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‘Stuffing Their Mouths with Gold’ — Selling the Biden/Yellen Tax Cartel Andrew Stuttaford © Kevin Lamarque/Reuters President Joe Biden receives an economic briefing with Treasury Secretary Janet Yellen in the Oval Office at the White House in Washington, D.C., January 29, 2021. At the time of the establishment of Britain’s National Health Service, Aneurin Bevan, Labour’s Health Minister, faced serious opposition from, among others, top doctors unenthusiastic at the prospect of having to rely solely on the state for their income, a potentially dangerous challenge t...

A “storm” swept through the US government bond market on Friday, sending a key measure of long-term borrowing costs to the highest level since last February. Treasuries dropped in overnight trading after a large sale of long-dated bond futures in Asia, according to people familiar with the matter. Yields on the benchmark 10-year note, a key marker across global asset markets, jumped to 1.63 per cent, having traded around 1.53 per cent the day before. Analysts said the scale of the move underscored how jittery the $21tn market had become against the backdrop of a more robust economic rebou...

Boom, then Bust? February 20, 2021, 8:22 AM·36 min read Well, the S&P may not have done much this week, but there were clear signs and signals that the conditions fueling the current bubble(s) are going to continue — and that the bubble(s) themselves are still bubbling away. Elon Musk, in some ways the man of the bubble (I do hope that comment doesn’t disqualify me from some space tourism), got to the point. Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on Twitter, calling the cryptocurrency a “less dumb” version of cash. “When fiat currency has nega...

Larry Kudlow To Join The Bahnsen Group Wealth Management Firm Former White House National Economic Council Director, Larry Kudlow, is joining The Bahnsen Group, a $2.6 billion national wealth management firm with offices in New York City and Newport Beach, California, as an economic advisor. “Larry has been a mentor to me for many years, both personally and professionally. We both share a love of free markets, and Larry has over forty years of experience in public policy and macroeconomics that is going to benefit the process we implement for our clients immensely,” said David Bahnsen, Fo...

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...