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Ripple Effect

The Economy’s Top Doctor Is Under the Influence of Tariffs

Loading ...Addison Wiggin

July 9, 2025 • 1 minute, 42 second read

Copper
The Economy’s Top Doctor Is Under the Influence of Tariffs

In economics, we often focus on gold as a barometer of the monetary system’s health.

But it’s actually copper that’s known as Doctor Copper, for its economic predictive prowess.

That’s because copper prices tend to rise in an expanding economy, given copper’s ubiquitous use in everything from construction to high-tech gadgets.

Year-to-date, copper prices are surging higher, suggesting a rip-roaring economy:

Turn Your Images On

Copper prices hit a one-year high yesterday and
demand has soared ahead of potential copper tariffs.

The problem? Prices hit new highs as President Trump casually floated a 50% tariff on copper imports.

With copper imports soaring going into the news, it’s a sign that prices may be rising on pre-tariff demand. Much like how Apple filled airplanes full of iPhones from China before Trump kicked up tariff rates on Chinese goods.

For now, it’s another sign of the economic distortions being caused by President Trump’s Great Reset plan.

While copper prices may continue to rise, it’s going to be a wild ride with many pullbacks along the way. And this is your economy on tariffs – where even the trusted doctor is uncertainty stumbling along

~ Addison

“The Nvidia Killer”

Turn On Your Images.

Elon Musk is set to revolutionize the AI industry with his latest invention.

It could make a lot of people rich in the process…

All while triggering a crash of up to 50% in the next 12 months in Nvidia and other popular AI stocks.

Which is why this former hedge-fund manager is calling it “the Nvidia killer”.

Click here to see Elon Musk’s new invention now.

P.S.  Paid members, please join us for Grey Swan Live! with Matt Milner , tomorrow, July 10 at 11 a.m. ET. With both private credit and private equity markets gaining pop trend status in the investment markets, we’ll dig deeper into Elon Musk’s SpaceX and xAI private placements — the next curveballs from the Trump arch-nemesis universe.

As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)

The Ghost of Bastiat

October 6, 2025 • Addison Wiggin

By then the receipts on my desk had arranged themselves into a sort of chorus. I heard, faintly, another refrain—one from Kentucky. In the first days of the shutdown, Senator Rand Paul stood alone among Republicans and voted against his party’s stopgap, telling interviewers that the numbers “don’t add up” and that he would not sign on to another year that piles $2 trillion onto the debt.

That, I realized, is what the tariff story shares with the broader budget theater: the habit of calling a tax something else, of shifting burdens into the fog and then celebrating the silhouette as victory. Even the vote tally made the point: he was the only Republican “no,” a lonely arithmetic lesson in a crowded room.

The Ghost of Bastiat
The Dollar’s Long Goodbye

October 6, 2025 • Addison Wiggin

Senator Rand Paul, (R. KY), who was the sole Republican to vote against a continuing resolution, seems to care about the actual finances of the government. “I would never vote for a bill that added $2 trillion in national debt,” Paul said in various interviews over the weekend.

The $2 trillion he’s referring to is the lesser of two proposals made by the national parties… and would accrue during this next fiscal year.

Oy.

We liked what Liz Wolfe at Reason wrote on Friday, so we’ll repeat it here: “One of the dirty little secrets of every shutdown is that everything remains mostly fine. Private markets could easily replace many federal functions.”

It’s a strange kind of confidence — one where Wall Street soars while Washington goes dark.

The Dollar’s Long Goodbye
A Vote For The Yen Carry Trade

October 6, 2025 • Addison Wiggin

The Liberal Democratic Party victory has sent Japanese stocks soaring, as party President Sanae Takaichi – now set to become Japan’s first female Prime Minister – is a proponent of stimulus spending, and a China hawk. The electoral win is a vote to keep the yen carry trade alive… and well.

The “yen carry trade” is a currency trading strategy. By borrowing Japanese yen at low interest rates and investing in higher-yielding assets, investors have profited from the interest rate differential. Yen carry trades have played a huge role in global liquidity for decades.

Frankly, we’re disappointed — not because of the carry trade but because the crowd got this one so wrong!

A Vote For The Yen Carry Trade
Beware: The Permanent Underclass

October 3, 2025 • Addison Wiggin

Back in the Global Financial Crisis (2008), we recall mass layoffs were driving desperation.

Today, unemployment is relatively low, if climbing.

Affordability is much more of an issue. Food, rent, healthcare, and childcare are all rising faster than wages. Households aren’t jobless; they’re stretched. Job “quits” are at crisis-level lows.

In addition to the top 10% of earners, consumer spending is still strong. Not necessarily because of prosperity, but because households are taking extra shifts, hustling gigs, working late into the night, and using credit cards. The trends hold up demand but hollow out savings.

It’s the quiet form of financial repression. In an era of fiscal dominance, savers see easy returns clipped, workers stretch hours just to stay even, and wealth slips upward into assets while daily life grows harder to afford.

Beware: The Permanent Underclass