The Crash of 2026

I hope I'm being unnecessarily alarmist

Friends,

This daily letter to you doesn’t offer financial advice. And most of you have been so worried by the nation’s lurch toward dictatorship under loathsome Trump that it seems almost unfair to burden you with an alarm about the economy. But we’re facing a five-alarm fire that you need to know about.

Much of the United States economy is now based on …