An Autopsy of American Exceptionalism
Pragmatic Capitalism
APRIL 21, 2025
I’m writing this in a Parisian cafe in the year 2050.
Pragmatic Capitalism
The Investor’s Podcast: ESG Investing, The Death of 60/40 and More
Pragmatic Capitalism
FEBRUARY 13, 2023
I joined The Investor’s Podcast again this week to discuss a wide range of topics.
Investing 
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Understanding the Modern Monetary System – Updated!
Pragmatic Capitalism
JUNE 29, 2023
It’s been over 10 years since I published Understanding the Modern Monetary System, one of the most widely read papers in the SSRN research database.
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We’re Moving!
Pragmatic Capitalism
FEBRUARY 27, 2023
Thanks to everyone who has read Pragmatic Capitalism for the last 15 years. I’ve loved writing this blog, but we need to consolidate our financial content going forward.
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The Economics of a United States Divorce
Pragmatic Capitalism
FEBRUARY 20, 2023
Congresswoman Marjorie Taylor Greene got a lot of attention over the weekend when she stated that the USA needs a “national divorce”: I try to remain as objective as possible [ … ]
Economics 173
173 Economics 173
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Has Housing Bottomed?
Pragmatic Capitalism
FEBRUARY 22, 2023
There was a glimmer of hope in the housing data from January.
Economy 196
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Has Housing Bottomed?
Pragmatic Capitalism
FEBRUARY 22, 2023
There was a glimmer of hope in the housing data from January.
Economy 189
189 
The Economics of a United States Divorce
Pragmatic Capitalism
FEBRUARY 20, 2023
Congresswoman Marjorie Taylor Greene got a lot of attention over the weekend when she stated that the USA needs a “national divorce”: I try to remain as objective as possible [ … ]
Economics 189
189 Economics 189
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The Investor’s Podcast: ESG Investing, The Death of 60/40 and More
Pragmatic Capitalism
FEBRUARY 13, 2023
I joined The Investor’s Podcast again this week to discuss a wide range of topics.
Investing 145
145 
I am Not a Dog Person Anymore
Pragmatic Capitalism
FEBRUARY 7, 2023
When I was 10 years old I read the classic “Where the Red Fern Grows” It’s a book about a young boy who adopts two dogs who eventually get into [ … ]
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FAQ Answers – Part 2
Pragmatic Capitalism
JANUARY 31, 2023
Here’s the second batch of answers from the Ask Me Anything. If you missed part 1 you can catch it here.
Investing 188
188 
Three Things I Think I Think – Bankrupt Ideologies
Pragmatic Capitalism
JANUARY 24, 2023
1) The Competition for Worst Ideology is Heating Up There’s a battle of bad ideologies going on around the debt ceiling debate.
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FAQ Answers – Part 1
Pragmatic Capitalism
JANUARY 20, 2023
Here’s the first batch of answers from the Ask Me Anything.
Asset Allocation 145
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Three Things I Think I Think – Silly Debates
Pragmatic Capitalism
JANUARY 13, 2023
Here are some things I think I am thinking about: 1) The 3 Most Important Charts Today We posted a new 3 Minute Macro video about the three most important [ … ]
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Ask Me Anything (Comments Open!)
Pragmatic Capitalism
JANUARY 13, 2023
We are going to do a new 3 Minute Macro “Ask Me Anything” edition. It should be out next week or so.
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Three Things I Think I Think – Happy Disinflation Year?
Pragmatic Capitalism
JANUARY 5, 2023
Here are some things I think I am thinking about: 1) 2023, the Year of Disinflation?
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The Best of Pragcap in 2022
Pragmatic Capitalism
JANUARY 2, 2023
Here are some of my favorite posts from 2022.
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2023 Investment Outlook (Video)
Pragmatic Capitalism
DECEMBER 29, 2022
Here is our 2023 investment outlook. I did this a little differently this year by providing a scenario analysis with different probability distributions.
Investing 188
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Needs, Wants and why We Always Feel Unhappy
Pragmatic Capitalism
DECEMBER 21, 2022
By the age of 30 I was financially independent. My business was self sustaining, I enjoyed my work immensely and no one could tell me what to do.
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What Are Eurodollars and Why do they Matter? (Video)
Pragmatic Capitalism
DECEMBER 20, 2022
Here’s a new edition of 3 Minute Macro on the topic of Eurodollars.
188 
Three Things I Think I Think – Housing Risks
Pragmatic Capitalism
DECEMBER 13, 2022
Here are some things I think I am thinking about: Housing, housing, housing.
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New Podcast Interview – The Bitcoin Layer
Pragmatic Capitalism
DECEMBER 10, 2022
I joined Nik Bhattia on the Bitcoin Layer podcast to discuss the outlook for the macroeconomy in 2023.
Economics 144
144 Economics 144
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Three Things I Think I Think – Who Can You Trust?
Pragmatic Capitalism
DECEMBER 6, 2022
1) SBF, FTX, WTF. The big story of the week remains Sam Bankman-Fried and the collapse of crypto exchange FTX.
144 The Business Brew – The Portfolio You Need
Pragmatic Capitalism
DECEMBER 1, 2022
Sorry for the radio silence recently. I went on my first vacation in two years over the Thanksgiving week. But now we’re back and getting ready for 2023.
Portfolio 144
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3 Lessons From the Collapse of FTX (Video)
Pragmatic Capitalism
NOVEMBER 16, 2022
In this video we discuss the collapse of FTX and the crypto markets and what we can learn from this bear market.
Marketing 187
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Do We Implement Portfolio Construction Completely Backwards?
Pragmatic Capitalism
NOVEMBER 15, 2022
I’ve had three big investing epiphanys in my investing career. The first big epiphany was that macro matters much more than micro.
Portfolio 187
187 
The Triffin Dilemma and Why it Matters More Than Ever (Video)
Pragmatic Capitalism
NOVEMBER 11, 2022
Here’s a new Three Minute Money video on the Triffin Dilemma and why it matters more than ever.
187 Three Things I Think I Think – Is This The Bottom?
Pragmatic Capitalism
NOVEMBER 8, 2022
1) Is the bond bottom finally in? I’ve been surprised by how fast the Fed moved this year.
Assets 144
144 Assets 144
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Three Things I Think I Think – Changing My Mind
Pragmatic Capitalism
NOVEMBER 2, 2022
The last few years have been jarring in numerous ways. They’ve also forced me to reconsider how I help people navigate the financial world.
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Are the Bond Vigilantes Back?
Pragmatic Capitalism
OCTOBER 26, 2022
Bond vigilantes reflect the idea that bond investors can attack a government debt market and dictate terms that the government wouldn’t otherwise desire.
Government 186
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The Best Places to Invest Cash Right Now (Video)
Pragmatic Capitalism
OCTOBER 20, 2022
In this new episode of Three Minute Money I discuss some of the best options for investing cash right now.
Investments 186
186 
TD Interview: Inflation and Future Credit Risk
Pragmatic Capitalism
OCTOBER 14, 2022
Here’s my interview with Oliver Renick and TD from yesterday. I brought my sledge hammer with me to demonstrate how Fed policy is currently operating.
186 The Emotional Balance Sheet Podcast – The Most Important Financial Question to Ask
Pragmatic Capitalism
OCTOBER 13, 2022
From Paul Fenner at The Emotional Balance Sheet Podcast: Am I providing my family with the best possible life I can?
143 There’s No Fed "Pivot” Coming
Pragmatic Capitalism
OCTOBER 11, 2022
When you pivot in basketball you have full control of the ball and the future outcomes.
144 
Three Things I Think I Think – Cramer, The Economics of Home Runs & The Bear Market
Pragmatic Capitalism
OCTOBER 6, 2022
Here are some things I think I am thinking about: 1) The Jim Cramer ETFs. A firm has launched a set of inverse and long Jim Cramer ETFs.
Economics 143
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Three Things I Think I Think – Some Weekend Reading
Pragmatic Capitalism
OCTOBER 1, 2022
Here are some things I am thinking about heading into the weekend. 1) Balancing Intrinsic and Extrinsic goals to achieve happiness.
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Housekeeping: Email Subscription Updates
Pragmatic Capitalism
SEPTEMBER 30, 2022
Just a quick note here in case you noticed the new email subscription feed. Google recently killed Feedburner so we moved everything over to FollowIt.
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Will the Fed Overtighten and Crash the Global Economy??
Pragmatic Capitalism
SEPTEMBER 29, 2022
Is the Federal Reserve tightening policy too far and too fast?
Economy 136
136 Economy 136
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Three Things I Think I Think – It’s Breaking
Pragmatic Capitalism
SEPTEMBER 27, 2022
Here are some things I think I am thinking about. 1. T-Bills at 4% are a screaming deal.
136 The Economic Problem with LIV Golf
Pragmatic Capitalism
SEPTEMBER 19, 2022
* This is a bit off topic, but as a casual golfer/watcher and economic nerd I think it’s an interesting topic.
Economics 136
136 Economics 136
136 Macro Outlook Update – This Too Shall Pass
Pragmatic Capitalism
SEPTEMBER 19, 2022
I joined Matt McCall on the Making Money show for an update on my macro outlook for the rest of the year and the coming years.
136 Second Edition of Pragmatic Capitalism Now Available!
Pragmatic Capitalism
SEPTEMBER 19, 2022
It’s been 8 years since I first published my book Pragmatic Capitalism and I finally got around to updating the book with a Second Edition.
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The Risk of Deflation is now Greater than the Risk of Prolonged High Inflation
Pragmatic Capitalism
SEPTEMBER 19, 2022
The most recent headline CPI came in at 9.1% so it might seem odd to think that the risk of disinflation and deflation is rising.
137 
New 3 Minute Money Episode – The Money Multiplier Myth
Pragmatic Capitalism
SEPTEMBER 19, 2022
Here’s a new Three Minute Money episode. We’re still cranking through some basics, but this one needs reiterating because the money multiplier seems to be immortal.
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