On Politics

     

 

 

Lessons to be Learned from East Asia

The world should take a lesson from how East Asia ran itself in 2020. Japan had no lockdown. None. With an aging population, its death rate has been creeping up for many years. In 2020, it fell by 0.7%, as if Covid-19 was a life-saver.

 

Daily new cases in Singapore – Covid-19 seems to be pretty much under control there. [PT]

 

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Scavengers Out in Full Force

I have just returned from a visit to my family in India. It was hard to escape. To get to the US from India, I needed a COVID test. The Indian government has seriously restricted who can provide COVID testing, treatment, and vaccination. Private doctors and hospitals that are not approved face brutal legal consequences if they provide COVID treatment.

 

India’s experience with the COVID pandemic was particularly unpleasant… [PT]

 

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Shooting from the Hip

[ed. note: the tweets linked below mainly show videos from various lockdown phases]

 

Reminiscent of his demonetization effort in 2016, on 24th March 2020, Indian Prime Minister Narendra Modi, appeared on TV and declared an immediate nationwide curfew. No one was to be allowed to leave wherever he or she happened to be. All flights, trains (after 167 years of continual operation) and road transportation came to a complete, shrieking halt.

 

Stranded in India… [PT]

 

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Value Traps and Economic Ignorance

A financial analyst is often, or at least should be, more of a psychologist than a financial expert. There are companies that I knew fifteen years ago that had inherent value a multiple of what their stocks were trading at. Today, there continues to be similar upside, except that upside targets and share prices are lower. What went wrong?

 

A problem reaches the far North faster than climate change can melt all the ice. [PT]

 

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Dead Men Don’t Spend

The checks went forth yesterday.

And all the peoples rejoiced.

 

Stimulus blinders firmly attached! Let’s go! Mars is within reach! [PT]

 

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The Stress of Losing Billions

Up until the WallStreetBets crowd short squeezed Melvin Capital for a $7 billion loss, Robinhood had it made. But losing billions is stressful. And when your product blows up your customer the clucking that follows comes hot and heavy.

 

A surprise revival of business at Game-Stop… [PT]

 

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The Lure of Easy Money

Right now happens to be an attractive time to do something stupid.  What’s more, everyone is doing it.  Maybe you are too. Stock valuations and corporate earnings growth no longer appear to matter.  Why not buy an S&P 500 index fund and let it ride?  Or, better yet, why not buy shares of Nvidia?

 

NVDA, weekly, over the past 6 years. The stock really started to take off after the 2016 election surprisingly brought an administration to power that was willing to cut taxes and roll back regulations. This vastly improved the competitive position of US-based companies in the world and boosted their profit margins. Other favorable narratives accompanied the rise of NVDA and other tech stocks specifically, such as the cryptocurrency mania and the increase in demand fostered by the pandemic. Add to that the biggest driver of them all – an unprecedented exercise in money printing by the Fed and other central banks – and a bubble for the ages emerged. And that is where we now are: in the greatest stock market mania of all time. [PT]

 

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Autographing Funny Money

The United States Secretary of the Treasury bears a shameful job duty. They must place their autograph on the face of the Federal Reserve’s legal tender notes. Here, for the whole world to witness, the Treasury Secretary provides signature endorsement; their personal ratification of unconstitutional money.

 

Janet Yellen – first she got to print a lot of funny money, now she gets to autograph it. The Titanic meanwhile finds itself in uncharted waters and rumor has it that there may be icebergs lurking not too far from here. [PT]

 

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Full Commitment

This week provided additional confirmation that America is fully committed to a program of currency destruction.  Decades of terminal intelligence have gotten us to this special place.  We will have more on this in a moment.  But first some words on being fully committed.

 

Say hello to the provider of bacon… lots of bacon, in this case. [PT]

 

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Prophet of Doom

In 1976, economist Herbert Stein, father of Ben Stein, the economics professor in Ferris Bueller’s Day Off, observed that U.S. government debt was on an unsustainable trajectory.  He, thus, established Stein’s Law:

 

“If something cannot go on forever, it will stop.”

 

Herbert Stein, looking worried about the budget deficit. [PT]

 

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Consumption without Production

“Every man is a consumer, and ought to be a producer”, observed 19th century philosopher Ralph Waldo Emerson.  “He is by constitution expensive, and needs to be rich.”

 

Ralph Waldo Emerson (May 25, 1803 – April 27, 1882), who inter alia opined on consumers and the need to not only consume, but also produce. The latter activity has recently become even more severely hampered than it already was. And yet, government is spending like a drunken sailor. [PT]

 

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Lockdown Disaster

It has been a rough go for California Governor Gavin Newsom. Late last week it was revealed that the state Department of Public Health had tickled the poodle on its COVID-19 record keeping. Somehow the bureaucrats in Sacramento under-counted new corona-virus cases by as many as 300,000.

 

Governor Newsom gesticulating his way through the pandemic…  [PT]

 

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