In the US both breakeven inflation AND real yields have risen Positive real yields are hard find across the globe. A 1%-real yield in the US locked in for 10

No wonder the IMF has been forced to speak up on US fiscal policy. US finances have taken an extraordinary turn in the last year or so, and we are

 Asset purchases and debt growth have been unprecedented in recent years. Central Bank asset purchases have now exceeded $20 Trillion, or nearly half of world GDP. Corporations have also been

                    “Call us cynical, but the prospect of equity market excess returns for the next ten years measuring in the fractions

  (1) Do you understand why chasing past returns could be the worst approach to investment choice? Do you know what metric you should use? The best assessment of Investment

One of the most reliable recession signals in history is the Treasury yield curve. The long end of the yield curve is warning of trouble. The 5/30 year bond yield

​ Illusions of Prosperity  Astonishing and accelerating income disparity Trump Tax Plan: 2.4 Trillion more debt mainly for the top 1%? More Debt and inequality is the default long term

The Fed keeps changing tack from hawkish to dovish on rate rises The Fed enters a cyclical Cul-de-sac The Inflation Cycle The Growth Cycle The Fed enters a debt Cul-de-sac

“The US system is highly optimized for financialization” Financialization leads to extraordinary imbalances, not just in income, but also debt What choice does the rest of the world have if