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Mauldin Economics, Millennium Wave Investments
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Each week, well over a million readers turn to John Mauldin to better understand Wall Street, global markets, and the drivers of the world economy. And for good reason. John is a noted financial expert, a New York Times best-selling author, a pioneering online commentator, and the publisher of one ...more

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Undeniably The Most Important Question Right Now
In today's podcast we'll be speaking about China’s so-called economic crisis, the Fed’s unspoken third mandate, and “the real story of the summer.”
Noble Sacrifices
Today, we’ll continue reviewing Peter Turchin’s new book End Times, which describes his theory of “cliodynamics” and how elite overproduction tends to precede societal crises.
The Science Of Cycles
Today we continue our study of the historical cycles suggesting a major crisis is in our near-term (5‒8 years) future. We don’t know the precise timing or nature of the crisis, but the patterns indicate one is coming and could be severe.
Are Uranium Bulls Too Early To The Party?
A discussion about nuclear energy’s “green” makeover, the private support Bill Gates is pouring into nuclear development, and whether uranium bulls are too early to the party.
Storms And Patterns
Cue the Churchill quote: “You can always count on the Americans to do the right thing after they have tried everything else.” But meanwhile as we try everything else, things get worse.
Rates, Housing, Inflation, And Zombies
Housing inflation is based on rent, not on home prices. Rents have dropped over the past year, and the supply of new units set to hit the market could keep rent increases in check.
Turning Time
In the grander scheme of things, whatever the Fed does is more like throwing a hand grenade into a large building. Yes, you’ll make some noise and cause some damage. People may be hurt. But the building won’t care, and the owner will fix it.
Who Benefits At The End Of A Rate Hiking Cycle?
When inflation spiked last year, companies responded by raising their prices. As price pressures started to ease, companies opted to prioritize pricing over volume. It was a fairly broad-based trend.
Housing Hiccups
Housing is by far the biggest expense for most American households. Any inflation analysis that ignores housing misses not only the elephant in the room, but the room itself.
Flip Side Of The Inflation Coin
The market, and maybe all of us, would like to believe the latest 3% annual CPI number was a harbinger of ever-lower inflation, and we are on the road to 2% inflation by year end. I would argue, “Not so fast.”
ESG: Trillions Squandered And Zero Progress
The envisioned benefits of ESG investing, owning companies that follow responsible environmental, social, and governance policies, have failed to materialize.
Muddled Optimism
My recent letters spent a lot of time examining darker scenarios, so I want to look on the bright side. Good things are happening -- actually, lots of good things must be happening in order for the country not to be rolling over into a depression.
Endless Intervention
National leaders are (or should be) reluctant to enter wars because, once begun, they are often hard to end. You could be bogged down for years, vainly trying plan after plan as the damage accumulates. Monetary policy works the same way.
A Funny Kind Of Recession
In both weather and the economy, the best we can do is define a range of possible outcomes and try to assign probabilities. It’s not wet or dry, recession or boom. There’s a lot of in-between territory. And in between is usually what happens.
A Skip, Not A Stop
On Wednesday, the Fed sent a confident signal by declining the opportunity to raise rates again. But no one should think the rate hikes are over. I expect Jerome Powell to respond swiftly and aggressively if inflation starts moving higher again.
Storm Cycles
Broadly, some historians think human civilization goes through cycles. People are born, grow up, reproduce, grow old and die. Then their children do the same. Our cycle of existence spawns other cycles.
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