economics

more importantly, the small food and wealth surplus that was produced was captured by political and religious elites; siphoned off for their benefit.

The scale of this expropriation was vast. According to some estimates, by 1300, church clerics owned one-third of all agricultural land in Europe. The wealth generated by the peasants was directed into

“ The province of Alberta, home to the world’s third-largest crude reserves, is making a push to become a hub for artificial intelligence data centres and sees the potential to attract $100 billion in investments.

The government is planning to introduce legislation, make regulatory changes and roll out new services to encourage technology

In 1933, it joined other railroads to form the International Container Bureau, an organization dedicated to making international container freight practical in Europe.

The discount rate can be viewed as a composite of the expected real return (reflecting consumption preferences), expected inflation (to capture the purchasing power of the cash flow), and a premium for uncertainty associated with the cash flow.

Potential Winners and Losers: In an inflationary environment: o Losers: Long-duration bonds, high-growth tech companies reliant on cheap capital, and heavily indebted entities vulnerable to rising interest rates.

o Winners: Real assets like commodities, infrastructure, and companies with pricing power or exposure to supply chain restructuring.

Very low lending and deposit rates create a powerful mechanism for using household savings to boost growth by heavily subsidizing the cost of capital.

Migrant workers are also unable to get residence permits, called hukou, and without hukou what limited protection workers may have is sharply reduced because living in an urban area without the proper hukou is tolerated but technically illegal.

Last week, we wrote that Trump’s “concession post to the BRICS” (“Looks like we lost India and Russia to China”) meant we will have global peace, a secularly lower USD, higher global nominal growth, higher global inflation, much higher gold prices over time, higher BTC, higher stocks and in time, rebalanced trade:

In the context of the preceding

The Inflation Reduction Act provides tens of billions of dollars in subsidies for wind and solar in the U.S. However, as seen below, gas-fired generation is still growing faster than those two sources combined. Note that in 2023, wind generation fell despite the addition of 6 gigawatts of capacity. Why? The wind didn’t blow.