Hi Russell, thanks for the update. What's your view on US banking and financial stability risk more generally? Do you think that it could cause a liquidity/credit event or are you not concerned, and if not why? It doesn't seem to me that BTFP really fixes the banking issue. I still think it's going to be hard to have a smooth transition to a pro-labour world without hiccups. But I've been wrong so far, to be sure.

Also, I'm also watching commodities and think that we could see a turn soon as well, but combined with a withdrawal of liquidity from the TGA rebuild, isn't there a risk that it squeezes the economy temporarily and forces a policy response?

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Continue to believe your narrative, even in TTMYGH Grant Williams wrote about Japanese workers ability to secure wage increases on Page 10 of his May 2023 newsletter...

Very interesting threads that come together it seems in many different markets to show labor over captial power. Especially love how he showed unions that had over 1k members vs 300 or less and how the larger unions were able to secure higher wage increases which will push labor to consolidate to negotiate larger contracts as many do in America when it comes to big industries like Oil, steel, and paper.

Great stuff keep it coming Russ... also any chance you posting the Hugh Hendry interview for your paid subscribers? Or do I need to pay Hugh for that privilege....

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