When Price Stops Mattering

Most people think nothing much is happening right now. Markets are drifting, headlines are recycled, and the sense of urgency feels muted. That’s usually when I start paying closer attention. Because the biggest moves rarely begin with noise — they begin with compression. Right now, a series of structural indicators suggest we’re coiled inside a tightening range. That doesn’t guarantee direction. But it does suggest expansion is coming.

At the same time, the bigger forces shaping the next decade are quietly accelerating. Insurance markets are thinning. Commercial real estate debt is rolling forward into a tightening credit cycle. Wage growth is slowing while AI is beginning to reallocate routine thinking across entire industries. None of this screams “crisis.” But together, it forms a pattern — one that rewards people who model the most likely future early, instead of reacting to it late.

Inside, we’re not trading headlines. We’re trading structure — and adjusting capital, skills, and generational plans accordingly. Compression never lasts forever. The only real question is whether you’re positioned before the expansion begins.

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Beyond the Kidnapping Replay – Jobs and Inflation Inbound

The future often reduces to a couple of numbers. This week, it’s the delayed Jobs report and Friday’s CPI. With soft ADP data and elevated Challenger job cuts in the backdrop, the official BLS print carries extra weight. Depending on how it lands, we could see the classic “buy the rumor, sell the news” dynamic around inflation — or its mirror image. We’re watching, not predicting.

Subscribers today get a substantial long-wave economics deep dive in “Beyond the Kidnapping Replay.” It revisits historical rhyme patterns — trust erosion, inflation pressure, crypto ruptures, corruption markers, overlapping geopolitical stressors — and places them in a state-extremes market framework. It’s long, deliberately so, and meant to provoke structured thinking rather than knee-jerk reaction.

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Frank’s Weekend: The Public Cost of Private Sports

It’s Super Bowl weekend — but instead of hype and halftime noise, today’s Peoplenomics report takes a hard look at something few people ever question: why taxpayers are still paying for private sports empires.

In Frank’s Weekend: The High Cost of Private Sports, we trace the hidden financial machinery behind stadiums, bonds, and “public-private partnerships,” and explain why these projects almost never pay for themselves — no matter how they’re sold to voters.

This isn’t a rant about sports. It’s an accounting story. One that reaches back to a little-known legal fight in Seattle in the early 1970s and runs straight through today’s ballooning public debt, rising living costs, and misplaced priorities. Along the way, we separate civic pride from fiscal reality and show how entertainment quietly became one of the most reliable ways to socialize risk while privatizing profit.

Subscribers also get this week’s ChartPack, where we lay out how current market conditions, short-term volatility, and state-variance extremes may shape trading in the days ahead — including why a brief pullback could give way to a sharper rally. If you want the full analysis, the historical context, and the market framework that goes with it, log in or subscribe below.

Or, go pop a cold one and keep pretending.

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Open in Case of (Iran) War

What Matters More Than the Noise

Two signals today deserve serious attention — and neither has much to do with the shouting matches dominating cable news. First, the jobs picture. ADP’s January number came in at just 22,000 jobs created nationwide, a figure that borders on stall speed. Normally, we’d look to follow-on data to confirm or refute that weakness. But with the Labor Department’s JOLTS system offline due to suspended federal services, one of the economy’s most important “early warning gauges” simply went dark. When employment signals vanish, businesses don’t lean in — they pull back. Hiring freezes, delayed raises, and postponed expansion plans are how uncertainty shows up in real life.

Under the MSM Noise Floor

Second, while media attention remains locked on Trump, Epstein, and ICE protests in distant cities, the pressures most households feel are far closer to home. Rising insurance premiums, creeping property taxes, and quietly deteriorating infrastructure don’t trend on social media — but they shape daily decisions and long-term stability. When reliable economic data disappears at the same time local costs continue rising, risk compounds silently. That’s the counterpoint worth keeping in mind: national drama sells clicks, but local economics decides outcomes. For now, the practical response remains simple — chop wood, carry water, and watch the signals that actually move lives, not just headlines.

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A Simple Weekend Tasking

Most people spend their weekends drowning in headlines that won’t matter by Monday — while missing the few signals that will. This week’s Peoplenomics cuts through the noise with a simple question: what actually changes people’s lives in the next 72 hours? Weather, shutdown mechanics, markets, supply chains, and geopolitical risk all get ranked — not by outrage value, but by real-world impact.

What makes this different is the method. Instead of chasing narratives, we run a disciplined scan, then stress-test it with human judgment. The result isn’t prediction theater — it’s orientation. You’ll see why markets can look calm while quietly losing their informational compass, how partial shutdowns degrade data quality without triggering alarms, and why “nothing happening” is often the most dangerous condition of all.

The companion ChartPack takes it further, showing where today’s market rhythms rhyme with past turning points — and where they don’t. It’s not advice. It’s situational awareness for people who prefer thinking over reacting. If you like knowing why something matters before everyone else suddenly notices, this is one worth clicking — and keeping.

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The Flash Drive at Alexandria

Most investors look at a rising market and assume progress. But on a Fed Day, that assumption can be expensive. Price moves for three very different reasons: real business improvement, currency dilution, and story momentum. If you don’t separate them, you end up celebrating gains that are really just your money getting weaker. Today’s column tackles a simple but uncomfortable question: are stocks rising because American companies are genuinely producing more and better—or because the dollar buys less of everything that matters?

Using a civilian-grade calculation—no PhD, no quants, no CPI fairy dust—we strip market gains into hard-constraint terms the Fed can’t print and China can’t fake overnight. When you do that, something sobering shows up. Since pre-COVID, the market’s headline gains look impressive. In real purchasing-power terms, they’re far less heroic. Some genuine productivity exists. But a large share of what feels like “growth” turns out to be forced defense against monetary dilution.

The punchline matters for today’s rate decision, today’s ChartPack, and the next several years of investing. Roughly half of what many investors think is wealth creation may simply be money illusion—priced in as if it were permanent. That doesn’t make the market wrong. It makes situational awareness essential. If you want to know whether you’re getting richer—or just running harder to stay in place—this morning’s Peoplenomics lays out a framework worth stealing.

So is our view about the future on knowledge as Elaine and I face one of the hardest decisions seniors make:  What to do with all our beloved books?

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Holiday, Housing, and GDP Week

Going into the long weekend, I’ve been chewing on what may be the most important investment question we ever face, and it has nothing to do with stocks. It’s the question of where we put our remaining attention, energy, and clarity as the calendar insists on moving forward. There’s a “retirement” story most people tell themselves, but there’s also a quieter reality: aging isn’t just years, it’s motion. Some folks keep moving, building, learning, and adapting. Others default to the couch and the Cyclops. The difference shows up fast.

Markets are closed Monday, but the world is not. We’re heading into a week where headlines can matter more than models, and where the next slice of GDP data will give us a fresh read on whether money is actually turning over or just pooling in place. I’ll keep today’s column light on the “spoilers,” but the setup is straightforward: news flow is likely to drive, and the week ahead looks like one of those moments where timing, sentiment, and the consumer’s willingness to spend may tell us more than any single number. ChartPack is posted for subscribers. Use the holiday to get organized, pick a project, and come back Tuesday ready to think clearly.

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The “Dutchy” Faces Civil War Lite (CWL)

America hasn’t become the Duchy of Grand Fenwick overnight. We’re not there yet, and we probably can’t get there for another five or ten years. But the uncomfortable truth is that American hegemony, both financial and cultural, is now openly negotiable. Silver topped $90 overnight.

A reserve currency doesn’t lose leadership because another nation makes a speech. It loses leadership because the old anchor stops doing three jobs at once: settling trade, warehousing savings, and financing wars without blowing credibility to pieces. The shift shows up first in the plumbing — what gets invoiced in what, what central banks hoard, what is treated as “risk-free,” and which rails get used when things get tense.

That’s why the WWII handoff from sterling to the dollar matters. Britain entered the 1900s with empire trade networks and London finance as the global default. Then two world wars did the damage: gold drained, assets sold, debts piled up. Meanwhile the U.S. became the arsenal, the lender, and the factory floor. By war’s end, America held disproportionate gold, ran the most productive industrial base on Earth, and had the deep markets required for reserve currency status. Bretton Woods didn’t create dominance; it formalized a shift already forced by war math.

Now the “quiet tells” are back in view. In On the Waterfront: Change Noted, you’re not chasing headlines — you’re looking at slow-speed giants: port cargo numbers and the suggestion of meaningful declines up and down the West Coast, framed as a systems shift more than a cyclical wobble.

In the ChartPack, the frame is a “Global Gap or Dollar Faller?” moment: readers shifting from stock-picking to asset-class questions, and metals still on their “moonward journey.”

Those aren’t proof of an imminent collapse. They’re evidence of a world beginning to price alternatives and reduce single-point dependence.

Which is where the practical side comes in. Your CWL doctrine isn’t politics; it’s continuity-of-life: remain solvent, healthy, mobile, and optional while systems misalign. Treat CWL as a systems failure mode, with the objective being non-participation by default.

That same operational mindset applies to currency transitions: they don’t announce themselves with sirens. They arrive as reliability breaks, optionality narrows, and the default stops being the cheapest choice.

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Minnesota Showtime and CWL

A few thoughts this morning extending the research from Friday on the odds of a Civil War Lite (CWL) riff from the Minnesota outrage this week.

As usual, we keep the “systems hat” on. But even for the public, the simple taekout from Friday was “As long as stocks are going up, Walz and company are a midway-style distraction.”  Maybe so.

It’s when the markets take a hike – the administrative coherence becomes a question – that’s when…well, more on that as we dive into the shallow end.

Because the ChartPack is the real deep end…

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The Digital Anasazi

Subtitle: How a Mouse Wheel glitch on a brand new mouse – plus the insult of having to “get a confirmation code” to take delivery of food we’d already paid for – combine to present a distasteful and inescapable conclusion.

We are becoming the digital-spin off the Anasazi.  Which, you (ought to) remember as one of Joseph Tainter’s sociological studies underlining a critical concept.  “When the marginal rate of return on additional effort falls below zero, civilizations simply walk away.”

We aren’t there – yet. But Peoplenomics readers are checking their shoes.

Two incidents this week drive: A brand new mouse that failed to work as expected because its onboard “scrolling inertia” was out of control.  Add to this having to “get a code” in order to take delivery of an order – even after my bank account had been charged.

These may seem small – even petty of me – when you’ve been mapping the interactions between domains for as long as I have, these events run up caution flags all over the place.

Right now, America is in the “extending empire” to keep focus off the home front. Off Epstein, off China surpassing us, off rising taxes, especially when inflation is counted in, as a fraction of income. Inflation, to be clear, is a tax.  It’s the “compounding gorilla” that has stolen 97 percent of the Dollar’s purchasing power since 1913.

Unique?  Naw. We are not the first to try this gambit when the marginal returns started to suck wind and enter free-fall.

Rome did it repeatedly when returns at home thinned: campaigns in Gaul, Britannia, and later Dacia were sold as glory, security, and prosperity, but functioned just as much as pressure valves — ways to redirect attention, extract new resources, and delay reform. Expansion didn’t fix Rome’s internal inefficiencies. It postponed them, while adding new administrative and military overhead that further lowered returns for the average citizen.

Rome didn’t have a Fed tool to use.  There was a class of chiselers who scraped silver off the edges of coins.  A practice that led to serrated edges of “modern coin.”  Instead, we took most of the copper out of pennies, the silver from dimes, and who knows what from Fort Knox.

The pattern repeats. Imperial Spain chased silver across the Atlantic as domestic productivity stalled. Victorian Britain extended itself across Africa and Asia long after the industrial returns that built the empire had peaked. More recently, the Soviet Union leaned into foreign adventures as its internal economic model decayed — Afghanistan being less a cause of collapse than a symptom of declining marginal returns at home. In every case, outward motion substituted for inward repair.

Empires don’t expand because they are strong. They expand because the internal payoff curve has turned negative and leadership lacks the political bandwidth to say so. Jeffrey who?

Extending the perimeter buys time, narrative control, and distraction — but it never restores efficiency. That’s the Anasazi lesson applied at scale: when systems demand more effort for less reward, rational actors — individuals or civilizations — don’t fight the math forever. They route around it. Quietly. Until one day, the center realizes too late that the margins have already moved on.

Still,  this is just another day under Caesar Trump. And in the ChartPack you’ll see how Weimar 2.0 is alive, well, and beckoning people who could be putting in survival gardens like the new tech version we outlined last week.

Click like you life depends on it.  Because it very well could.

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The Guns of January

Most people consume news the way they consume caffeine: a quick jolt, a shallow reaction, and then they move on. Peoplenomics is built for people who want something different — a way to understand why events cluster, when risk shifts, and how long cycles quietly shape markets, politics, and even war.

This week’s Peoplenomics report connects developments most commentators treat as unrelated: U.S. gun-law rulings, rising global conflict zones, and late-cycle market behavior. Instead of reacting to headlines, we show how these events fit into a deeper pattern — where institutional trust thins, responsibility decentralizes, and volatility becomes structural rather than temporary. When courts, markets, and battle lines all start moving at once, it’s not coincidence. It’s cycle mechanics.

Peoplenomics isn’t about predictions or panic. It’s about positioning — understanding what phase we’re in, what behaviors historically work late in cycles, and how to protect both capital and optionality when the old rules stop applying cleanly. If you’re tired of noise and want framing that actually helps you think, plan, and act, Peoplenomics is built for exactly that kind of reader.

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