The Western world approaches the 2020s at the top of a boom, with asset prices and leverage at all-time highs and interest rates at all time lows, yet with living standards mostly disappointing expectations. The extreme policies that have produced this position are unsustainable over another decade, even if we were mad enough to try. […]

Since the early 1990s, we have been living in the George Soros Dream World. Interest rates have been very low, encouraging leverage, raising asset prices and making billionaires richer. Meanwhile, the world economy has become ever more global, moving towards the global one-party state Soros favors and impoverishing the working-class, modestly educated, locally-oriented folk the […]

Conventional wisdom holds that treaties represent countries getting together peacefully to advance humanity’s goals, while tariffs represent dog-eats-dog negative-sum competition that can provoke wars. Yet treaties, being complex and negotiated in secret, are mostly the work of rent-seeking bureaucrats, whereas the competition of tariffs provides international relations with valuable grit, preventing countries from conspiring together […]

The failure of the WeWork IPO and the poor post-issue performance of Uber and Lyft have called into question the current Silicon Valley fashion for multi-billion-dollar capitalizations of “Unicorns” that make heavy losses and remain privately owned. Maybe throwing endless pools of money at unproven intellectually shaky concepts doesn’t work. When Unicorns go the way […]