Below are some of the most interesting things I came across this week.
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Rana Foroohar writes, “Americans feel they have less and less control over their own lives, and they increasingly blame large corporations. AI and data centres have been the tipping point.”
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In fact, “The way Big Tech companies control crucial global choke points echoes the political and economic power of the East India Company and its European siblings at the apex of their power,” writes William Dalrymple.
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As to the trend in Big Tech stock prices, Matt King notes, “A rise in real yields of this size has, in the past, consistently pulled money out of risk and ended the cycle. This time it has not — at least yet.”
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However, Aaron Back points out, that trend in rising real yields may be more than transitory: “Years of fiscal stimulus and military spending, following Covid and Russia’s invasion of Ukraine, have left major industrialized nations in a weakened fiscal position. Those accumulated deficits were effectively the dry timber the Iran war now threatens to set ablaze.”
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Furthermore, G&R report, “The structure of this crisis appears highly asymmetric, and we believe the market has it almost exactly backwards. The consensus assumes that the end of the war will mark the end of the crisis. We believe it may mark the moment the crisis finally arrives.”
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