may also push real yields higher.

1/2 Interesting piece by Kaushik Basu. The point I'd add is that Washington should have never put tariffs on India. India is not a source of global imbalances. It actually helps absorbs imbalances in a productive way (i.e. it converts excess savings in surplus countries into...

Alta tensione tra Italia e Francia dopo le accuse di dumping fiscale rivolte dal primo ministro Bayrou contro Roma. Ludovic Subran , Chief Investment Officer di Allianz, analizza alcuni dei punti di forza "eterodossi" che hanno caratterizzato l'Italia negli ultimi anni.