November 11, 2022
THOUGHTS FROM DOUG
António Guterres, the UN’s secretary general, just said: “We are on a highway to climate hell with our foot still on the accelerator.” What should we think about this statement coming from a lifelong politician, bureaucrat and member of Portugal’s Socialist Party? The guy has never had a job in the private sector.
Will the political canard of victimhood eventually unravel?
I’ll bet the big credit card companies can tell you the results of their customers’ purchases at the end of every day. We obviously have a broken election system if it’s going to take days, weeks or more to get all the results. Oh yeah…It’s a government-run system.
Because our economic policy has been so bad for the last forty years, we’ve depended on fiscal and monetary stimulus to keep the wheels on our economy. This constant fiscal and monetary stimulus provided a windfall of profit to financial asset owners. What, no windfall profits tax?!?
The problem with reducing wealth inequality is that the wealth effect has been the country’s primary economic engine since the day interest rates started declining. This graph suggests that the turning point was June 1981. Compare that graph to our federal debt to GDP graph. The cheaper the debt, the more you can borrow.
Climate guru John Kerry wants US companies to pay for other countries to wean themselves off carbon. If this happens, then we should expect our companies to pass those costs down to us.
There’s a lot of talk about inequality these days. I wonder when in the history of humanity any real equality has ever existed.
With Western leaders pounding the world to adopt climate change policies that will slow their economic growth, should it be a surprise that some countries are getting cozier with China and Russia? How can we turn them to “our” side? Bribe them, of course.
We probably all need to understand the illusory truth effect.
How many US citizens do you think pray for America each day?
THE ECONOMIC VIEW
Small business optimism
Is way below decades-long average.
THE INFLATION BOGEYMAN
Inflation starts to ease
Because of inflation and recession
Shoppers are trading down
THE LABOR VIEW
The middle class is struggling
As the jobs that built the middle class are in decline.
The US “white collar” recession
As the ax falls on middle management jobs.
The world’s new C-level job
Chief Remote Officer
MEANWHILE IN EUROPE
Europe doubles down on big government
Government dominates Europe’s “industry.”
Europe’s banks are pushing back
They’re not happy with ECB intrusion.
Maybe the EU sneaks through this winter.
But next year’s gas supply looks troublesome
PLAYING WITH FIRE
Russia withdraws from Kherson
I wouldn’t count them out yet.
Negotiations to end Ukraine war
May have started
Putin knows a big Western vulnerability
Our undersea communication cables.
Who is paying for Russia’s war?
Argh…China of course, and others.
WILL THE FIRE SPREAD?
China’s producer prices turn negative
Ominous sign for the global economy.
Is a Mexico-US trade war coming?
What? Who knew?
Egypt has a farming problem
Erratic climate is hard to understand.
A NEW WORLD ORDER?
Japan to sign military pact with UK
Preparing for the inevitable with China?
China to send gifts to Solomon Islands
After Australia did.
THE FINANCE WORLD
CS to spin off investment banking
Is a new decoupling trend coming?
Japan used to be a big Treasury buyer
Now they’ve cooled on the market.
The housing boom went global
Now it’s in retreat.
Office developers hit pause button
Should they panic?
THE CRYPTO MEME
He once joked about buying Goldman
Now his $16B fortune is gone.
What the heck just happened in crypto?
Wait, Binance backs out of their deal
Now the Justice Department is involved
Time to look at all FTX options
Bankruptcy around the corner?
THE NEXT NORMAL
More Americans are moving to Mexico
A cheap work-from-home locale.
A school took away kids’ phones
They got smarter and happier.
People are paying big $ for water.
They’ve been taken to the cleaners
THE WAR ON CARBON
A net-zero carbon emissions gas plant
Is about to be constructed in Texas.
China doubles down on coal
Because they can’t ramp up green fast enough?
THE NEW ENERGY TRANSITION
Years of blackouts and shortages are coming
Squeezing Russian energy out has consequences.
Is Germany about to break its climate pledge?
And start supporting fossil fuels?
The Nord Stream pipelines are down.
So Europe buys more Russian LNG
THE EV DREAM
Volvo going all EV by 2030
They’re starting with an $80K car.
THE CHINA SYNDROME
China has secret police stations
Around the world.
American drug money laundering
May have been supported by China.
CFOs not happy with Congress
Lobbying to ditch R&D tax rules.
If weather causes damage in other countries
We may have to pay for it.
Looks like Trump’s running again
Not much deters this fella.
MAKING A BETTER YOU
Then go dig a hole
Means clear thinking
Learn from a Navy commander.
Turn the worst ship into the best ship
HOW ABOUT A BREAK
Stop licking those park toads
What some people do to get high.
Want to read a screenplay?
Here’s instant access to a bunch of them
37,000 deer survive
Thanks to daylight savings time.
SONG OF THE WEEK
Jesu, Joy of Man’s Desiring
An insane music engineering marvel.
VIDEOS OF THE WEEK
This guy has skills
How long did he practice?
Koreans make some smart movies.
Decision to Leave won Cannes’ best director.
Ready for cooler weather?
CASTING AROUND THE PODS
The power of working together
The Knowledge Project with Shane Parrish and Alan Mulally.
FROM THE HEADHUNTER’S KITCHEN
Making pumpkin pie from scratch
The best of the best of the best.
IN CASE YOU MISSED IT
Economy Is Not in the Chips
November 4, 2022
Is Work Dangerous for Workers?
October 28, 2022
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