7 juni. Storbritannien det nya Italien. China’s solar panel. Wall Street’s AI euphoria. US Defence Secretary Pete Hegseth. Decemberöverenskommelsen. Banca Monte dei Paschi di Siena. Prins Valiant.

 


          China’s solar panel surplus 
Clean power is within our reach 
Adam Tooze Financial Times 6 June 2026
https://www.ft.com/content/b6cac184-75a4-47ab-94c5-5eb8c92cd407

China is the clean energy superpower, but India moving even faster
https://englundmacro.blogspot.com/2026/02/china-is-clean-energy-superpower-but.html


Energy failures are destined to doom Wall Street’s AI euphoria

Market manias have patterns. The most powerful ones are genuine technological revolutions pushed far beyond rational limits by crowd psychology.

By mid-1999 it was already clear to veteran investors and students of economic history that the dotcom bubble had reached parabolic insanity.

The authentic success stories would have to fight each other in a cannibalistic struggle for survival.  

We are nearing the same point today with AI, although this time for a different and overwhelming reason. The $20tn valuation of hyperscalers, chipmakers and the larger AI complex, has wildly outpaced the electrical infrastructure needed to run data centres and sustain the technology on anything like the projected scale.

The physical constraint is rock hard. “Our grid in the United States hasn’t had any meaningful upgrade since the 1970s,” said Bobby Majumder from the industrial law firm FBT Gibbons.

The threat to AI stock mania is not so much lack of energy – though that is serious – but rather the global bottleneck of transformers, substations, switchgear, transmission lines and all the unsexy stuff we rarely think about, leaving aside the acute shortage of skilled workers in the US able to install and run such kit.

Cheaper “commoditised” AI from the likes of DeepSeek in China may start to undercut American rivals, threatening the implicit pricing model behind today’s equity valuations. 

If it is true that DeepSeek v4 can achieve 80pc-90pc of the performance of Anthropic’s Claude at 10pc of the cost, you start to see the problem.

Ambrose Evans-Pritchard Telegraph 5 June 2026

https://www.telegraph.co.uk/business/2026/06/05/energy-failures-destined-doom-wall-streets-ai-euphoria/

DeepSeek 

https://englundmacro.blogspot.com/search?q=deep+seek


SpaceX - Elon Musks rymdbolag.

Det som kittlar fantasin är inte bara att bolaget siktar på att bygga en koloni på Mars utan också värderingen. I veckan fastställdes den till 1780 miljarder dollar eller 16 700 miljarder kronor. 

https://englundmacro.blogspot.com/2026/06/spacex-elon-musks-rymdbolag-passiva.html


AI Wealth managers, who can make upwards of $500,000, are confronting a chatbot reckoning. 

Old-school wealth managers look more vulnerable to AI disruption than perhaps any other professionals in financial services. 

For the more than 326,000 personal financial advisers in the US and many thousands more abroad, the headlines are grim.

A growing share of people say they trust AI enough to provide financial advice — and many are even using it to make investment decisions. 

Meanwhile, each day seems to bring a new AI-powered tool from a big bank, fintech app or well-funded startup that promises to democratize wealth-building. 

The pitch from one of them: “Make Claude manage your money.”

Bloomberg June 5, 2026

https://www.bloomberg.com/news/features/2026-06-05/ai-is-upending-traditional-financial-advisor-jobs


Janerik Larsson: Storbritannien är det nya Italien
Varje brittisk premiärminister ställs inför samma omöjliga frågor: bostadsbrist, skenande välfärdskostnader och invandring. Det har lett till betydande politisk instabilitet.

14 månader är den notoriskt korta livslängden för en genomsnittlig regering i Italien efter andra världskriget.
I Storbritannien, som tidigare har setts som en bastion av politisk stabilitet, har det börjat se likartat ut. Under det senaste decenniet har den genomsnittliga mandatperioden för brittiska premiärministrar – Theresa May, Boris Johnson, Liz Truss, Rishi Sunak och nu Keir Starmer – varit något under två år.

Vad händer om Starmer byts ut mot utmanaren Andy Burnham? Burnham skulle, menar Kirkup, gå till val med budskapet: Keep Farage Out, Make Things Better. 

Genom en allians mellan Labour, Liberaldemokraterna och det nya gröna partiet skulle högerpopulisten Nigel Farage hållas borta från makten.

Det skulle kunna fungera fram till det ordinarie valet 2029.
Janerik Larsson SvD 7 juni 2026


De sex partiernas representanter lät meddela att de hade ingått
 vad som kom att kallas Decemberöverenskommelsen.
https://englundmacro.blogspot.com/2025/01/gott-nytt-ar.html


US Defence Secretary Pete Hegseth has criticised European nations over migration for allowing what he described as an "invasion" on their shores, during a D-Day anniversary speech in France.

Hegseth attacks Europe over migration with beach 'invasion' D-Day speech


Adm. Giuseppe Cavo Dragone, NATO’s top military commander

Iran’s closure of the Strait of Hormuz showed how a country can weaponize an economic pinch point to seismic effect. 

Adm. Giuseppe Cavo Dragone, NATO’s top military commander, in an address to a gathering of defense and security officials in Singapore, said what countries are confronting is the “weaponization of economic interdependence,” a challenge that he said requires closer cooperation between militaries, governments and industry to fight back.

For years, the U.S. was the only real player in this strategic game, wielding the U.S. dollar and the control the currency gave it over the global financial system to pressure rivals and sanction enemies. 

Wall Street Journal 6 June 2026

https://www.wsj.com/world/hormuz-crisis-exposes-a-global-flaw-that-will-take-years-to-fix-8241d5bc


I en dom som beskrivs som banbrytande fastslår EU-domstolen för första gången unionens grund­läggande värden

Domen anger samtidigt gränserna för nationell identitet i unionen.




ECB warns Monte dei Paschi 
Board’s proposed new leader Fabrizio Palermo may not meet regulator’s approval.
The regulator warned that “failure to meet these obligations” could materially affect MPS’s supervisory score and the fit and proper assessment of its board. 
Financial Times 30 March 2026



Banca Monte dei Paschi di Siena SpA made a surprise offer - nästan som en film på Netflix. Prins Valiant.

https://englundmacro.blogspot.com/2025/01/banca-monte-dei-paschi-di-siena-spa.html

Dagen innan

https://englundmacro.blogspot.com/2026/06/5-juni-isk1873-1789.html


Kommentarer

Skicka en kommentar

Populära inlägg i den här bloggen

My blogg short index

Bild
1968 Vojne, vojne, vänsterdårarna kommer AI Artificial intelligence https://englundmacro.blogspot.com/2025/06/ai-artificial-intelligence.html Akvedukten vid Zaghouan, Sven Otto Littorin och Niall Ferguson. Denna vackra betraktelse från 1994 har sedan dess legat i mitt bakhuvud. https://englundmacro.blogspot.com/2024/04/akvedukten-vid-zaghouan-sven-otto.html Alistair Darling, Northern Rock och Royal Bank of Scotland https://englundmacro.blogspot.com/2025/07/alistair-darling.html Bank stress tests https://englundmacro.blogspot.com/2025/06/bank-stress-tests.html Bessent https://englundmacro.blogspot.com/2025/06/bessent.html Gordon Brown https://englundmacro.blogspot.com/2025/07/gordon-brown_5.html Buy the dip https://englundmacro.blogspot.com/2025/07/buy-dip.html Fastighetsbolagen https://englundmacro.blogspot.com/2025/07/fastighetsbolagen.html Tomas Fischer https://englundmacro.blogspot.com/2025/07/tomas-fischer.html James Grant https://englundmacro.blogspot.com/2025/07/james-grant.h...
Läs mer

Pfizer in 2019 sold $20 billion of drugs in the U.S. Its federal tax bill? Zero; Ireland

Trump has already singled out pharma companies and countries like Ireland that reap the benefits of tax-avoidance moves.  Despite its small size, Ireland ran an $87 billion trade surplus with the U.S. last year—larger than any country except China, Mexico and Vietnam. https://www.wsj.com/health/pharma/how-trumps-tariffs-could-upend-pharmas-overseas-tax-strategy-5b8ca758 Is Ireland vulnerable again as the world’s vast shadow banking system starts to crack? Shadow banking is the dog that has not barked during the latest global spasm of financial stress. This is very fortunate, especially for small countries such as Ireland that have bet the farm on this industry. https://englundmacro.blogspot.com/2023/04/is-ireland-vulnerable-again-as-worlds.html Cayman Islands https://en.wikipedia.org/wiki/Cayman_Islands What the heck is happening in the Cayman Islands? A Sunny Place for a Shady Online Business https://englundmacro.blogspot.com/2021/12/a-sunny-place-for-shady-online-business.html Ti...
Läs mer

Cognitive blind spots

Bild
Cognitive blind spots are undermining our ability to see the world as it is, rather than as we would like it to be. At the start of the 21st century, western elites generally assumed that globalisation, democracy and the free market were self-evidently good, and would keep spreading, creating peace. N o longer.  FIS, Swiss Federal Intelligence Service, has published a manual about cognitive blind spots. 18 different cognitive biases that hamper our thinking, such as “group think” (adhering to the cosy assumptions of our tribe), “anchoring” (relying exclusively on whatever information we see first, say on social media),  “confirmation bias” (only seeing data that reinforces pre-existing views),  “mirror imaging” (assuming others think like us),  “absence of evidence” bias (failing to think about the data we lack)  and “survivorship bias” (judging data only with success stories, not failures). Gillian Tett Financial Times 2 January 2026 https://www.ft.com/content/...
Läs mer