You can't push people off Mount Everest who are already living cheap. For years, American families have bought store-brand everything, put off the car repair, and picked up a second job to cover rent. Then Washington rolled the tariff boulder down at them and called it strategy. A tariff is a tax paid at the register, and it lands hardest on people with nothing left to cut. Same cart, higher price. Pressure the Fed for rate cuts and your mortgage and insurance don't get cheaper, because the bond market sets those and it's watching. Deficit spending keeps inflation baked in. Every boulder hits the same households who've already adjusted to scarcity, and tens of millions of them can't be crushed by a press release. The law of large numbers doesn't care about the talking points. Nobody needs an economics degree to connect the grocery bill to the tariff announcement and Iran war, and in November they'll vote on those inflated bills against Trump economics which is damaging the GOP.

You don’t own enough hard assets

Barack Obama at his last press briefing with reporters, 2017: "I have enjoyed working with all of you. That does not, of course, mean that I've enjoyed every story that you have filed, but that's the point of this relationship. You're not supposed to be sycophants. You're supposed to be skeptics. You're supposed to ask me tough questions. You're not supposed to be complimentary, but you're supposed to cast a critical eye on folks who hold enormous power."

No government has the right to: • decide on the truth of scientific principles, • determine the aesthetic values of artistic creations, • limit the forms of literary or artistic expression, • pronounce on the validity of historic, religious or philosophical doctrines.

App Store sales dropped for the first time in a decade

Democratization of knowledge. Any kid with access to the internet can for free , learn about any subject. That’s not something that has been available to kids in disadvantaged circumstances, ever. Pick any subject you might want to learn in school , but can’t for whatever reason. Right here, you can ask @grok whether there is any subject he can’t customize so you can learn it

China is proof that a Fascist stakeholder-style economy led by a pragmatic Communist Party in the 21st century style can work so long as it can extract massive wealth from fully capitalist societies that use it as a manufacturing base because its workers are dirt poor.

They warned you. Nobody listened. Hank Paulson said months ago a treasury crisis was coming and they would need a facility to backstop the market. Cem Karsan @jam_croissant has been screaming about it since. Now the yen intervention hits, long end buybacks double, and he says a hard cap is next. QE infinity.

As the probability of a Sept rate hike shrinks (red), the 30-year yield (blue) continues to make new 19-year highs (back to 2007), now 5.29%. As I write, WTI crude oil is only up 33 cents today. This is not a reaction to that market. -- "Bond traders can stop panicking when the Fed starts panicking." The high yield in the 30-year will come when the Fed finally panics and hikes rates.

My Feed right now.

I’ve launched off the front of aircraft carriers hundreds of times, have a Master’s degree in aeronautical engineering, and am a test pilot and even I wouldn’t suggest to the Navy how to engineer specific systems on its ships. Donald Trump should stick to what he knows best — ballrooms, bankruptcy, and bullshit.

Three weeks after a rare coordinated operation with Tokyo, the dollar has retraced much of its drop against the yen. The trade the intervention was meant to discourage looks larger, not smaller. dailycomposite.com/editorial…

BREAKING: US jobs numbers have now been revised lower in 21 out of the last 30 months by a total of -1.05 million jobs. This means an average of -35,067 jobs have been revised out of previously reported data each month over this period. June and May jobs numbers alone were revised down by a total of -103,000, the largest 2-month downward revision since July 2025. This comes as June jobs were revised down by -37,000, to +20,000, while May jobs were revised down by -66,000, to +63,000. The May jobs figure was revised down for the 2nd time, following a -43,000 downward revision last month from the initially reported +172,000 jobs. If these revisions continue, June jobs could be revised into negative territory next month, which, combined with July's already reported -23,000 job loss, would mark the 2nd consecutive monthly decline in jobs, the first such occurrence since the 2020 pandemic. Job market revisions are alarming.

Five months of war. A record close. The S&P 500 finished at 7,736 today, 12.5% above its last pre-war close. The fighting has not stopped. Brent explains most of it. Crude ran from $70 to $118 by March 31, then back to $78, and stocks moved the other way each time. Trump moved Brent. April 7, he posts that a "double sided CEASEFIRE" is on. Crude falls 13% the next session. June 11, he tells reporters "we ended the war with Iran today." Four days, 15% off the barrel. July 8, he declares the ceasefire over at a NATO summit. Brent adds 5%. July 13, he posts that he is reinstating "THE IRANIAN BLOCKADE." Brent adds another 9.6%. Thirteen of these are plotted on the chart. Markets were never trading the war. They were trading one shipping lane, and one account.

The Wheels are coming off… They know it… that’s why the Panic Yen Intervention move at Treasury to pump more $DXY Cash into the System that consumes it an accelerating rate by the same Treasury. HY CCC Spreads are Gapping Wider… Closed last night at +1,028bps…

Trump Can't Run Again. So Why Is He Betting His Presidency on One Voting Bill? dailycomposite.com/editorial…

What Happens Next? America's Strategic Oil Reserve Just Hit a 43-Year Low. dailycomposite.com/editorial…

America's Strategic Oil Reserve Just Hit a 43-Year Low. What Happens Next? dailycomposite.com/editorial…

The Yen Carry Trade Is Quietly Unwinding, and Markets Aren't Ready dailycomposite.com/editorial…