Is mathematics discovered, or invented? Is science discovered, or invented? What about art?

Science, is clearly discovered. If Einstein had not realized that E=mc², then, eventually, someone else would have.

Art, on-the-other-hand, is clearly invented. If Da Vinci had not created the Mona Lisa, no one else would have, and…

Primary bull market trends are fuelled by money. In this piece, we elucidate where this money comes from, and how today’s market setup is similar to the 1990s, only better.

Where Money Comes From

Money enters the economy from two sources: the Treasury net-spending (spending-taxation), and from bank credit. The former is more “powerful”…

The debt ceiling is a ridiculous political tool that is hurting the economy, the banks, and the stock market.

Dollars and Smiles

For a currency-creator, money is like smiles for an individual; neither can run out of either. Which is why the ‘debt ceiling’ is akin to economic-self-harm. Imagine not allowing yourself to…

The stock of Treasuries is generally misunderstood to be the national “debt”. In fact, it is the record of the net transfer of funds to the private sector from the federal government. It is not money that was borrowed by the Treasury. The federal government is monetarily-sovereign, which means it…

At the end of March, the Fed reinstated the required reserves into the SLR of the banks. In order to avoid problems with the banks’ ability to maintain their ratio requirements, the Fed opened the overnight reverse repurchase facility where banks could funnel excess reserves into T-bills and earn interest…

Where are we? At the edge of a cliff, or the foot of a mountain?

In the weekend summary, we pointed out that the McClellan summation index RSI was poised to turn back up while still above 30, like it did at the start of the November recovery, and that…

ANG Traders

Forty years of private equity trading, and still learning.

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