Alhambra Investment Partners, LLC

Throughout the 1990’s, calculated productivity in the US skyrocketed in what was taken then as a sign of monetary and economic genius, the “maestro” as it was. By the incomplete...

The persistent economic theme of 2014 was that it was better than 2013 or 2012. Therefore, it was assumed, that meant everything had been set right and the temporary disturbances of those prior years...

If we were to accurately describe the economy right now, it would be weak – but not getting weaker. I believe that is the product of the “dollar”, or lack of further...

A strong cohort of global PMI’s has cheered today pretty much everyone, from economists to the media and anyone else in between. China’s official Manufacturing PMI was calculated at 51.2...

Just over a week ago, the world (at least in chemistry) celebrated Mole Day. Rather than acknowledge the small underground mammal that immediately springs to mind, Mole Day is in honor of Amadeo...

Personal Income and Spending continue to suggest only further weakness. While there is a whole lot of caution necessary when analyzing this data due to its susceptibility to large revisions, there is...

The ultimate lesson for learning not to rely on one quarter of GDP growth was actually two quarters. In the middle of 2014, GDP posted back-to-back gains that at the time seemed nothing less than...

Where do we go from here? If the monetary system is broken, how do we fix it so that the global economy can be mercifully released from the "dollar's" gripping vise? The short answer is that it is too...

There is a growing body of public work that suggests Federal Reserve officials are prepared now for a very different sort of normalization than what had been envisioned up until this year. That comes,...

Home resales rebounded in September according to the National Association of Realtors (NAR) from an admittedly lackluster summer. Outside of that narrow view of just the past three months, resales,...

In conventional thinking, China’s problems are China’s problems. As those related to its currency, it is believed a mere matter of either intentional policy (devaluation = export stimulus)...

Revenue at IBM (NYSE:IBM) fell just barely in Q3 2016, perhaps something of an achievement for beleaguered Big Blue. The company has seen its revenue shrink for an astonishing 18 quarters in a row....

As I argued earlier, the 2-year change in the CPI (or PCE Deflator) is a useful assessment of not just inflation but money in general. It verifies in no uncertain terms what we suspect about...

It seems as if Deutsche Bank (DE:DBKGn) is on everyone’s mind, even if nobody knows exactly why. Stocks were down today which is really unremarkable but has become so by the standards of just...

Though I highly doubt he will admit it, he’s just not the type, even Ben Bernanke knows on some level that bond market is decidedly against him, or at least his legacy. Economists have a funny...

Perhaps the hardest part of analyzing the eurodollar system is synchronizing all its various dimensions into a common perspective. Coming from the traditional standpoint that views all these various...