Most Americans sat down after the Trump tax law took effect and calculated the immediate impact on their own personal tax situation. That’s natural; I did the same thing. But there’s a much bigger picture here. The tax bill not only affects your individual liability but also affects asset prices, capital allocation, capital expenditures and
There has been some good news on the North Korean situation lately. The U.S. and North Korea have entered into a de facto version of the “freeze-for-freeze” policy that North Korea, China and Russia have all endorsed. This means that the U.S. will freeze joint military exercises with South Korea if North Korea freezes its
China is the world’s second-largest economy, after the U.S., and represents almost 16% of global GDP. This means that if Chinese growth of 6.7% slows down by 0.5 percentage points, global growth will slow 0.25 percentage points. That’s huge considering global growth is only about 3.5% to begin with. That kind of slowdown does not
In every market bubble, there’s a telltale sign of a top. On Wall Street in 1929, it was shoeshine people giving stock tips to shrewd manipulators like Joe Kennedy. At the height of the dot-com bubble in early 2000, it was startup companies with no profits buying multimillion-dollar TV ads on the Super Bowl broadcast.
I’ve said for a while that bitcoin is a Ponzi, a fraud and a bubble all at the same time. Yet that’s not my view of blockchain technology as a whole. The technology is sound and has a bright future. New improvements are being made all the time. Some new cryptocurrencies are emerging that have
