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Ripple Effect

Andrew Zatlin: The “Phantom” Economy

Loading ...Addison Wiggin

August 27, 2025 • 2 minute, 13 second read


ConstructionLabor Market

Andrew Zatlin: The “Phantom” Economy

Let’s talk construction jobs.

The construction industry is contracting. The number of permit applications recently hit a two-year low, meaning builders are not seeing much growth.

In fact, builders are having to add a lot of incentives just to sell the homes they’ve got out there. And in fact, when we talk about building starts, it’s at an 11-month low. In other words, demand for construction workers isn’t booming. It’s quite the opposite.

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But here’s where things get more interesting.

When someone files for a jobless claim, there’s a lot of data that’s picked up. Gender, age, ethnicity, and industry. Where were you working?

We’re seeing fewer jobless claims, but you know where we’re seeing a lot more claims. It’s in this category called no information. That’s right. Not everybody calls out where they were working.

So last year, about 13% of California’s jobless claims came back with no industry indicated, no information. 13%. This year it’s at 30%. One out of every three jobless claims being submitted is blank in terms of where the workers are.

Now, why would somebody not want to call out where they were working?

I’ll tell you, because those three sectors that I called out are dominated not just by Hispanic workers but by undocumented workers.

For example, farm workers, 70% of them are undocumented workers. Similarly, in construction, around 40% are undocumented Hispanic workers and so on and so on.

So rather than run the risk of being deported, many of these workers who are entitled to jobless claims and normally would be filing for those jobless claims are just belt-tightening.

They’re going to withstand not having an income for a while.

~ Andrew Zatlin

P.S. from Addison: That insight from Andrew Zatlin is just a small appetizer for the main event: our discussion on Grey Swan Live! Thursday. The jobs market is the main reason behind the Fed pivot to cutting rates… and ushering in the “most terrifying bull market” we’re likely to see in our lifetimes.

We’ll cover how Andrew views the labor market, why he’s been more accurate than other forecasters – garnering the #1 ranking on Bloomberg – and look at how his views fit in with many of the potential Grey Swan events we see occurring in the months ahead – including the possibility of a “most terrifying bull market.”

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It’s another Grey Swan Live! you won’t want to miss – all part of the incredible value our members enjoy week after week.

If you have any questions for us about the market, send them our way now to: Addison@GreySwanFraternity.com.


George Gilder: Led by Coherent, The Data Center is Turning to the Light

October 9, 2025 • Addison Wiggin

As AI clusters demand more light at every layer — from rack to package — Coherent’s share of that energy pathway increases. The startups illustrate what’s possible; Coherent ensures it happens.

As light enters the data center — step by step, layer by layer — Coherent is the most experienced and scaled name in the field. It carries the light forward.

George Gilder: Led by Coherent, The Data Center is Turning to the Light
The New Law That Broke the Old Law

October 9, 2025 • Addison Wiggin

For decades, Moore’s Law — that the number of transistors on a chip doubles every two years — was the quiet metronome of progress. It defined an era. AI just smashed that clock.

Global data center spending will hit $900 billion by 2028, Kobeissi notes. AI servers are growing at a compound rate of +41%, with the overall market expanding +23%.

Just building the facilities, not including chips or servers, now costs $43 billion a year — up 322% in just four years. There are $40 billion worth of U.S. data centers under construction right now, up 400% since 2022.

For the first time in history, the total value of U.S. data centers under construction will soon exceed office buildings.

More than a metaphor, we’re living through a civilizational shift. The upside Grey Swan event, in our opinion, is that the narrative unfolds without any political interruptions or blowouts in the currency and credit markets. 

The New Law That Broke the Old Law
Speedrunning Rome

October 9, 2025 • Addison Wiggin

Technology is a double-edged sword. We’re still living in the long tail of a hard money, capitalist society – and reaping new technologies out of it.

But the destruction of the purchasing power of the dollar stands to create a crisis – and drive investors back to safe havens like gold.

Speedrunning Rome
George Gilder: Intel: Sell the Rumors, Await the News

October 8, 2025 • Addison Wiggin

All these rumors could work out to Intel’s benefit. That’s something no investor can know. What we can know is that the road to recovery will be a rocky one, fraught with disappointments along the way. It is all but certain that at some point, Intel stock will once again be far cheaper than it is today. And at that later date, investors will have far more information to be able to judge the likely success of the promised comeback. We’re not going to buy the rumors. We will wait for the news.

George Gilder: Intel: Sell the Rumors, Await the News