Detroit

Weekend Reading: Harvey & The Broken Window Fallacy

"... the reality is we are very late in the current economic cycle. Just like in 2008, it was well after the fact, when the economic data was negatively revised, the recession became clearly evident. Given the deterioration is credit, the rise in delinquencies and plunge in savings rates, the economic back drop is likely far weaker than headlines currently suggest. While Harvey may extend the current cycle for a little while longer, I would not get overly complacent with highly aggressive allocation models. Like I said, there is no free lunch."

Frontrunning: August 30

  • Harvey Forces Thousands to Seek Shelter (WSJ)
  • Damage From Harvey Rising by the Hour Amid ‘Apocalyptic’ Flooding (BBG)
  • Houston’s Economic Heft Gives City Means to Recover From Harvey (WSJ)
  • Why Trump Didn’t Tweet About Latest North Korea Missile Launch (BBG)
  • Stocks Rebound as Korean Fears Abate; Gold Steady: Markets Wrap (BBG)

Frontrunning: August 23

  • Trump Tries to Recharge His Base in Arizona Rally (WSJ)
  • Trump Threatens Government Shutdown Over Border Wall Funding (BBG)
  • Trump defends response to Charlottesville violence (Reuters)
  • Trump Assails Media in Angry Defense of Charlottesville Response (BBG)
  • North Korea presses rocket program, but amid signs of drama easing (Reuters)

Doug Casey On The End Of The Nation-State

"Thomas Paine had it right when he said: 'My country is wherever liberty lives'... But where does liberty live today? Actually, it no longer has a home. It’s become a true refugee since America, which was an excellent idea that grew roots in a country of that name, degenerated into the United States. Which is just another unfortunate nation-state. And it’s on the slippery slope."