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In a year from now the price of $gold will be

WSJ's @RichardRubinDC lists social security reform proposals:
* increase retirement age: still bust, long-range gap shrinks
* end tax cap: delays insolvency by 24 years
* raise tax cap: shrinks gap, delays insolvency by 2 years
* lower benefit adjustment: still bust, shrinks gap

Vive la France!
10yr spread between France and Germany
Source: Bloomberg

Adam’s post yesterday recalls Thomas Sowell’s A Conflict of Visions: in politics, some prioritize outcomes, others principles. The former may micromanage, risking unintended consequences; the latter tolerate 'loopholes' for more freedom and fewer rules.
amazon.com/Conflict-Visio… x.com/adamtaggart/st…

"European countries have seen a sharp uptick in so-called gray-zone assaults" "if the... attack had resulted in large numbers of casualties, they would have considered invoking [NATO's] Article 5"
WSJ dives into Putin's sabotage campaign in Europe. 👇
wsj.com/world/europe/a…

This morning, @jc_econ suggested to @BloombergRadio that Warsh signed on to a hiking cycle due to peer pressure on the FOMC. With due respect, that's a misunderstanding of Warsh's framework.
Not only is Warsh a hawk at heart, he has clearly articulated both his plan to tackle

A Bloomberg guest suggests it’s a mistake to raise rates as we are facing a supply shock.

"Raising rates" is too simplistic:

The Fed is “removing a dose of accommodation”, i.e. moving to a tightening bias rather than easing bias - this is not a sledgehammer hiking cycle.