Elon Musk’s Coming Gold Shock
February 5, 2025 • Addison Wiggin
The maverick financial fraternity that predicted the Internet boom, the Great Recession, and the incredible rise of Bitcoin has a bold, new prediction…
BREAKING NEWS
August 12, 2025 • Addison Wiggin
Two things can be true at the same time.
We can have record highs in the indexes — driven by a historic concentration of market power — while the real economy strains under debt, bankruptcies, and policy whiplash.
August 11, 2025 • Addison Wiggin
August 8, 2025 • Addison Wiggin
August 13, 2025 • Addison Wiggin
In near real-time, we can see exactly how much Uncle Sam is hauling in from taxes and tariffs… and how much is pouring back out for the military, social programs, and, of course, the ever-growing interest on the national debt.
Even as President Trump touts record tariff revenues, the red ink flows on.
August 12, 2025 • Addison Wiggin
August 11, 2025 • Addison Wiggin
August 12, 2025 • John Rubino
US government debt was $20 trillion in 2018.
Today, it’s maybe two years away from $40 trillion. In other words, it took us 250 years to borrow the first $20 trillion, and only a decade to borrow the second $20 trillion.
August 11, 2025 • Mark Jeftovic
We frequently talk about the global financial system “flashing bright red warning lights” and “slowly coming unglued” – this is exactly what we mean.
Weird divergences between interest rates and bond yields, bizarre mis-pricings in the market (i.e: German 30-year paper trades at the same rate as Japan’s. German interest rate: 2.25%, debt-to-GDP: 62%. Japan? 0.05% interest rate and 250% debt-to-GDP. Both 30-year bonds yield 3.1%).
How can that be possible? It means the global bond markets are cracking up – and remember something else we’ve always said from the very beginning: our base case thesis for bitcoin is that it’ll have multi-decade long tailwinds in the form of a secular bond exodus.
How many are aware that U.S. M2 just hit fresh all-time highs?
August 8, 2025 • Addison Wiggin
In the ’90s, everyone talked about the internet. Streaming video? Video calls? Online banking? They all came to pass — but not before the original dotcom boom went bust and took half the market with it.
AI today is flirting with its own dotcom moment. The technology is advancing at The Quickening’s pace. But the market story — that every AI stock will make you rich — is still built on ghost wealth, the kind Bill Bonner warns about.
August 7, 2025 • Joel Bowman
Might it be that experts didn’t know all they claimed to know after all… that the climate is a complex phenomena largely beyond our comprehension, full of shifting dynamics, cascading interrelationships and natural feedback loops… and that maybe, just maybe, human beings are not the center of the universe we (ever so humbly) presumed we were?
A new report by the United States Department of Energy (DOE) certainly appears to suggest as much. Titled “A Critical Review of Impacts of Greenhouse Gas Emissions on the U.S. Climate,” the report was authored by a group of highly credentialed scientists, including, to the chagrin of those who seek to politicize everything up to and including the weather, the former Chief Scientific Officer of the Obama Energy Department.
August 7, 2025 • Addison Wiggin
So far this August, we’ve seen Powell under siege, inflation data in question, and a fresh wave of Trump tariffs — each enough to rattle investors even in isolation.
Yesterday, equities whipsawed after news broke of a 50% tariff on Indian imports, aimed at punishing Delhi’s ongoing purchases of Russian crude. By day’s end, the major indexes recovered slightly, but the tone of the market has clearly shifted.
Trump’s reciprocal tariff deadline — long advertised as a hard line — arrived at midnight last night. But not without drama.
In the final hours, Trump squeezed in one last round of changes: raising duties on India, surprising Japan with rates higher than expected, and teasing China with the possibility of similar action. Switzerland, hit hardest among U.S. allies, may cancel a major jet order in retaliation.
August 7, 2025 • Addison Wiggin
In the past 27 months, more debt has been created in the U.S. than during the first 215 years of the Republic.
That kind of exponential move isn’t sustainable. Like tulip prices in 1637 or shares of Cisco in January 2000, it can’t last. The question isn’t whether this will collapse — it’s whether or not we get a massive market run first.
That seems to be in the cards — what Austrian Economist Ludwig von Mises called the “crack up boom.”
And it’ll be fueled by a combination of debt and the collapse of the purchasing power of the dollar. Not a company’s earnings or AI spend. That won’t be a typical bull market — it’ll be a terrifying one.
August 6, 2025 • James Howard Kunstler
This enormous, drawn-out insurrection, composed of serial felony crimes, amounts to the greatest insult against the republic — the res publica, in Latin, the public thing — in the nation’s history. And now it is coming apart as an overwhelming majority of citizens, including now many Democrats, can’t avoid discovering what has happened in the country. Because lies are weak and the truth is sturdy and eventually truth prevails, even after an arduous struggle.
The old news media complex, the networks and the papers, are not reporting the recent disclosures by the Directors of the CIA, the FBI, and National Intel. What will it take to get their attention? Arrests and perp-walks of formerly important officials? And then, do they acknowledge and atone for their disgraceful participation in the events? Or pretend they couldn’t figure any of it out for years and years? Poor us, we didn’t know! Suddenly, it looks like many of these “legacy” news outfits are going out-of-business. They’re throwing their performers over the side like sinking ships casting off so much useless ballast.
August 6, 2025 • Addison Wiggin
For now, the contribution of AI to the economy is still a fraction of overall consumer spending.
If this trend continues, it’s a sign that the market may further concentrate into the big tech names, which already trade at rich and lofty valuations.
August 6, 2025 • Addison Wiggin
Yesterday, President Trump nixed speculation that Treasury Secretary Scott Bessent would be the next Fed Chair. “He wants to stay where he is,” Trump told CNBC yesterday, adding Fed Governor Christopher Waller and NEC Director Kevin Hassett are now in the running.
Powell’s still at the podium, despite ongoing threats and the occasional Truth Social tantrum over interest rate policy.
Whoever’s in control of writing the script for the ongoing dream has dropped teasers in social media for next week’s episode: Will Trump leave Powell at the helm of the Fed and create “The Shadow Fed”… (cue dramatic music and video close-up of Powell’s bespectacled visage).
Stay tuned.
August 5, 2025 • Bill Bonner
Now cometh AI, adding to the too-much-info problem. Already, it generates news and reports that fill our in-boxes and waste our time. And an Israeli company just announced that it can twist and turn (distort) the news in real time.
Which leaves, at least for now, AI and the Mag 7 in an old-fashioned financial bubble. Stock prices are far higher than actual sales and profits can account for. So one way or another price and value will have to come back together. While it is not impossible that some breakthrough will lead to a big burst of productivity gains and growth, it is more likely that stock prices will fall.
From the creators of The Daily Reckoning, I.O.U.S.A, Empire of Debt and The Daily Missive
