Fair Warning... The Central Banks are Running Out of Bullets on Inflation

Did you miss the June 26 speech at the IMF on inflation? This is probably the most important warning of what lies ahead for the global economy. A reminder: We printed too much damn money.

Dear Fellow Expat:

I respect your time - I wouldn’t send you two daily emails unless the second one is urgent.

Technically… we could wait until tomorrow for this message. But, if I’d held off, by the time it reached you, the damage would have already been done.

This morning, the ADP jobs report showed that private companies added nearly 500,000 positions in June. The White House may take a victory lap, but we know, as investors know, the problem here.

The problem is this: The Federal Reserve can’t get the job market under control.

This could spur more inflation, higher interest rates, and wealth destruction down the line.

But if you’re an adult who’s been in the markets longer than a year, you know that headline already.

This is what you really need to know right now…

More People Should Listen to Gita Gopinath

This morning, I had a conversation with a friend in Europe.

He directed me to a recent speech by Gita Gopinath, a former assistant professor at the University of Chicago.

Gopinath is now …