Latest pod! With the brilliantly optimistic @realartlaffer. He's excited about the UK maybe getting something right one day. And explains how if we really want to help the less well off we need to cut taxes and get growth going... Listen in Rachel Reeves.

Why are we panicking over every blip in SOFR when the Fed now has a Standing Repo Facility (SRF)? The 2019 repo mkt blow up happened bc the Fed mis-measured unencumbered reserves while not having designed an SRF to police the top of its policy range in case they ever did

The unfairness of this beggars belief. The subsidy to the 6m will not come from general taxation, which is broadly progressive, but from the energy bills of other households, many of whom are not that much better off than those getting the subsidy. Interesting he doesn’t tell us

***** Eurozone M3 money supply....rates cuts likely now Eurozone M3 monetary growth slowed to 2.8% y/y having peaked in February at 4% and falling ever since. Over the past 3 months, it has fallen to an annualised 1.35%, down from 7.6% at year end and 2.6% at the end of June. If

***** The OBR pours cold water on UK productivity growth... Office for Budgetary Responsibility is expected to cut a key productivity growth forecast by a larger than expected 0.3 percentage points, the FT reported. Analysts believe this could signal a budget shortfall of more

@MartinSLewis @ofgem The consumer protection mandate and net zero mandate are clearly now in conflict. Everyone agrees it's policy costs not gas costs that are driving bills Will Ofgem request a JR of its mandate, to return to its intended role as an economic regulator Will Ofgem hold the

***** US Money Supply signals FED to end of QT program on Weds... U.S. Money supply - (bank deposits + retail money market funds + currency in circulation) - rose a 3-month annualised 5.0% - (1 month annualised 6.7%). It was up USD292.2bn, made up of base money down USD68.4bn

🎯- “The Nikkei at 50,000 is not a milestone. It is a tombstone.” 🎯- “The nominal record highs are a collective hallucination, a coherence trap where policy induces a wealth illusion that masks real economic sclerosi.”

The entire US economy right now is 7 companies sending a trillion fake dollars back and forth to each other

Non-depository financial institutions (NDFIs), private equity & credit have skyrocketed 300% The loophole, banks, pensions realized they could make higher % financing private credit instead of direct lending Awashed with liquidity, NDFIs didn't care who they lent to like 2008

Glad to see that official inflation is cooling.

I've pointed out before that by the time @UKLabour picked up on the Ember £300 savings idea, energy bills had already fallen by more than that amount due to falling gas prices This week everyone from energy CEOs to the Tony Blair Institute and even Ember itself have called for

💰Something caught my eye in the ESF filings. The June monthly shows a curious $1.693bn BIS transaction - right when the debt ceiling was biting. Wonder what that’s about? Random aside, gold traded at $3,386/oz that day. Interesting coincidence: 500k oz would be exactly

After seeing 4,200 "gold crash" headlines - including a number of podcasts so titled - I wanted to highlight it for those playing at home:

1/ The latest episode of The Grant Williams Podcast featuring my very special guest Julien Garran(@juliengarran) of MacroStrategy in the UK is now available to all subscribers at

The collapse of the gold pool forced a 2-tier market system. There was an official exchange standard of USD35, while also an open market price. Although the gold pool members refused to trade gold with private participants, and the United States pledged to suspend gold sales to

This led first to the British Pound being forced to devalue in November 1967 by 14.3%, then on Thursday March 14th, 1968, the US requested the London gold market be closed the following day to combat the heavy demand for gold. On Monday March 18th, the US repealed the requirement

***** Gold & Silver....history repeats again... It was suggested yesterday that the collapse of gold and silver was reminiscent of 1968 and the London Gold Pool. A group of 8 central banks led by the Fed and backed by 7 European central banks agreed in 1961 to cooperate in

***** When the crash comes, it will be just more stimuli... The system has become so bloated and unproductive. Constructivist government policies, imposing prices other than in accordance with the utility they create, destroy capital, reducing productive demand. Unfortunately,

***** OIL Supply glut... A “long anticipated global surplus has started to show” in the oil market, according to Goldman, which cited high frequency satellite data as well as official stockpile figures. OECD inventories have risen by 340,000 bpd year to date, a quarter of the