Helping our clients achieve superior risk-adjusted portfolio performance
is Merk's mission

With Greenspan's passing, it's worth revisiting why so many missed the financial crisis. Key contributor was an instruction to GSEs lower lending standards followed by not publishing financials. Reports on the financial crisis conveniently skip this. 👇 x.com/AxelMerk/statu…

Greenspan was blamed for missing warning clues of the looming financial crisis. He did.
The wrong conclusion is that he trusted free markets too much. There was (or is) nothing free about the GSEs, a Ponzi Scheme created in the 1930s.
wsj.com/economy/centra…

The maestro is dead. RIP. x.com/AxelMerk/statu…

.@nfergus contrasts Trump's 14 point plan with Wilson's 14 point plan after WWI. Lots of contrasts, of course, but key message is that developments post agreement may be very different from what was envisioned, even if consequences are monumental.
thefp.com/p/niall-fergus…

Why California - which heavily relies on oil from the Middle East- did not run out of jet fuel x.com/cpgrabow/statu…

Kevin Warsh -- the background story x.com/i/broadcasts/1…

I'll be reviewing the new sheriff in town, Kevin Warsh, with @adamtaggart's @thoughtfulmoney at 11am ET. Most people miss how profound the changes under way at the Fed are. Make sure you tune in.
If technology plays along, I'll be live streaming it here as well.