Energy
What can actually be powered.
10y Treasury
4.47%
-9 bps
2y Treasury
4.05%
-8 bps
Fed funds rate
3.62%
0 bps
ECB deposit facility
2.00%
0 bps
S&P 500
7553.68
+0.44%
VIX
16.05
-3.25%
EUR / USD
1.1614
-0.20%
High-yield OAS
2.71%
-1 bps
Gold
$4,500
+0.00%
US CPI index
332.41
+0.64%
Bitcoin
$71,264
-7.69%
Ethereum
$2,003
-5.09%
Answer first. Evidence second.
Radical common sense research.
We explain the mechanisms reshaping economies, industries, capital, policy, technology, and power.
Latest research
Renewables Are Dirty And Make You Poor
Building solar and wind is costless in strategic terms, a pure addition to a nation's energy portfolio with no trade-offs worth mentioning. "It doesn't hurt to have them," goes the refrain.
10 Apr 2026
The Consumer-Replacement Experiment
There is a foundational error running through European economic policy — one so deeply embedded that it has become invisible to the people making it.
02 Apr 2026
The Continent of Managed Decline
Describing Europe's trajectory as "improving" requires a definition of the word so generous it borders on dishonest.
24 Mar 2026
Sovereign Pivot
The conventional framing of global economic power tends to focus on trade balances and manufacturing output. This perspective misses a more consequential asymmetry.
29 Jan 2026
More
Industry & Sovereignty
Europe's Trade Trap
13 Jan 2026
Industry & SovereigntyFrom Plus To Minus
23 Dec 2025
Money & MarketsStructural Divergence in Global Creditor Nations
16 Dec 2025
The Bureaucracy TaxWhy Critics Say Europe Is Lost
28 Nov 2025
Demographics & SocietyEurope's Fiscal Reckoning
13 Nov 2025
Companies & Capital
01Companies & CapitalEurope's Capital Challenge
Despite an abundance of savings across the continent, Europe continues to struggle with converting those reserves into productive, high-growth investments.
16 May 2025
- 02Companies & Capital
U.S. Money Managers Win Big
17 Dec 2024
- 03Companies & Capital
Luxury Brands Lose 50 Million Customers in Two Years
29 Nov 2024
- 04Companies & Capital
Office Slump Might Be Over
30 Oct 2024
- 05Companies & Capital
Dealmaking Powers Banks
17 Oct 2024
- 06Companies & Capital
Luxury Shame Hurting European Brands
29 Jul 2024
Demographics & Society
Demographics & Society
U.S. Home Sales Remain Weak
The U.S. housing market is facing its most challenging year in nearly three decades. Sales of existing homes in 2024 are projected to be the lowest since 1995, marking the second consecutive year of sluggish activity.
24 Oct 2024
Demographics & Society
America's Wallet
Despite inflation, Americans have more money in the bank than in 2019 and only slightly more credit card debt relative to income. However, they don't necessarily feel better off than they did before the pandemic, inflation, and rising interest rates.
10 Sept 2024
Demographics & Society
Slowing Hiring
The period of intense hiring and record-low unemployment, which allowed millions of workers to find new opportunities, increase their wages, and reshape their careers, is giving way to a more typical market.
07 Aug 2024
Demographics & Society
Tenant Evictions Remain High in Many U.S. Cities
Tenant evictions remain at elevated levels in several U.S. cities, showing little sign of returning to pre-pandemic norms.
01 Aug 2024
Demographics & Society
Spending Doesn't Cool Down
Despite the economic uncertainty, Americans are continuing to spend, challenging the expectations of many business leaders about consumer behavior in slower economic times.
02 Apr 2024
Numbers to watch
10y Treasury
4.47%
-9 bps
2y Treasury
4.05%
-8 bps
Broad USD index
118.88
-0.34%
EUR / USD
1.1614
-0.20%
1-week change · As of 03 Jun 2026
Energy & Reality
Energy & Reality
Power Generation Drives Growth
The Netherlands has begun rationing electricity in an effort to alleviate mounting pressure on its overburdened power grid, revealing a growing infrastructure strain that is likely to ripple across Europe.
14 Jul 2025
Also in this topic
Chart of the week
10y Treasury falls 1.97% this week
4.47%
-9 bps
In the past two weeks, 10-year Treasury yields have been influenced by several factors.
As of 01 Jun 2026 · Source
Industry & Sovereignty
Tariff Truce Fails to Halt Collapse in China-U.S. Trade
Newly released trade figures from Beijing show shipments to the U.S. tumbled 35% year over year in May, the steepest decline since the pandemic’s early months in 2020.
10 Jun 2025
China's Rare Earth Export Freeze
Since early April, China has effectively shut off the global supply of several heavy rare earth elements and magnets critical to sectors ranging from auto manufacturing to aerospace defense.
05 Jun 2025
Made In China 2025
Rolled out a decade ago, the plan was aimed squarely at transforming China from a low-cost assembly hub into a high-tech industrial powerhouse.
01 Jun 2025
Europe's Economic Hope
Spurred by the war in Ukraine, rising geopolitical tensions, and decades of underinvestment, the continent is entering a new era of state-led defense spending.
08 May 2025
Money & Markets
Debt Crisis 2.0.
The stability framework designed to protect the Eurozone is facing a challenge it was never truly built for: a crisis of fiscal credibility within its core.
25 Sept 2025
Potential Dissent at the Federal Reserve
This week’s Federal Reserve meeting may bring a rare event not seen since 1993: multiple governors dissenting from the chair’s policy direction.
30 Jul 2025
World Defies Turbulence
Despite a historic surge in tariffs this year, the global economy has demonstrated an unexpected strength, confounding predictions of a sharp slowdown.
23 Jul 2025
Caution Leads The Way
A restrained and measured approach has continued to be taken by the Federal Reserve, with policy left unchanged as inflation remains slightly above the 2% target and the effects of tariffs introduce further complexity.
25 Jun 2025
Technology & Power
U.S. Technology Dominance
As the United States strengthens its grip over the technologies the world increasingly relies on—most critically, advanced semiconductors—other countries find themselves in a position of dependence that threatens their sovereignty.
26 Aug 2025
AI's White-Collar Reckoning
In corporate boardrooms across America, the tone around artificial intelligence is shifting.
07 Jul 2025
The Bureaucracy Tax
Debt
What balance sheets can carry.
Industry
Who can still produce.
Capital
Where money moves when trust shifts.
Technology
Where innovation reaches the real world.
Policy and demographics
Where incentives and population math meet reality.