economics

"Fiscal easing" is only making up for declining land sales

This won’t work, except at a tremendous cost. The only solution that can minimize the pain for Spain and the rest of Europe requires that the countries that have suffered most from the unbalanced growth of the past decade band together and force all of Europe, including Germany, to make the necessary adjustments. By threatening to leave the euro

It should never be forgotten that, in its most basic form, investing is always and everywhere about price and value.

When the WPI is going up but the CPI is not, it means that the inflation faced by wholesalers is rising, but they’re unable to pass that inflation on to end consumers, possibly because the demand for their goods is weak.

the game stopped. The key point here is that all other things being equal, rising income inequality forces up the savings rate. The reason for this is pretty well understood: rich people consume a smaller share of their income than do the poor.

GDP-moving amounts of money on GPUs and such, it is not, by definition, being spent on something else.

Some examples:

• Non- life science venture capitalists are mostly only doing AI right now. Have something else needing funding? Good luck with that.

• Cloud compute companies are diverting spending from cloud offering to GPU-centric data centers.

There is evidence that investors’ discount rate increases when cash flows are further out – a phenomenon known as “hyperbolic discounting.” See, for example, Andrew Haldane, “The Short Long”, Bank of England (Speech May 2011)

In the event, G5 policy makers met to forestall a crisis and hammered out the 1985 Plaza Accord , designed to bring down the runaway dollar. It worked! Some would argue too well, because the subsequent 1987 Louvre Accord was forced through to brake the skidding dollar.

Here are some basic numbers to get things started:

• US 2025 GDP: $25 trillion (Source: Consensus forecasts and extrapolations from BEA data)

• Nvidia sales to datacenters (Q1 FY2026): **$39.1B (**Annualized: $156.4B)

• % of Nvidia datacenter sales that is AI related: ~99% (Primarily H100/GH200 sales to hyperscalers and enterprises)

• Nvidia share of