All Macro-Thematic Trend Reports:

The most consequential geopolitical week since the fall of the Berlin Wall (FFTT, 9/9/25)

“Today, humanity is once again faced with critical choices: peace or war? Dialogue or confrontation? Win-win co-operation or zero-sum rivalry?” Xi said.     –“Xi Jinping hails ‘unstoppable’ China at landmark military parade”, FT, 9/3/25 Please give my warmest regards to Vladimir Putin and Kim Jong Un, as you conspire against The United States of America.      -Pres. Trump, via Truth Social, 9/3/25 Looks like we’ve lost India and Russia to deepest, darkest China.  May they have a

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New “Everything Bubble” is not translating to lower deficits fast enough = very troubling (FFTT, 9/2/25)

[Total equity market cap as a percentage of US GDP] is probably the best single measure of where valuations stand at any given moment. And as you can see, [in early 2000], the ratio rose to an unprecedented level. That should have been a very strong warning signal…[for the annual return of US securities to materially exceed the annual growth of US GNP for a protracted period of time], you need to have the line

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“Reverse Marshall Plan” is the new “DOGE will cut $2T of US government spending” (FFTT, 8/26/25)

US President Donald Trump’s trade policy has tied the financing of new American factories to the easing of some tariffs for foreign allies, a strategy that could channel more than $10 trillion into US manufacturing and critical industries, Treasury Secretary Scott Bessent said in a Fox Business interview on Wednesday.  “We have agreements in place where the Japanese, the Koreans, and to some extent the Europeans will invest in companies and industries that we direct—largely at the President’s

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