Not unexpected from him is it ? All the major oil players are super skeptical about going in. There maybe the odd smaller firm that feels it can pick off some low hanging fruit as @Arminius has pointed out but the industry there is a mess.
The fact that he’s disrupted oil to China is likely a lucky accident rather than anything else, and the recent verbal attack on Cuba is just another effort at covering up this balls up.
What I will be interested in seeing is whether those companies that were previously working there and lost out when the industry was nationalised will be compensated somehow.
Yesterday Powell went public with the news the DOJ has opened a criminal investigation into him. This has been something Trump has been floating for a while, accusing him of skimming on a construction project and this investigation is seemingly over accusations he lied to congress about it.
This was the unexpected response from one of the more senior Republican Senators.
Pure comedy. The DoJ considering charging Powell over renovations to Fed buildings but Trump knocks down the entire East Wing of the White House without permission and there’s nothing to see.
There doesn’t appear to be anyone in the White House who really understands how critical central bank independence is viewed in much of the bond market in particular. The academic literature around central banks has always struggled somewhat to characterize the actual level of independence of the Federal Reserve, because formally it is one of the middling structures (as compared to BoE, BoC, and far less independent than the Bundesbank), but the norms around the governors have made it functionally as independent as at least BoE. But as with so much in American government in this era, the collapse of the norms that have sustained them is revealing the fundamentally mediocre design of many of the institutions.
edit: the fairly obvious crisis is taking hold already. 10-year yields jumped up 0.1% this morning, which puts pressure on the Fed to raise rates, rather than lower them as Trump has been demanding.
Looking at the respective markets, it would appear a fair number of American investors are dumping T-bills for gold and silver this morning
A fortnight ago economists were predicting gold prcies had peaked and a correction was due. How’s that looking now? Gold could go on another run if markets get really spooked. Trump is playing with fire. Do you think he might have Liz Truss on his DM list?
As an economist myself, I don’t take any economist who offers firm conclusions about gold seriously - the profession cannot explain the reserve function it has that gives it the vast majority of its value. That said, the escalation does look like a correction might be due. At least some of that sentiment may be acting to make silver move rather more dramatically than gold (up 6% versus 2% for gold when I looked this morning).
There is definitely a cognitive resonance between what Trump wants and what Truss inflicted on the UK debt market.
From a trading perspective Gold does looked overcooked but so do all asset classes in the current climate. I think anyone holding gold might think of sticking with it for now. Silver and the other metals are still more attractive.
Predicting prices is like predicting the weather.
DHS has been doing this over and over again from week 1. Their justification is essentiall…
It isn’t Nazi. But even if it was, hitler did have some good idea he was just over zealous in his implementation, and not all Nazis were fascists anyway, not that fascism is really bad once you take away the negative connotation. So in the end it’s perfectly normal we’d have slogans that agreed with theirs because we basically think the same things as they did. But we’re not Nazis
It really isn’t a ‘verbatim’ Nazi slogan though. Could have been one, sure, and it should be disturbing af on its own. Kinda bugs me though if people spread bs even if it’s coming from a good place.
This division is currently publicly pursuing an anti DEI case where a musician was overlooked by an orchestra as a result of what he has said is anti-white pro dei hiring priorities. It turns out that despite auditioning very well he in fact didnt get the job because they found out that at his last gig he was fired and responded in a way that required the orchestra leaders to have to have armed security protecting them.
