Month

Hope all goes well… My Dad died today, unexpectedly, mercifully, it was his time. He was a great man, lived a good life, not easy in many ways, but filled with adventure, risk taking, the outdoors. He was a kind soul, who believed in peace through strength, advancing our nation’s aerospace and defense technologies. He taught his five children so many things, but above all, the importance of forgiveness. And in this,

Hope all goes well… Dusted off a hopeful anecdote from 15 years ago, from around the time I started publishing, back when the world was still healing from the GFC, and Europe was yet to fully realize the depth of its debt crisis. It feels like we’ve got a long road to travel to get to the other side of our latest turmoil, so much of it self-inflicted, senseless. But there’s always the underlying force of humanity’s d

Anecdote: A crisis that caught the imagination of the western world was the UK’s exit from Europe’s Exchange Rate Mechanism (ERM) on September 16, 1992. We called that Black Wednesday. I was 25, Lehman London, just young and dumb enough to find it not particularly surprising. I was trading short term interest rates at the time, and along with the UK’s central bank, Sweden had also been intervening in increasingly fra

Hope all goes well… “I guess they say it was the biggest day in financial history,” said President Trump Wednesday, his unexpectedly quick capitulation from a self-inflicted policy catastrophe had sparked a surge in stock prices. “Nobody’s ever heard of it. It’s gonna be a record,” he boasted, the cameras clicking. The stock market had been in freefall, as had the US dollar and the Treasury market, which is just the

Anecdote: “In the late 1800s through the early 1900s, businesspeople were seen to best understand economics,” said Sparks, investor, entrepreneur, iconoclast. “Maynard Keynes came along in the 1920s-30s and helped us see that businesspeople may have understood microeconomics but had little grasp of macroeconomics.” For example, in microeconomics, saving money is a good thing. In macroeconomics, if everyone saves mone

Hope all goes well… “It would have been easy to keep pumping up the economy, borrowing a lot of money, creating a lot of government jobs,” explained Treasury Secretary Bessent to Tucker Carlson, defending the administration’s policies, while describing the extent to which Biden juiced up the US economy, like a body builder on steroids, appearing strong while destroying his internal organs. “There was no controversy w