World Leaders Share Their Perspective On Markets
Today’s letter is brought to you by Espresso Displays!I normally work on my desktop computer and am hyper productive. The second that I leave my desk, I lose my productivity on a laptop. So I started to use a second screen and it seems to have fixed the issue. It took awhile but I evaluated tons of different screens — Espresso Displays was by far the best one. I use it every day. I can’t imagine working from my laptop without it now. They are lightweight, thin, and look like Steve Jobs designed them himself. Any reader of The Pomp Letter who orders one this week will get a great deal. Highly recommend! To investors, World leaders had a field day yesterday sharing their opinions on a variety of topics. Rather than pick only one to write about, below is a compilation of the best hits. First, we have President Donald Trump promising to ban central bank digital currencies if he gets back into the White House:
This was a pleasant surprise. Most politicians and central bankers are so enamored with blockchain technology that they can’t help themselves but to start thinking about the ridiculous, nefarious ways they could leverage this innovation. Social credit scores. Personalized monetary policy. Censorship. Seizure. The list goes on and on. Second, speaking of Trump, JP Morgan’s Jamie Dimon told CNBC’s Squawk Box that Trump was right on NATO, immigration, growing the economy, tax reform, and China.
Regardless of your politics, this was very surprising to see from Jamie Dimon, but the ensuing conversation online shows that many people agree with his comments. There is a popular belief that the Overton Window has moved so far that certain things that would have been taboo, such as “Trump was right,” are now safe to say for the CEO of JP Morgan. Third, Jamie Dimon also talked about bitcoin during the same interview. It was obvious that he felt uncomfortable being asked for the ten-millionth time about the digital currency.
This commentary was not surprising to me. Dimon is not a fan of bitcoin, so people should just stop asking him about it. It doesn’t matter if he is right or wrong, although it is hard to see a scenario where he will be right, because the free market is the referee. I did find it interesting that Dimon seems more excited or sympathetic to non-bitcoin cryptocurrencies though, including the idea of tokenization that BlackRock’s Larry Fink has been sharing in recent interviews. Fourth, we have Goldman Sachs’ David Solomon sounding the alarm on the national debt situation.
It is great to see Solomon bringing constant awareness to this gigantic problem. There is probably no more important issue for our government to solve over the long-run than what they are going to do with the national debt, especially since it seems to be growing by $2 trillion or more per year currently. Lastly, Carlyle’s David Rubenstein shared thoughts on Federal Reserve Chairman Jerome Powell’s recent performance.
I agree with Rubenstein that Powell will be celebrated if he can get inflation back to 2% without crashing the US economy, but as I shared recently, there is a major risk to re-inflation at the moment. The government and central bank seem ready to pivot back to loose monetary policy, but Powell’s reputation may not be as positive if the economy doesn’t get back to 2%. The last percent seems to be the hardest. These world leaders are all openly sharing their ideas. You and I can watch the videos online of their interviews and speeches, so we can see for ourselves the context and authenticity. That was unthinkable just a few decades ago. Technology has drastically improved our lives, along with provided an immense increase in knowledge and transparency. Thanks to these advancements, I always highly suggest listening when these leaders open their mouth. Hope you all have a great day. I’ll talk to you tomorrow. -Anthony Pompliano Aravind Srinivas is the Founder & CEO of Perplexity AI. Perplexity is on a mission to build the world's most known centric company. In this conversation, we talk about how Perplexity is building Larry Page’s dream of a true search engine, Jeff Bezos backing Perplexity, artificial intelligence, hardware, advertising, trends, his learning experiences, and more. Listen on iTunes: Click here Listen on Spotify: Click here My Conversation with Perplexity CEO Aravind SrinivasPodcast Sponsors
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