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Our mission is to provide you with a unique insight into the trends and events that move our financial markets.
We’re sometimes controversial, sometimes not. But there are no products to be sold here, nor commissions to be made.
Our only hope is that we may provide you with a new perspective on our Global Financial World.
We’re sometimes controversial, sometimes not. But there are no products to be sold here, nor commissions to be made.
Our only hope is that we may provide you with a new perspective on our Global Financial World.
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It's been 10 months since "Liberation Day." The Day that President Donald Trump issued tariffs on the world. Today, Friday, February 20, 2026, the United States Supreme Court issued its ruling striking down Trump's use of the "International Emergency Economic Powers Act (IEEPA) as an authority reserved for Congress.
The year began with two ongoing conflicts that could only continue with American support. When sworn in on January 20, 2025, there was some question whether the newly reelected Donald Trump would continue supporting the conflicts in Gaza and Ukraine. He had campaigned on a pledge to end the war in Ukraine in a day and curtail all overseas war, which presumably included the conflict in Gaza.
For one brief moment, peace was in the air, and many looked forward to a time when all these wars would come to an end.
We live in a world founded upon the twin pillars of international law and international cooperation. The United States, above all others, has benefited from the free flow of goods and services, which have brought us one of the highest standards of living in the world.
The ramifications of today's actions in invading Venezuela will, without doubt, be profound, for in it a US President has placed the United States above international law, global norms, and US customs. By these actions, President Trump has set our Country on a rogue path, one that puts military aggression above peaceful deliberation.
President Donald Trump is the most loquacious Chief Executive the country has ever seen. During his third campaign for President, he would speak before tens of thousands, often for hours, while enthralling everyone. His crowds loved it and came away feeling they understood precisely what Trump's vision for America was.
However, as he has transitioned to his second term, there is a definite lack of precision when he describes his policies – a "muddying of the waters" if you will, making it difficult, if not impossible, to determine precisely what the policy is. A case in point is his recent speech at the White House Christmas Reception.
Tariffs are the most consequential economic policy of this Trump Presidency. Yet we have a President who is demonstrably wrong in his recitation of the Tariff's income and benefits.
Will someone in this Administration set the record straight?
It was a simple executive-change notice, the kind that dots the financial press nearly every day. Todd Combs, one of Warren Buffett's senior managers, would be leaving Berkshire Hathaway to form a new unit at JPMorgan Chase. But this was far from an ordinary management change. For the first time in nearly a century, the fabled House of Morgan would invest its own capital in the stock market.
The Pentagon likely instructed the President to curtail all additional Russian-supplied arms to Venezuela, because there is one weapon that is of utmost concern for the US Military. That weapon is the growing number of hypersonic missiles Russia has developed. Among those, Hypersonic is the sea-based Zircon, as well as the seven-year-old, battle-tested Kinzhal.
The effort, by President Trump, to make America come out on top in every transaction may seem entirely laudable. But there comes a point when the other side of those transactions begins to doubt whether there's any benefit for them. As any good salesman knows, buyers will walk away from any "deal" that offers little or nothing. Advertise to the world, as the President is doing, that we're going to make a giant profit, and global buyers will think what we're selling is too expensive.
For the man who stands with the President is none other than the Tyrant of Syria, the most prominent representative of those "terrorists" who brought down the Twin Towers in New York 24 years ago. The very personification against whom we fought in the Global War on Terror, Abu Mohammad al-Julani.
It's an almost irresistible temptation, especially for Americans who are suffering financially: President Donald Trump has offered to send out a "Dividend" Check to millions, promising it is part of the very successful Tariff Program. Today, we'll take a look at this offer and whether it is a "good deal" or not.
First Published in May 2023
The War in Ukraine is like nothing we’ve ever seen. For NATO and especially the United States, the conflict remains a mystery, a contradiction of every theory of modern warfare. The West’s concept of War goes back, at least to Genghis Khan and his Mongol cavalry — a strategy of broad sweeping attack over vast areas of land. The objective is to cover as much territory as possible and drive out the enemy. War became a giant chessboard where the winner had the most ground.
The 1970s were the last time we had the toxic combination of high Government Deficits and strong Government controls, like Nixon's wage and price controls and Trump's Tariffs. The result was that economists had to invent a new term for the outcome: Stagflation.
It's hard to imagine things turning out differently this time.
So, imagine your employer/contractor announced it will stop paying you and put you on a temporary furlough for an undetermined period. Although you understood that such a draconian action was possible, it must have come as a real shock, a financial blow that you're still living through.
Twelve million of our fellow citizens are currently living through just such an economic crisis. Ironically, it's the most secure employer of all, the US Government, that is inflicting this pain on its own workers and contractors.
There has never been anything like it: a coordinated, cooperative system of production that brings resources and factories together to create the products that fill our local markets and stores. We call it simply, the Supply Chain.
The impact of US Tariffs on our economy is likely to be the most consequential economic policy of the Trump Administration. Only now are we beginning to see what tariffs will mean in our daily lives.
(see: https://www.congress.gov/crs-product/IF11030, if you don't believe tariffs are taxes)
It was a grand occasion, as every general officer and Admiral of the US Military was brought together in one room to discuss the new directives and priorities of the newly renamed US Department of War.
For days, speculation has raged as pundits and analysts have tried to determine the meeting's agenda. What was so vital that Secretary Pete Hegseth would bring all the military "brass" together in one location? In itself, this was a reckless and dangerous move, a temptation for any enemy to decapitate, in one fell swoop, the Nation's military leadership.
It was late in 2024 that most soy farmers settled on their plans for this year. And what a year 2024 had been. It was one of the most highly profitable years for soybeans ever. And for the many farmers who had switched to the "beans" a decade before, they must have felt prescient. The demand for Soy in the States had continued to gradually strengthen, as many Americans sought out the healthy, vegetarian alternative to red meat.
From Ukraine to Iran to Venezuela, our country is currently involved in a series of near geo-conflicts. It's a situation that we've never seen in the modern era. Yet most people seem totally oblivious to these possible dangers. It is especially true for Wall Street, where most of the investing class dismisses any risk with a shrug. The urgency of these conflicts and the need for immediate attention cannot be overstated.
From Ukraine to Iran to Venezuela, our country is currently involved in a series of near-geoconflicts. It's a situation that we've never seen in the modern era. Yet most people seem totally oblivious to these possible dangers. It is especially true for Wall Street, where most of the investing class dismisses any risk with a shrug. The urgency of these conflicts and the need for immediate attention cannot be overstated.
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