Stablecoins as the New Scrip: Winners and Losers

Last Wednesday Congress passed legislation permitting organizations such as Walmart and Amazon to issue their own stablecoins. The implication of this is that large retailers (and others) can in effect create their own exclusive currency. Such currency would only be...

What, Me Worry? The Alfred E. Newman Stock Market

In the past month interest rates have been going up—a lot. Most of the action has occurred at the long end of the yield curve (10 to 30 years). A year ago, there was not a lot of difference between the yield on a 10- and 30-year US Treasury bond. As of last Friday,...

Fasten Your Seat Belt: 2025 Will Be a Turbulent Year

There are various yardsticks used to estimate the direction of the stock market for a given year based on the performance of the stock market in January. Some people take the first ten trading days as direction. Others use the entire month.Mark Hulbert has been...