What if the cleanest read on market risk isn’t a sentiment index but the dollar itself? We connect the dots from DXY’s slide and rebound to the invisible gears of Eurodollar credit, showing how collateral breathes through trade invoices, repos,...

When logic fails, hedges break, and the models panic.Markets rarely behave. In this episode, Hugh Hendry unpacks why. Exploring what happens when models flash red and logic collapses in real time. From George Gammon’...

The Ricardian Equivalence, Treasury Debt, and the Modernity of Money

Do Deficits Make You Rich?The uncomfortable truth: fiscal stimulus creates wealth, not consumer inflation.Sat pondering in a Caribbean bar, thinking about intelligence, the Fed, deficits, and why inflation lives in Wall Str...

In this acid breath of mine, I drift between the sublime and the sardonic. I trace how America, once the debtor, became the empire, how quantitative easing rewired the flow of wealth from the cautious creditor to the restless entrep...