WELCOME THE THE ENFILADE CAPITAL BLOG
In our blog, we will share some research insights relating the disengagement of our financial and economic system. Our Capitalism model is trapped in Prisoner’s Dilemma; 45 years after the end of the Bretton Woods global central banks have manipulated the cost of risk in a competition of currencies’ devaluation resulting in a dangerous build-up in debt and leverage, lower risk premiums, income disparity, and greater probability of tail events on both sides of the return distribution. We all take part in this game and we can try to understand what is happening behind the scenes.

Once upon a time, skeptical analysts cross checked stated growth versus energy consumption...looking for discrepancies as fluctuations in energy consumption are a good proxy for the changes in real economic activity.  Nowadays, the model of printing highly politicized...

Quick summary:  U.S. debt, spending and deficits are out of control. Thinking otherwise is delusional. The “runaway train” of debt creation will end tragically. Protect your assets from a mathematically assured disaster while you can. Buy and hold silver, gold and plat...

May 24, 2018

With his China Trade Wars tweet this AM, the Donald has proved once again that he has an uncanny ability to get to the heart of matters....even if by sheer accident!

Yet he's right.The trade war was "lost many years ago" and it's the reason Flyover America has...

There is a mass delusion in the mainstream created I think in large part by too much exposure to movie fantasy and TV fiction. It is an immediate assumption; one that I believe is far more dangerous than many people give it credit for. The assumption is that the next g...

May 20, 2018

The recent collapse of the Argentine Peso and other emerging currencies is more than a warning sign.

It could be the arrival of a “sudden stop”. As I explain in Escape from the Central Bank Trap (BEP, 2017), a sudden stop happens when the extraordinary and excessiv...

Executive Summary

  • The 35-year bull market in bonds has created an environment where investors will most likely face either low future real returns or even sizeable losses.

  • An optimally constructed portfolio does not completely abandon yield-generating assets.

  • ...

May 15, 2018

Part 1 of Merryn Somerset Webb's interview with economist Bernard Connolly about the democratic deficit in the EU, and the certainty of a new financial crisis.

Watch the first part here...

In the second part of his interview with Merryn Somerset Webb, Bernard Connolly ta...

Extreme libertarians built blockchain to decentralize government and corporate power. It could consolidate their control instead.

All over town, the parking meters are disappearing. Drivers now pay at a central machine, or with an app. It’s so convenient I sometimes for...

May 11, 2018

“Excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated,” Elon Musk wrote in a tweet last Friday. It was a stark admission from a CEO who has declared revolutionary robotic assembly as his decisive advantage over incumbent automak...

Happily dreaming in La-la-land till the rude awakening.

The Fed’s efforts to raise interest rates across the spectrum have borne fruit only in limited fashion. In the Treasury market, yields of longer-dated securities have not risen as sharply (prices fall when yields r...

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