I practice a different type of constitutional law. The question I ask is, “Are the State powers coordinating to maintain the value and the strength of the currency? My policy (strategic) position is the Fleming Maxim (named for my friend and economist, James Fleming): strong dollar plus tariffs hurt poor people. Hurting poor people creates … Continue reading A different take on constitutional law
How do you as a market maker extract energy from the political economy? First, under your role within the State. You are the State. Bankers, lawyers, traders, and commodities owners and producers are the State. Within this group is held the philosophy and narrative for the extortion of the underlying political economy. When I say … Continue reading Market makers: How do you extract energy from the economy?
The takeaway: Underwrite the political management company that understands yield… A very simple model of the needs of the State includes sustenance from bond yields, rents, and commodity prices. The Executive executes State power. The Congress codifies State power. The Judiciary clarifies State power. To maximize the yields acquired by the State, these powers should … Continue reading The political party that wins the franchise on government should always think about yield.
Lawyers Write the Bets. Bankers Sell the Bets. 