“My house in California sits within a short walk of the Hayward fault. Most of the time nothing happens, but occasionally we are jolted awake by an earthquake.”
New ET contributor Kevin Coldiron on the tectonic plates that are driving inflation (and its consequences) today!
Last week I wrote that the Big Idea (unmoored long-end of rates curve) had been discovered, which always means that the counter-Narrative isn’t far behind.
That counter-narrative is Bad News Is Good News TM.
Political entrepreneurs are all around us. They influence what we think. They influence how we think. But we often don’t recognize it. In this episode, we pull back the curtain on the world of political entrepreneurs. We explain who they are, what they do and why they do it. We also look at what we can all do to protect ourselves from their influence.
Recent major media stories that feel to us like they’re part of a larger Narrative campaign.
The Bone Wars. A decade long battle of ego between two dueling paleontologists. It’s a tale of obsession, sabotage, and academic backstabbing. This clash of titans brought new attention to the theory of evolution and helped make dinosaurs the cultural juggernauts we know them as now.
Just in the past week, a new viral thread in narrative-world to support the ‘unmoored long-dated rates’ trade.
TRIGGER WARNING:
This note will make many readers anxious and angry, because you have been told by the political entrepreneurs of your tribe that neither Oliver Anthony nor Greta Thunberg is ‘political’ at all, and that anyone who says otherwise is a bad person.
The political entrepreneurs of your tribe are lying to you.
Awareness of narrative is a necessary tool for the politically engaged citizen.
Up to a point.
If obliviousness to narrative is the easiest way to shut off our brains, narrative derangement syndrome is a close second. The citizen must be vigilant against both.
Recent major media stories that feel to us like they’re part of a larger Narrative campaign.
The recession-is-coming narrative is dead and the inflation-is-over narrative is dominant, making the Fed’s job that much harder and making resurgent inflation that much more likely.
Now about those 10-yr Treasury yields …