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Ben Hunt Profile picture
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6 Dec, 4 tweets, 1 min read
What is financialization?

It’s when all the stocks in the world are worth more than all the goods and services produced in the world.
This isn’t saying the market is “expensive”. This isn’t the Buffett indicator writ large.

The equity market is a social game. Global GDP is the real world.

Today we value a social game more highly than we value the real world. That’s financialization.

It’s a POLITICAL thing.
This is the Long Now.

epsilontheory.com/the-long-now-p…
The stock market is no longer a transmission belt between private capital and companies that can make productive use of that capital. This real-world connection with capital markets has been severed, turning them into political utilities.

THIS is financialization.

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More from @EpsilonTheory

Ben Hunt Profile picture
1 Dec
Leaked docs show China made up its Wuhan Covid numbers to create a "we're winning the Covid war" narrative.

We wrote about this on Feb. 10, the first of 4 notes over 3 weeks outlining the betrayal of the world.

First by China, then the WHO, then the US.

edition.cnn.com/2020/11/30/asi…
This was the corrupt political response of the Chinese government to COVID-19.

epsilontheory.com/body-count/
This was the corrupt political response of the World Health Organization to COVID-19.

epsilontheory.com/the-industrial…
Read 7 tweets
Ben Hunt Profile picture
22 Nov
Thread. I may have written a few notes on this.

But heads up, @10kdiver, the “Yay, buybacks” crew will not be pleased.
Here’s the note that started the series on “Yay, stock buybacks!” as the narrative cover for massive $$ transfers to management through sterilization of stock-based comp.

epsilontheory.com/yeah-its-still…
Here’s the Boeing note.

epsilontheory.com/when-was-i-rad…
Read 10 tweets
Ben Hunt Profile picture
17 Nov
It’s pretty telling that the one time - the ONE TIME - where Dem Senators pull out all the stops and miraculously get 3 GOP Senators to join them in blocking a Trump nomination is for the Federal Reserve.

It’s almost as if there’s a ruling class.

marketwatch.com/story/democrat…
You can do what you want with the Sup Ct, but the Fed ... well that’s where we draw the line.
Read 5 tweets
Ben Hunt Profile picture
20 Oct
I've been wondering why I find the latest Covid surge so profoundly depressing when:

a) I wrote a note in May saying endemic Covid would look *exactly* like this, and

b) as @WRGuinn points out, there IS some good news (India improving, TX w/12 wks of declining deaths, etc).
Here's the note on endemic Covid, btw.

epsilontheory.com/self-assured-d…
I think my disappointment stems from an innate trust that when the chips are down and we're faced with a common enemy, I really did expect some aspect of representative government somewhere in this gigantic country to rise to the occasion. I really did.
Read 5 tweets
Ben Hunt Profile picture
19 Sep
My RBG story.

In 1993, two months before she was nominated to the Sup. Ct., RBG delivered the Madison Lecture at the NYU law school.

RBG was introduced by her husband Marty, then she spoke on women’s rights (and lots more).

I’ve never forgotten that speech.
RBG had little use for “women’s rights”.

RBG was all about EQUAL RIGHTS for ALL citizens.

RBG was all about EQUAL TREATMENT UNDER LAW for ALL citizens.

That’s it. It’s really as simple (and as difficult) as that.
In particular, RBG had zero use for what today we’d call virtue signaling. She was all about the real world.

To RBG, the core issue of equal rights was WORK.

Are you doing the work? Then dammit, you get paid for doing the work!

Again, it’s as simple (and difficult) as that.
Read 4 tweets
Ben Hunt Profile picture
5 Sep
It’s too painful for a lot of people to think about Covid anymore. So they get mad if you talk about our pathetic response.

There’s a way forward that’s neither a death-cult nor an unlivable lockdown.

Universal testing. Universal PPE. Help your neighbor.

So nah. Not stopping.
Universal testing and universal PPE requires a strong federal gov’t effort to establish.

It would reveal our current effort as weak and pathetic, which is why the GOP won’t support it.

It would revitalize our economy before the election, which is why the Dems won’t support it.
Universal testing and universal PPE gets R-0 way below 1 and keeps it way below 1. That plus improved therapeutics at each stage of disease progression is how we get through this if/until we get an effective, *proven* vaccine.
Read 4 tweets

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