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The Green Bubble February 13, 2021, 8:24 AM·36 min read Yes, I am going to talk about bubbles again, but once again about one specific bubble: the bubble in anything (supposedly) green, particularly if it can be tied to the war against climate change. Like many of the asset-price bubbles of our current moment, this one is not entirely irrational. Not only are green assets being “revalued” (to use a term that implies rather more calculation than is really the case) in the light of the general mispricing of risk that is the product of today’s artificially low interest rates, but, as I ha...

Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: NASDAQ’s mission creep, COVID and cars, Washington State’s (proposed) wealth tax, France’s wind-power follies, and the Piggly Wiggly short squeeze. To sign up for the Capital Note, follow this link. NASDAQ’s Quota Regime A month or two I wrote an article describing how NASDAQ was looking to introduce quotas into the boardroom. I quoted from a the Wall Street Journal piece from December, from which this is an extract: Nasdaq Inc. is pushing to require the thousands of...

On the menu today: Biden’s Green Agenda (update), changing the way regulations are made (for the worse), inflation (again), and Australia’s solar rooftops.

Fun and GameStop Andrew Stuttaford © Nick Zieminski/Reuters Outside a GameStop store in New York City, January 27, 2021. National Review’s Daniel Tenreiro has been doing such good work on GameStop (see links below) that I was going to ignore that particular dumpster fire and concentrate on the latestpronouncements by Larry Fink. Fink is the chairman and CEO of BlackRock, the largest asset manager in the world with $8.7 trillion under management. Fink is also an oligarch’s oligarch, who is working hard to be a key figure in the corporatist America (where corporatism has...

Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: Biden’s economic plan, Yellen’s debt dilemma, and deficits in a zero-interest-rate world. CARES Act Redux We ran an editorial this morning on Biden’s stimulus plan, which looks more like a structural economic-reform package than an emergency-spending bill. The proposal ...