Fighting Inflation With Inflation

It's amazing that markets have calmly accepted the widely-held belief that the Federal Reserve will respond to rising inflation expectations by printing even more money to buy bonds to keep yields from rising. Fighting inflation with inflation guarantees inflation wins and the dollar loses.

Bitcoin: A Massive Double Top?

Bitcoin bulls are celebrating because after 3 years Bitcoin finally managed to eke out a new high. But what makes them so sure that this marginal new high doesn't constitute a massive double top? Perhaps they should put away the champagne until an actual breakout is confirmed.

Bond Investors Are Worried About Stagflation

A weaker than expected November jobs report is sending Treasury yields higher, not lower. This means bond investors are worried about stagflation. The weaker the economy gets, the more inflation the Federal Reserve creates to stimulate it and to buy the excess Treasuries investors are dumping.