"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,...
“It may seem that America has experienced major changes over the last four years, but the reality is that the more things appear to have changed, the more they’ve stayed the same.” – The Lonely Realist Today marks the beginning of TLR’s fifth year. With more...
“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...
“What do today’s revolutions portend?” – The Lonely Realist As TLR first noted in August 2019, the world has experienced massive revolutions over the past 250 years in agriculture, industrial production, technology (including artificial intelligence) and biotechnology, all of which are continuing. They have brought unparalleled...
“America’s treasury is bankrupt.” – The Lonely Realist As Herb Stein, Chairman of the Counsel of Economic Advisers under Presidents Nixon and Ford, famously said, “If something cannot go on forever, it will stop” – Stein’s Law. America’s combination of excessive spending, too-low taxes and multi-trillion-dollar...