The rally in risk assets remains a rental.

Any loss of conviviality is a loss to the unwritten laws that allow humans to live and flourish together.

The new gods are jealous gods and they were not pleased with the graven image of Trump’s name on stimulus checks. All glory must be to them.

The Fed can buy all the assets they want, but it won't make any company or individual consume goods or services.

The world has to go through a deleveraging process where assets are sold to pay down debts. It has only begun.

Many common ideas, once held sacrosanct, are headed for the long home.

In 1918 much of the world was as rural as it was during the Renaissance. Today, roughly 54 percent of global population lives in an urban area.