Hello
There is stories about the House of Commons disaster so I am going to focus on some other areas.
Jim Thorne reminds readers that GDI (Gross Domestic Income) leads economic activity, and I attached his report.
The brilliant Louis-Vincent Gave was on Macro Voices. He explains why Putin may weaponize energy like he did recently with food and knows that the elections in the US and UK next year will be brutal for the incumbents if there are high gasoline prices. He thinks big banks will keep pushing the 60/40 model but prefers energy as the diversifying method and not bonds. Also, all these emerging countries are learning to use other currencies for trade hence there is a big sell off in bonds and the reason yields are going up in Europe despite brutal economic numbers. The biggest restriction for emerging markets was access to US Dollars and that has changed. The world is also seeing the many issues with solar and wind and that we are dealing with such a massive gross misallocation of capital. $4 Trillion of capital in renewables to move fossil fuel use from 83% to 81% does not make sense.
WTI is up to US$93 as I type, and Eric Nuttall gave his reasons why he is so constructive on the space. At the same time, one big firm’s main trader is still not seeing the generalists buying oil stocks yet.
Doomberg is brilliant yet again and you wonder how many more ‘soft lefts’ do the move like the UK. It is all about diesel!!! (attached)
With the backpedaling. The UK made a big change and John Gray sat down with Freddie Sayers talking about Net Zero and the age of absurdity.
The Uranium space continues to rock along and the people at G&R have been so helpful on the space. Adam Rozencwajg sits down with Jacob Shapiro for this inaugural episode of The Geopolitics of Commodities.
Peter Zeihan says the housing overbuild is twice the number of the population in China. During the credit crisis in the US, it got to be between 3 to 5%. His short video is good.
David Dodge gives some sober and wise advice to our Federal Government and the sure need a lot of advice these days.
The Ryder Cup starts on Friday in Italy, and it will be fun to watch. I think people are looking for a Rory vs Brooks singles match and the Europeans have not lost on home soil since 1993.
‘Terry & Me” is my book recommendation written by Bill Vigars on the 1980 Marathon of Hope.
Bill was the Canadian Cancer Society’s Ontario liaison for the run and where the story and enthusiasm for Terry’s run really took off. I talked to Bill this week and he wanted readers to get a feeling of what it was like to be in the Van with Terry, Darrell and Doug. And he captured that perfectly.
At a time when our country needs to feel good about ourselves and to look up to a humble and courageous leader, Bill’s stories will get you there about who Terry was and what he represented.
Terry truly was something special and a reason the Foundation keeps going so well after some 43 years.
Have a great weekend!
David
Number 1-Jim Thorne-GDP revisions in the USA this week and GDI says they could be big.
Sending the GDI memo with updates since GDP revisions this week.
In the US GDP revision will be released on Thursday. Using GDI as our North Star, there is a very good chance that GDP will be revised downward.
History shows GDI is a better predictor of the economy then GDP. GDI is weak in the USA but even weaker in Canada!
Number 2-Macro Voices
https://www.macrovoices.com/1239-macrovoices-394-louis-vincent-gave-china-energy-more
Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss:
· China recovery expectations
· China/US trade relation
· De-dollarization and BRICS
· Recent rally in energy markets
· Are we headed toward a bifurcated world?
· Possibility of Russia “weaponizing” energy prices and its implications
Download the podcast transcript: [Click Here]
Number 4-he Great Backpedaling Is Upon Us-Doomberg
With COP-28 approaching, quivering under the fresh sting of their weakening political power, expect the hard left’s hyperbolic rhetoric and ugly protests to accelerate. Meanwhile, the stark reality of trade-offs will force leaders and individuals alike to select between the Sunak camp (the “soft left backpedal”) and Macron camp (the “hard left double-down”). We suspect we know which way most will choose, and while we’ll certainly enjoy observing the spectacle from afar, we’ll also be keeping a close eye on the most important chart in the world: The price of diesel.Doomberg-Backpedaling (3)
Number 5-John Gray: Net Zero and the age of absurdity
https://www.youtube.com/watch?v=5g-zIudeFAU&t=7s
UnHerd’s Freddie Sayers sits down with philosopher John Gray at the UnHerd Club. Listen to the podcast:https://plnk.to/unherd?to=page
Number 6-Adam Rozencwajg - ``Let’s be clear, Russia has Europe over a barrel with Uranium enrichment.``
https://www.youtube.com/watch?v=HvzF6Z1u5e4
Adam Rozencwajg of Goehring & Rozencwajg, Natural Research Investors, sits down with Jacob Shapiro for this inaugural episode of The Geopolitics of Commodities.
Adam and Jacob discuss a wide range of topics including Europe’s LNG situation, global energy exports, what the supply side of the gas market is telling us, Adam’s thoughts on fusion tech, and much more.
Number 8-John Ivison: A sober David Dodge informs the Liberals their fiscal bender is finished.
youtube.com/watch?v=75-nV7FbA3A&feature=youtu.be
The former Bank of Canada governor painted a stark picture of Canada’s economic situation, while the Liberals still seem to think they are doing a bang-up job.https://nationalpost.com/opinion/david-dodge-says-liberal-fiscal-bender-is-over
Number 10-Terry & Me
‘Terry & Me” is my book recommendation written by Bill Vigars on the 1980 Marathon of Hope.
Bill was the Canadian Cancer Society’s Ontario liaison for the run and where the story and enthusiasm for Terry’s run really took off.
I talked to Bill today and he wanted readers to get a feeling of what it was like to be in the Van with Terry, Darrell and Doug. And he captured that perfectly.
At a time when our country needs to feel good about ourselves and to look up to a humble and courageous leader, Bill’s stories will get you there about who Terry was and what he represented.
Terry truly was something special and a reason the Foundation keeps going so well after some 43 years.
We hope you found the Top Ten interesting this week, and are looking forward to another selection of articles, stories, and commentary next week. If you know of anyone else who would be interested in receiving our weekly note, please let me know.
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