Notes in the Margin

Bitcoin is back at November 2021 levels as bullion and big-tech stocks all take a beating in the midst of new disappointing jobs hiring data. 

"Administrative warrants" embody the new pseudo-law used by federal immigration agents to trample the Bill of Rights.

Gold’s price dropped from close to $5,600 to less than $4,500 on Monday. Silver plunged 31.4% on Friday alone.

Warsh's hawkish credentials are real. His hawkish future is not. Trump didn't pick him to raise rates and crash markets before the midterms. 

If confirmed by the Senate, Warsh would succeed current Fed Chair Jerome Powell, whose term ends in May.

Inflation, long dormant in Japan, has taken hold. As a result, investors have been frantically sending bond yields up to levels once unthinkable.

The military buildup includes the USS Abraham Lincoln aircraft carrier strike group. On Friday, the US Treasury slapped sanctions on nine ships suspected of carrying sanctioned Iranian oil. 

"Gold prices tore past another milestone, with tariff threats against Canada and the possibility of a fresh U.S. government shutdown adding fuel to the metal’s historic rally."

"President Donald Trump said Wednesday that he would like to appoint Treasury Secretary Scott Bessent to chair the Federal Reserve."

The world would not read a takeover of Greenland as bold. It would read it as a country that has run out of better ideas.