
- August 22, 2025
Numbers Behaving Badly
If you are an investor, an economist, or really anyone who watches big trends, numbers are your friends. They help you understand events you can’t personally observe.
Read moreFollow John Mauldin as he uncovers the truth behind, and beyond, the financial headlines. This in-depth weekly dispatch helps you understand what's happening in the economy and navigate the markets with confidence.
If you are an investor, an economist, or really anyone who watches big trends, numbers are your friends. They help you understand events you can’t personally observe.
Read moreLast week I compared our jobs data, which is sometimes questionable, to World War II weather forecasts. Those were also questionable but necessary anyway. The generals needed them “for planning purposes.”
Read moreI remember when August was a slow month. School didn’t start until after Labor Day. Even in my adult days in the investment world, not much happened. People were either on vacation or coming back and getting ready for September. It’s hard to believe, but nobody really cared about Jackson Hole in the ’80s or ’90s. And it had several venues up until 1981 when it became “Jackson Hole.”
Read moreI am widely known as the “Muddle Through” guy. The giant US economy is part of an even larger global economy that doesn’t change direction easily. Major shifts occur slowly, even when presidents, central bankers, and CEOs want otherwise. They don’t have nearly as much power as they may think.
Read moreThoughts from the Frontline explores developments overlooked by mainstream news and analyzes challenges and opportunities on the horizon.
The newsletter began as John’s way of sharing his thoughts with a few associates. Two decades later, it is one of the most widely read investment newsletters in the world. From his warning of an impending recession in 2000, to a polemic on the Obamacare “death spiral” in 2016, John has blazed his own trail as one of the most respected macroeconomic minds in the field.
"Central bankers, businessmen, and investors continually try to beat History to a pulp, but History always wins the final rounds."
When investors, financial professionals, and discerning citizens need a big-picture view of what's going on in the economy, they turn to John Mauldin.
And for good reason. John has dedicated more than 30 years to keeping people informed about financial risk.
The Debt Supercycle theory traces the increasing transfer of private debt to government balance sheets, highlighting its implications, the unique constraints of government debt management, and potential future scenarios—including the limits of government borrowing, the role of bond vigilantes, and the risk of a major fiscal crisis if current trends continue.
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