Fact. The religious myth of the state as wealth creator.

Keep printing...

Yen Weakens Past Key 155 Level, Adding to Intervention Risk.

bloomberg.com/news/articles/…

A Spanish judge has opened an inquiry into past business dealings between Begona Gomez, the wife of Prime Minister Pedro Sanchez, and the owners of a Madrid-based airline and tourism group. trib.al/jSvoRK2

Monster debt

Putting the recession debate to BED, post-revisions, of course.

⁦BLS-Labor Statistics⁩

I was out in London having a curry last night with former member of the BofE’s Monetary Policy Committee and he said that the Bank have narrowed the causes of inflation down to 8 possible causes, so I explained to him there is only one cause.

Spain.

Government Spending, Not Corporations or Oil Prices, Fuels Inflation theepochtimes.com/business/gover… vía @epochtimes

United States yield curve... Discounting massive monetary intervention as well as persistent inflation.

via Bloomberg

Fact

And you still think policy is restrictive...

The U.S. Treasury is about to take a step designed to make the bond market more resilient (guess what: Printing more money)

marketwatch.com/story/the-u-s-…

The biggest threat to markets. Persistent inflation sends 2-year US bond to 4.9% yield.

via Bloomberg

Ah, the evidence of persistent inflation:

via Bloomberg. Morgan Stanley.

When energy policy is dictated by ideology, competitiveness, security of supply and innovation go out the window.

Government Spending, Not Corporations or Oil Prices, Fuels Inflation theepochtimes.com/business/gover… vía @epochtimes

Ruin.

11 countries reported deficits above the EU's 3% of GDP ceiling, including France at 5.5

reuters.com/markets/europe…

Foreigner, Frampton and Ozzy (solo) to the Rock and Roll Hall of Fame. About time.

pennlive.com/entertainment/…

When energy policy is dictated by ideology, competitiveness, security of supply and innovation go out the window.

...Consuming debt.