The Economist: "Deaths of Despair"

White middle-aged men in developed countries, like the population as a whole, have enjoyed increasing life expectancy for many decades. Suddenly, around 1997, mortality rates for these average Joes started rising in the US while they continued declining in France, Germany, Canada, Britain, etc. Life expectancy for the US part of this group is now less than it was twenty years ago. Why? The Economist (article attached) posed the question in last week's issue but couldn't come up with any one answer, not even their old standby, global warming.

I would note, however, that this period of rising mortality corresponds with the period that NAFTA has been in force. (Coincidence? Perhaps.) But in any case, as Ross Perot was wont to say, "It's just plain sad."

The article ends on a hopeful note: "One avenue for reducing despair may lie in future generations of low-skilled Americans curbing their aspirations. Indeed, some of the jobless young already seem content to spend much of their leisure time playing video games. . . " This may solve the problem as the "jobless young" mature into a jobless but contented middle age, and alcohol, marijuana and other drugs may also help.

The shape of the Earth: A bold contrarian view

from today's  Boston Globe:

India: The rise of the yogis

We wish Uttar Pradesh's new PM much success in improving the lives of his citizens.

Twinkie defense

From today's WSJ: Back from bankruptcy and liquidation, Hostess Brands epitomizes the US manufacturing renaissance:




Sales of Hostess snack cakes are expected to reach 2 billion units this year.

Innovative new products are the key:



To enhance the value proposition, creative chemical rejiggering has extended shelf life from 26 to 65 days.

"Ho Ho.

This wouldn't be happening if Gaddafi were still alive.

From The Economist:

Kudos to Goldman Sachs for knowing how to make money on the election

A friend forwarded this chart. Since the market is already pricing in a Clinton victory, shorting NJA (non-Japan Asia, in GS lingo, not "National Jousting Association" as the Acronym Finder says) is recommended. Shorting the Mexican peso is also indicated but with a lower level of potential gain. This trade would apply even if Trump lost the election. This reminds us that, in the world of the trading of financial instruments, there is no good or bad, no right or wrong, only opportunity. Investors should never forget this.

Big Picture: Central Bank balance sheet growth accelerates YTD: Now at $21.4 trillion

A new flood of liquidity is being unleashed. Where will it go? (below is from the Bloomberg article)