America’s Own Goal: Who Pays the Tariffs? - Kiel Institute

Is It a Bubble?

In his latest memo, Howard Marks explores if there is a bubble in AI, identifying uncertainty, parallels to past bubbles, AI's vast potential, and emphasizing the importance of prudence.

Technical Deflation — Benjamin Anderson

Let's buy the fridge next month, honey.

Mag Wealth

OpenAI's Financial Future: They Don't Have the Money

Explore OpenAI's staggering financial commitments and the challenges that may trigger a Wile E Coyote moment for AI.

The Gaslit Asset Class

James Grant invited me to address the annual conference of Grant's Interest Rate Observer . This was an intimidating prospect, the previous...

How Well Does the Money Laundering Control System Work? | Crime and Justice

Abstract The continued globalization of finances has generated an ever-larger array of methods for making criminal earnings appear legitimate. The global regime to control money laundering has become more sophisticated and comprehensive, (i.e., expensive and intrusive). There is no evidence that money laundering is declining or becoming more difficult or expensive. The system’s failure has many sources. Nations which pushed for its creation and development have been unwilling to implement critical elements. Major banks have repeatedly failed to meet their obligations, suggesting either insufficient commitment or a lack of the necessary skills and systems to comply. Regulatory oversight has been inadequate. There is, however, evidence that the system aids enforcement of laws against criminal enterprises. Despite the consensus that the system works poorly, there is almost no discussion of substantial reforms.

Economists don’t know what’s going on

Blame crumbling statistical offices