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2015 Oil Prices Won’t Change the Emerging U.S. Dominance

My recent meetings in Dubai highlighted the profound change that will turn the balance of power in the energy industry on its head. For years, OPEC was the puppet master, and the United States (and the rest of the world) were the puppets. They pulled the strings, and we danced. OPEC set the price of […]

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I’m Not Buying It—–Not The Wall Street ‘Rip’, Nor The Keynesian Dope


First comes production. Then comes income. Spending and savings follow. All the rest is debt…….unless you believe in a magic Keynesian ether called “aggregate demand” and a blatant stab-in-the-dark called “potential GDP”. I don’t. So let’s start with a pretty startling contrast between two bellwether data trends since the pre-crisis peak in late 2007—debt versus production. Not…

This Time It’s The Same: Like The Housing Mania——The Subprime Shale Bubble Is In Plain Sight


We are now far advanced into the third central bank generated bubble of the last two decades, but our monetary politburo has taken no notice whatsoever of its self-evident leading wave. Namely, the massive malinvestments and debt mania in the shale patch. Call them monetary bourbons. It is no exaggeration to say that inhabitants of the…