This week has most certainly been a risk-off week. Money flowed into stocks and commodities and the speculative Bitcoin while flowing out of safe havens of gold and Treasuries. All the talk about AI, which I’m personally finding very interesting, is no doubt a momentum play that is sucking a lot of naive investors in toward the end of this long-term equity bull market. BofA’s Hartnett said, “It would be so ‘on-brand’ for stocks to melt-up into recession, suck them all in right before the hard landing.” If you are wondering why stocks continue to rise even as rates are…

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Tavi Costa, Kevin Smith and Quinton Hennigh of Crescat Capital return. After many generations of Keynesian fiscal and monetary policies, the leading capitalist nation in the world is now heading toward bankruptcy. That’s not because capitalism has failed. Rather it’s because politicians following Keynesian economists have done their level best to destroy capitalism. While policy makers pass laws that generate votes from an uneducated populace and to line their own pockets, China and modern-day Russia have proven Marx wrong in thinking capitalism will inevitably give way to a socialist utopia. Both countries in some ways portray economic systems more akin…

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