“The canaries have stopped singing.” – Cassandra “The canaries are nervously pacing their cages.” – The Lonely Realist Cassandra’s warnings in prior TLRs presaged today's widely-held conclusion that the global economy has passed a tipping point. The failures of Silicon Valley Bank, Credit Suisse, First Republic and...

"SVB's excessive duration risk punched a government bailout ticket.” – The Lonely Realist The recent failure of Silicon Valley Bank (SVB) spotlights fatal flaws in America's banking system. America's bankers (as well as its uninsured savers) are being rewarded rather than punished for mismanaging their risks,...

“Recent trends have no precedent. The world’s economies, governments and societies are in uncharted territory.” – The Lonely Realist A recurring TLR theme has been that “These Times are Different" …, but not all that different. Although the world has been experiencing an historical cycle that...