Pragmatic Capitalism

Practical Views on Money, Finance & Life

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A Good Employment Report, but With Risks


Today’s Non-Farm Payrolls report was an overwhelming positive for the US economy.  Total payrolls were up 271K with 268K coming from the private sector. There was considerable strength in professional and business services which is consistent with the recent strength we’ve seen in PMI Services data. The unemployment rate was down to 5% and revisions… Read More

Today in Scary Financial Media: “Apocalypse now”

Here’s something to scare the pants off of you.  According to what seems to be a daily article in the financial media about the next financial crisis, it’s “apocalypse now”.  Go have a laugh or cry, I mean read. My thoughts: Yes, the next big crash is always right around the corner according to the… Read More

Private Sector Saving is Not Saving Net of Investment

I’m highly sympathetic to Post-Keynesian economic perspectives. Post Keynesians generally prefer to work from an operational perspective so there is a strong influence on how the economy works at an operational level which includes a fairly thorough understanding of stock flow consistent accounting.  As I like to say, accounting is the language of economics so it’s… Read More

A Bull Market Built on Endless Financial Crisis Fears


The seven year bull market in stocks hasn’t been a story about how great things are.  Let’s be honest – the economy is still pretty weak.  But this bull market in stocks has been more about how wrong the bears have been.  The thing is, stocks don’t rise just because the economy is getting better.… Read More

Life Lessons From Doing a Full Ironman


It’s been a week since I competed in Ironman Cabo and my body and mind are finally feeling back to normal.  The Ironman is aptly named as it’s a 2.4 mile swim followed by a 112 mile bike and then a 26.2 mile run.  It takes the best competitors in the world about 9 hours… Read More

The Fed is Navigating Global Uncertainty Well (So Far)

Today’s FOMC statement left rates unchanged, but the focus is on the removal of the section on global uncertainty.  If you recall during the last meeting there was a good deal of focus on emerging markets and global uncertainty.  And rightly so.  No one, and I mean no one, knew how China’s economic weakness was… Read More

A Different Kind of Mexican Hangover….

Sorry for the radio silence over the last few days, but I spent my weekend competing in the Ironman Cabo event.  It was a torture fest in 90 degree weather across 2.4 miles of ocean, 112 miles of biking (oh, with 7500 feet of climbing – that’s about a quarter of Mt Everest for those… Read More