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There are pools of capital in the world so large that they cannot be parked just anywhere. Pension funds, foreign governments and central banks, giant commercial banks— they are collectively sitting on tens of trillions of dollars worth of capital that they have to invest in a safe, stable asset.
This week the British Broadcasting Corporation flew halfway around the world to find a sad story that it could blame on (1) America and (2) climate change. Their drama opens in Afghanistan’s Ghor province, where fathers line up before dawn at a dusty square hoping to find a day’s work.
[Editor’s note: This letter was written by Schiff Sovereign’s CEO, Viktorija, who is originally from Lithuania but lives in Mexico.] I’ve landed in a lot of cities. Most of them take a day or two before they show you who they really are. Monterrey, Mexico showed me in about fifteen
America was at the top of the world in 1955. World War II had been over for ten years. Soldiers had come home to GI Bill mortgages in brand-new suburbs. Detroit was building cars faster than anywhere else on the planet. And the economy was booming— in fact that year
Almost ten years ago to the day, I woke up in my hotel room in Bangkok and flipped on the TV; it was late, late in the evening in the UK, and the BBC News was broadcasting live coverage of the Brexit vote. As the results slowly trickled in and
Emmanuel Saez is an expert. A PhD economist from UC Berkeley, Saez has devoted his entire career to diligent research in a complex and dynamic field. He has numerous publications and citations under his belt, and his “h-index” (which tracks research productivity) is off the charts. So when Saez came
In the year 1484, a thirty-something year old sailor from Genoa was working in Lisbon when he stumbled upon a bold idea. For the previous decade, he had served as a crewman on several Portuguese commercial expeditions to haul physical resources like gold, ivory, and fish from Asia back to
Last Tuesday, in a manufacturing plant outside Des Moines, Vice President JD Vance stood in front of an Iowa crowd and reported on what his new federal anti-fraud task force had managed to find in its first six weeks of operation. There are 186,000 dead Americans still listed as active
Henry VIII probably thought he was being extremely clever when he started debasing his currency in 1544… and assumed that, if he reduced the silver content slowly and gradually enough, perhaps no one would notice. But the King was hilariously wrong. Despite centuries of warfare, invasions, and plagues, English rulers
The year was 1998. Titanic was still pulling people into theaters. Mark McGwire and Sammy Sosa were chasing Roger Maris’s home run record. And the Dow Jones Industrial Average had punched through 9,000 for the first time. The Cold War was over. The Internet and cell phones were starting to
Mark Zuckerberg had his hands full last week trying to calm the storm at his company. In an employee conference call, he had to quell a great deal of panic over the company’s performance. Growth at Facebook/Meta is slowing, the stock price is down, and the company is dealing with
In April 1953, CIA Director Allen Dulles tasked a chemist named Sidney Gottlieb with finding out whether the United States could do what the Soviets were rumored to have figured out: control human minds with drugs. His methods were absolutely insane; Gottlieb set up a brothel in San Francisco where
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