How It Started/How It's Going

Memes and Easy Money
“Aggressive, Unprecedented Intervention”
Mixed Signals
Fooling with Mother Economic Nature
The Future of Energy White Paper
Austin, NYC, and SIC

If you read and pay attention to the world, you probably know the recent past pretty well. And if you’re a history buff like me, you also know something about the more distant past.

In between, however, we often have a memory gap. Events from 5, 10, even 20 years ago slip out of mind but haven’t yet made it into the history books. They can fall into a valley like they never happened. But they did happen, and they matter.

Lately the conversation has been about inflation, a possible recession, and how all this emerged from the pandemic. But it all traces back to events long before COVID. What happened in 2020 certainly changed the timing and some details, but the economy was slowing with an inverted yield curve in 2019.

The events of 2020 were on no one’s dance card and we will debate them for years. Nevertheless, we are still on the road to The Great Reset, just at a faster clip. We can better understand this by recalling the 2008 crisis, the policy responses to it, and decisions made through the 2010s. Today we’ll look at some of that in-between history and how it brought us to this point.

I have been writing for several months about a new research paper (one of my best ever) on energy and a new oil fund that I'm involved with. At the end of this letter there will be a link for accredited investors to see that research and find out more about the fund.