By Michael Every of Rabobank
The Deep, Dark Bretton Woods
To summarize, the US economy's state of play at the moment is: a record number of jobs opening up; yet far fewer people being employed than expected; consumer, producer, and import prices all going up much more than expected; yet nominal (and real) retail sales less so; as is industrial production; and consumer confidence - because inflation is seen soaring ahead. We can all argue about what happens next, but there are three intersecting stories worth nothing.
First, Elon Musk (again) getting into a vicious crypto Twitter battle (again), and implying Tesla may be dumping Bitcoin ahead. The result: Bitcoin trading at USD46,000 at time of writing when it was USD63,000 a month ago. Nice store of value there, while its means of exchange is still minimal, and accounting is done in the US Dollar. But don't Tweet at me about it too, please.