The Market Structure Map
January 14, 2026
Should the Federal Reserve be independent? Depending on how you count, the enumerated powers of the United States government in Article I Section 8 of our Constitution are about 20. And all of these powers are a single sentence with clauses separated by semicolons. Two...
October 29, 2025
The Federal Reserve Open Market Committee meets today to agree to cut rates. Well, that’s the expectation. It’s with inflation at 3% and if ADP is to be believed (I think payroll data are superior to a government survey, but what do I know), jobs...
August 6, 2025
I wouldn’t call it a scam. But it’s head-scratching. To explain, here are some big numbers. Four million Americans currently retire from jobs each year. We thus need nearly 350,000 jobs monthly replacing them. Last week like a flash-bang hucked at a sleepover, the US...
July 30, 2025
Tell them it’s human nature, sang Jacob Collier. Well, Michael Jackson crooned that in 1982 under the tutelage of Quincy Jones. At the Denver Botanic Gardens Jul 28, musical savant Jacob Collier who Quincy Jones championed played Michael Jackson’s Human Nature with technological wizardry that...
July 1, 2025
Karen’s laptop computer died last Thursday, June 26. We needed a replacement pronto. We bought it online from our usual source, a big maker that’s a ModernIR customer so we’ll maintain confidentiality. We paid for expedited delivery, which said it would arrive Saturday the 28th. ...
May 28, 2025
Who is John Galt? The libertarians know. But who is John Law? I would’ve gotten along with him as he liked probabilities. At one point by his own estimation – reducing its veracity – he was the richest man who ever lived. A Scotsman and...