THE WOLF STREET REPORT

Fundamentals for markets have boiled down to QE or QT since 2009. Now there's QT, a lot of QT, globally, to battle the worst inflation in decades.Support the show

Most people in finance today cut their teeth in the era of Easy Money, when history books were thrown out the window. Support the show

The Fed ended Free Money, and the only thing it broke is the consensual hallucination that spawned during the Free Money era. And look what we got. Support the show

Some markets are already deep into it, others just started. A sobering trip from the free-money decade in la-la-land, back to normal. Support the show

Drunk with Easy Money, companies were hogging office space and workers for a future that did not come. Support the show

The Crazy Stuff and Crazy Asset Prices that arose during Easy Money started blowing up when Easy Money ended. Support the show

As the FTX collapse shows, the shenanigans guarantee smooth, efficient contagion inside the crypto zone. But beyond it? Support the show

Raging inflation knocked out the “Fed put,” and banks are no longer on the hook for mortgages; taxpayers and investors are.Support the show

Deficits don't matter – until the bond vigilantes ride into town.Support the show

The Fed will tighten “Until Something Breaks” and then pivot? Wait a minute... Support the show

Higher interest rates and mortgage rates for much longer, with lower asset prices, as the Everything Bubble gets dismantled. Support the show

Biggest investors in single-family houses: “We need to be patient and allow the market to reset.”Support the show

One of the most important dictums in US finance is this: “Don't fight the Fed.” And this could get ugly. Support the show

Shedding People, Offices, and Warehouses. It's kind of sobering. Reality has that effect, after a drunken binge.Support the show

The USD had a heck of a ride, which kept inflation from spiking even further. But it may not last much longer. Support the show

That's what's different this time: Stuff is blowing up because of leverage, and the blow-ups cascade through the crypto space because everything is now interconnected. Those weren't factors in prior “crypto winters.”Support the show

This crash beneath the surface showed something had broken, that the magic had died, that hype and hoopla were suddenly unable to carry the day.Support the show

Dotcom Bust 2 has begun. Only bigger.Support the show

The dollar's role as dominant global reserve currency is at risk if the Fed fails to crack down on inflation. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

The mayhem that has totally crushed one stock after another for a year breaks through the surface.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

Mega-policy decisions to boost demand. Now mega-consequences. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

What's left of the debt-fueled property speculation that drove growth is a huge explosive mess and an enormous amount of debt. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

The property sector and its debts are possibly the biggest financial mess in China's history.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

China still hasn't bailed out investors in the property developers, to the shock of foreign investors who'd bought their dollar bonds. Could the forced deleveraging trigger a financial crisis? Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

 Enough consumers, flush with free money, suddenly eager to pay those high prices, particularly for big-ticket items they didn't have to buy. Magic Mix. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

The Fed will trim back its stimulus, but it's already too late, and it'll be too little and too slow.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

The Fed. And then the Fed steps away.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

This combo of massive QE, repressed interest rates, huge government stimulus with borrowed money, and raging inflation is new in recent history.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

Get Used to Higher Inflation. My Thoughts on the Biggest Mess I've Seen in Decades. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

It works until it doesn’t. Now all eyes are on housing.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

And for buyers, it's a Perfect Time to make a Terrible Deal. The winner in these crazy bidding wars is the seller. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

These manias and the rising long-term yields are on collision course. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

In 2012, dude offered to buy my book for 1.5 bitcoin, a “Monetary Revolution” that “doubled in 4 months.” I’d just need to hype bitcoin on my site. That’s still how it works. And big highly leveraged players with huge megaphones jumped in. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

A historic short squeeze, engineered by millions of deeply cynical small traders, exposed just how rigged the market has been.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

During the Financial Crisis, consumers deleveraged by walking away from their debts. And now, with 20 million people still claiming unemployment insurance? The opposite is happening. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

Under the effects of the Pandemic, consumers and businesses grapple with their own “Reset.” Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

As after the last crisis, fueled by ultra-cheap money, they’re taking financialization of the housing market to the next level: Now it’s buy-to-rent, build-to-rent, sale-leasebacks, and buy-to-sell.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

A lump-sum payment in digital dollars for all Americans during a recession or to raise inflation as an alternative to QE and negative interest rates, which have failed.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

It just looks so tempting. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

SoftBank was only a cog in the huge machinery. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

A sort of sector rotation of layoffs, and it’s not a good sign, even as millions of lower-wage workers are being hired back. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

Easy money is a curse for capitalism. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

Over 30 million people lost their jobs between mid-March and mid-May during the lockdowns. But over the same period, the wealth of America’s 600-plus billionaires ballooned by $434 billion, pushing their combined wealth to $3.4 trillion. How did this happen?Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

“Extend and Pretend” forevermore. Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)

What’s so insidious about the Fed’s bailouts of investors in hedge funds, mortgage-REITS, stocks, bonds, leveraged loans, and other often risky assets? The destruction of capitalism.Support the show (https://wolfstreet.com/how-to-donate-to-wolf-street/)