January 21, 2020
China surpassed the United States in Research and Development (R&D) investment last year. This constitutes a national emergency for the United States on par with, or greater than, the Soviet Union’s launch of Sputnik in 1957. If China continues to invest more in R&D than the United States does, it will soon become the world’s…
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January 7, 2020
The new Macro Watch video examines the balance sheet and the earnings of the US Corporate Sector. They reveal a number of reasons to be concerned about the Sector’s health. Corporate debt to GDP is at a record high. The previous three peaks in corporate debt to GDP were followed by recessions. The increase in Corporate Sector…
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December 24, 2019
I recently had a particularly interesting conversation with Cris Sheridan of Financial Sense Newshour. I highly recommend it. The topic? The most extraordinary Monetary Policy U-Turn in the Fed’s 105-year history; and its implications for investors and for government policy. One year ago, the Fed was hiking interest rates and destroying $50 billion a…
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December 19, 2019
Business Investment is weak in the United States despite the recent large corporate tax cuts. Household Consumption, however, is holding up. Relatively strong Consumption has enabled the economy to grow by an average of 2.4% during the first three quarters of this year. Asset price inflation has played an important role in supporting consumption. The new…
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