U.S. deficit explodes even as economy grows – a strong economy usually reduces the deficit. Not this time.­-Washington Post White House economics reporter Jeff Stein, 9/3/23 Wow, deficits are slated to double this year, from $1 trillion up to $2 trillion, when you exclude student debt cancellation.  This is unprecedented given the economy.– Marc Goldwein, Head of policy at CRFB, via X (Twitter), 9/3/23 To see [deficit to GDP this high, or this substantial an

That’s not flying!  That’s just falling with style.     -“Woody”, from the 1996 movie “Toy Story” As is often the case, we are navigating by the stars under cloudy skies.     – Fed Chair Jerome Powell, 8/25/23 That’s not navigating!  That’s just being lost with style.     – FFTT’s response to Powell’s comments above, 8/25/23 Few investors seem to be viewing the world through this lens, so as a result, few investors understand what appears to be happening:

Change of a long term or secular nature is usually gradual enough that it is obscured by the noise caused by short-term volatility. By the time secular trends are even acknowledged by the majority, they are generally obvious and mature.  In the early stages of a new secular paradigm, most are conditioned to hear only the short-term noise they have been conditioned to respond to by the prior existing secular condition.  Moreover, in a shift