Oil & Stocks Mixed To Start Week As War Escalates & Gamma Unclenches

VDH: Our New Ungracious Immigrants Authored by Victor Davis Hanson via American Greatness, The Traditional Immigrant Silicon Valley was energized by legal immigrants from all over the world who founded eBay, Google, Nvidia, SpaceX, Stripe, Sun Microsystems, Tesla, Yahoo, and a host of others. The Greek American Elia Kazan’s 1963 film America, America is a fictional account based on the Herculean struggle of the director’s uncle to immigrate to the United States from an impoverished and hostile Turkish Anatolia. The film summed up Americans’ traditional view of immigrants: They had risked everything for the chance to...

Governor Powell By Philip Marey, senior US strategist at Rabobank Summary As widely expected, the FOMC remained on hold. Governor Miran dissented again because he wanted a rate cut. However, there were also three dissenters (Hammack, Kashkari and Logan) who wanted to remove the bias toward cutting from the statement. On balance, Powell said that the center of the Committee was moving toward a more neutral place in thinking about cuts versus hikes. Powell announced that this was his last press conference as Chair, but he would stay on as a Governor until he thinks...

The central essay: interventionism as a supposed economic system, the real nature of intervention, and how price ceilings, minimum wages, and similar measures defeat their own aims—leaving only a choice between the free market and socialism.