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Beijing Shows Panama the Cost of Abandoning Neutrality
For decades, Panama successfully cultivated a foreign policy posture of strict neutrality defined by its unique geography centered on the operation of the Panama Canal. This small-state hedging strategy allowed Panama to welcome commercial presence from both the United States and China while maintaining the waterway’s treaty-based impartiality. However, in early 2026, this equilibrium shattered. […]
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Why China Crushed Its Own Tech Giants
In late 2020, Beijing did the unthinkable: it attacked its own champions. Trillions in market value vanished, the world’s largest IPO was halted, and entire industries were banned overnight. Western investors called it “economic suicide,” but they were looking at stock prices while China was looking at its society. This episode explains why the “Golden […]
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Regime Change at the Fed: From Big Bank Bailouts to Local Productivity
On January 30, when former Federal Reserve board member Kevin Warsh was nominated by President Trump as the central bank’s next chair, markets sold off and gold and silver plunged. Investors were positioned for a “dove,” someone inclined to cut rates aggressively and keep money loose; and Warsh has a long-standing reputation as a “hawk.” So wrote Michael […]
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Why New York City Needs a Public Bank
We will build a city-owned bank — not to serve shareholders, but to serve you. A bank that invests in housing, in transit, in climate resilience. A bank that puts our money to work for our people. — Zohran Mamdani, Victory Speech, Nov. 4, 2025 New York City has elected a mayor who dares to challenge […]
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Profits, Prophets and Overvalued AI Stock I
In an industry of seedy soothsayers, cocksure charlatans and resourceful rogues, honest and accurate appraisals are exquisitely rare. When it comes to economics, investments and finance, this is particularly so. Certitude, however, tends to be in abundance for those predicting the next financial crash, the sort that will singe earnings and strafe savings. Take, for […]
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Stagflation: Stagnation, Inflation, and Beyond
Since my prediction in April of 2007 of an impending economic crash, I’ve vowed not to risk my unblemished record with any further predictions. But a simple thing that I learned from the run-up to that catastrophe was when the “little people” — the “every man and every-woman” — found their way into stock market […]
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The Return of Stagflation
When investing, as in horror films, the most terrifying villains are the ones we thought were dead. Stagflation that economic nightmare of the 1970s characterized by stagnant growth paired with persistent inflation was supposedly dead and buried decades ago. But like any good movie monster, it’s clawing its way back to the surface, and Americans […]
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India and China Push Gold to Record Highs, then Pull from Western Vaults after Russia Sanctions
Gold prices are at historic highs, buoyed by India and China central bank buying in OTC markets. Further, all-time high levels of gold repatriation are underway, to vaults in Asia. Industry insiders and market experts are puzzled at the intensity and the timing of the gold buys, which seem divorced from economic fundamentals. But these […]
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Multipolar World Order, Leading Role of Emerging Economies, and Western Debt: Key Takeaways from Putin’s BRICS Address
President of Russia Vladimir Putin during an expanded meeting of BRICS leaders during the 16th BRICS summit in Kazan. © Sputnik / Stanislav Krasilnikov Russian President Vladimir Putin addressed a meeting of leaders at the BRICS Summit in Kazan on Wednesday. In his speech, he focused on the growing role and prospects of the economic […]
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