What's also interesting in looking at the Debt Service Ratio, alongside the more positive take on the U.S. deficit, is that Germany and the U.K. are in even better health. Data here: www.bis.org/publ/work123...

This is a pretty critical point for thinking about the debasement trade. The fiscal deficit shows up as a surplus for the private sector. In effect, the U.S. government is subsidising corporate America.

Squad, are we cooked?

Microsoft Copilot can't even provide basic tech support on *other Microsoft products* without hallucinating false advice. And yet I'm expected to believe that this slop machine is some enormous productivity boost for the global economy?

Stop this trolling @financialtimes.com

Personally if I were the CEO of Intel and had staked the company's future on a new chip, when the time came to give it a catchy name I might go with something other than "Panther Lake" www.theverge.com/report/79714...

Especially now we have the tools to instantly visualise said water feature

Who suggested that? Why, one plucky young US senator named Joe Biden. And who approved it? Deng Xiaoping, with a familiar caveat www.nytimes.com/1981/06/18/w...

Meanwhile in Japan, bad things are also happening in government bond markets... via xcancel.com/HannoLustig

And you may see graphics like this from The Economist and conclude that the New Taiwan Dollar is seriously undervalued, and wonder whether the central bank's monetary policy is deliberately designed to weaken the currency to benefit exporters.

*sad trombone*

I do not like this HKMA aggregate balance chart. This is not a normal move.

Taiwan's insurers are extending losses at the open in Taipei

Sure enough, it has been a pretty bruising session for Taiwan's insurers.