October 3, 2025 | Cut Throat Competition in China Could Spread Worldwide

China’s War on “Involution” China is cracking down on “blind and disorderly competition,” also called involution. Factories keep building too much — solar, batteries, EVs — and prices collapse. That deflation spills abroad. How low can China push prices — and who gets crushed next? Western firms know the rule: compete with China and prices only […]

October 3, 2025 | Taiwan Declines US Demand to Offshore Chip Production

The threat of losing military protection did not persuade Taiwan to move half its chip manufacturing to the United States. Top trade negotiator and vice Premier Cheng Li-chiun stated that the 50-50 proposal would not be considered or even discussed. Instead, Taiwan plans to focus on lowering US-imposed tariffs that now stand at 20%. Commerce […]

October 3, 2025 | Central Banks Won’t be Able to Stop a Market Crash

How long could the next recession last?

October 2, 2025 | Canada Joins UK With Up to Life in Prison for Hate Speech

In Canadian criminal law, “hate crimes” are not a single stand-alone offence, but rather ordinary criminal offences (like assault, mischief, or threats) that are motivated by bias, prejudice, or hatred. Some are specific indictable offences in the Criminal Code: Advocating genocide – s. 318: It is an indictable offence to advocate or promote genocide against […]

October 1, 2025 | Economic Hits Keep Coming

While Washington deflects attention with yet another government shutdown standoff, US economic data deteriorated further in September; see US Consumer Confidence Falls to Five-Month Low on Job Concerns. The latest published U.S. Consumer Confidence (Conference Board) index came in at 94.2, down from 97.8 in August (on the lower left since August 2023). The share of […]

October 1, 2025 | Canadian Govt Prepares to Disarm Civilians

There has never been a positive outcome when the government sets out to disarm the people. Authoritarian states are the inevitable result. Certain semi-automatic weapons were prohibited in March 2025, with a one-year amnesty period for lawful gun owners to surrender their rifles through a buyback program. The government claims the buyback program is completely […]

September 30, 2025 | $20,000 of Added Value for Only $1,500

  There’s nothing better than doing something you love – and making money from it. Here’s how Robert Campbell added $20,000 of value to an otherwise mundane and unexciting stairwell. Cost of Materials: $400.00 for beams and wood planking on the ceiling; $50.00 for relocating the light so it is centered on the airplane pic;  […]

September 29, 2025 | Credit Bubbles Cost Fortunes in the End

Years of reckless lending and borrowing are nearing another predictable end: surging defaults and losses. As Oaktree Capital Management’s co-chair and credit specialist, Howard Marks, has noted: “The worst loans are made at the best of times,” when credit and optimism are plentiful. While risk-sellers continue to insist that households are in good financial shape (just as […]

September 28, 2025 | Disruptive Thoughts

Physicists have a concept called “entropy,” which basically says systems will tend to move from orderly to disorderly over time. Entropy is central to physics, thermodynamics, and other fields of physical science. Economics, however, isn’t a physical science. The way we allocate scarce resources isn’t bound by fixed laws of the universe. We have some […]

September 27, 2025 | Trading Desk Notes for September 27, 2025

Buy The Dip has worked like a charm for years. Is it still a good idea? The S&P has rallied ~40% from its low in April and reached another all-time high this week. It’s up ~92% from the October 2022 lows, and more than 200% from the 2020 lows. It’s up 10X from the 2009 lows. Can […]

September 27, 2025 | This Week in Money

• Ross Clark:  Stock Markets, Gold, Silver, Uranium.
• Rick Ackerman: (12:39) S&P, Gold, Silver, AI.
• Josef Schachter: (33:12) Outlook for Oil and Natural Gas, AI.

September 26, 2025 | US GDP Rose 3.8% in Q3

US GDP grew at a 3.8% annualized pace in Q2, surpassing estimates of 3.3%, leading the press to cheer a strong and robust economy. By design, the GDP calculation counts net exports as a positive. When imports collapse, GDP rises even though that is a signal of weakened consumer demand. Consumer spending rose by 2.5%, […]

September 26, 2025 | The Mag 7 are The Most Expensive Stocks Ever by a Wide Margin

Mag 7: The Most Expensive Stocks in History The top stocks in 2025 make the dot-com bubble leaders look cheap. Back in 2000, the leaders were Microsoft, GE, Cisco, Walmart, Exxon, Intel, and NTT. Today, it’s the “Magnificent 7” — Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla. Here’s the shocker: The Mag 7 is […]

September 26, 2025 | Has the Fed Been Successful at Preventing Recessions?

What the hell is an economic “bazooka”?

September 25, 2025 | ECB: Keep Calm and Carry Cash

The European Central Bank (ECB) is urging citizens to “keep calm and carry cash.” The ominous message is a warning of trouble ahead. Bank runs, defaults, war, grid failures, pandemics—the current banking system cannot rely on what’s ahead. “Cash provides essential redundancy – a ‘spare tire’ – for the payment system,” the study’s authors write. […]

September 25, 2025 | Stock Markets Hit by Rosh Hashanah Effect

More and more crypto EFT’s popping up

September 24, 2025 | Good News and Bad News

Institutional exposure to equities is at its highest level since November 2007, and American households’ allocation to stocks has surpassed the 2000 tech-bubble highs. Trading volume on U.S. stock exchanges last week reclaimed last April’s record high. At the same time, as debt prices have soared, the yield reward that investors are receiving from owning […]

September 23, 2025 | Canada Paying for Housing Excesses with Interest

Last week, Equifax Canada reported that 286,000 businesses in this country missed a loan payment last quarter. In the Greater Toronto Area, the number of mortgage lenders repossessing homes and selling them has climbed roughly 60 per cent year over year. Ninety-day-plus mortgage delinquency rates are climbing in Greater Toronto, Greater Vancouver and Canada generally, according to data from RBC. […]

September 23, 2025 | Maxime Bernier: Speech – A Monetary Reset is Coming and Canada Isn’t Prepared

Maxime Bernier Capitalism & Morality Conference Vancouver, August 23, 2025 Good morning! Thank you Jayant for inviting me again to speak at your conference. This conference consistently brings together a serious and thoughtful group of people interested in ideas. I must say, you have to be truly interested in ideas to be looking forward to […]

September 22, 2025 | The Fed Cuts Interest Rates…And Money Gets Tighter

Last week, the Fed started easing again, with a quarter-point cut in its overnight lending rate and a promise of more to come. But the bond market was not impressed: 10-year Treasury yield hits 2-week high despite Fed rate cut this week (CNBC) – U.S. Treasury yields rose on Friday as investors weighed the state […]

September 21, 2025 | Lula Refuses to Speak with Trump

  Brazil’s President Luiz Inácio Lula da Silva is actively destroying a once-growing economy. Lula told the BBC he refuses to maintain diplomatic ties with the United States under Donald Trump, and Brazil is losing the title of Latin America’s top exporter to the US. “The American people will pay for the mistakes President Trump […]

September 20, 2025 | The Rules Have Changed

Monetary policy is a balancing act. The Federal Reserve’s “dual mandate” requires it to promote both maximum employment and stable prices. Statutorily, neither is more important than the other. The Fed is supposed to seek both at the same time. Of course, there are those of us across the spectrum who think one or the […]

September 20, 2025 | This Week in Money

• Ross Clark:  Stock Markets, Interest Rates, Gold, Silver, USD, Canadian Dollar, Bitcoin, Corn.
• Eric Hadik:  (10:36) Market Cycles, Interest Rates, USD, Canadian Dollar, Bitcoin Gold, Silver, Petroleum, Agriculture, Wars.
• Robert Campbell: (38:48) Real Estate, California, US Gold Backed Currency, Reserve Currency, Health Tips.

September 19, 2025 | Coffee Prices on the Rise

Coffee prices are the latest grocery item troubling American consumers. The United States is the world’s largest importer of coffee, but produces less than 0.1% of all coffee for domestic consumption, importing over $8.2 billion (1.6 metric tons) of coffee last year alone. The average retail price of coffee spiked 21% in the past year, […]