Back during the days of the Soviet invasion of Afghanistan, we gave our allies, the mujaheddin, a whole bunch of man-portable ground-to-air missiles called Stingers. They used them to great effect against the Russians. They also sold a bunch of them on the black market. We then spent a great deal of...

At the beginning of last week, everyone expected central banks to “tighten until something breaks”. By the end of the week it was clear that they’d already broken everything. Two middling US banks imploded, European mega-bank Credit Suisse finally died a well-justified death, and “who’s next?” specu...

Since 2008, we have been in an era of unprecedented money printing and interest rate suppression. Now the cost of all of that easy money is coming due. We’ve been paying for it through price inflation, and now we’re paying for it through a deflating bubble economy as the Fed tries to undo its malfea...

Update (8:35pm ET): According to the NYT, the charges against SBF which in an indictment which will be unsealed on Tuesday included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. Of course, SBF should also be charged for talking too damn much a...