A different type of military parade

plus: PCE, reserve rotation, GDP revision, data storage

"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so." – Mark Twain ||

Hello everyone, and happy Friday! Today’s email format is slightly different, with a look at what next week’s Victory Day parade in Beijing means for the global realignment I often write about. It’s more relevant than most seem to realize.

Programming note: Along with most of you, I’ll be taking Labor Day (Monday) off – back on Tuesday!

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IN THIS NEWSLETTER:

• A different type of military parade

• Macro-Crypto Bits: reserve rotation, GDP revision, PCE, data storage

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WHAT I’M WATCHING:

A different type of military parade

Just a few weeks ago (although it feels like longer since much has happened), the US had a military parade, its first since 1991, to commemorate the 250th anniversary of the creation of the US Army as well as the birthday of its Commander in Chief.

There were some tanks. A surprising amount of corporate sponsorship. Smaller-than-expected crowds waving little flags. Marching troops that were not in step. And a simmering amount of resentment: polls showed the parade was unpopular with voters, wary of the authoritarian image and unnecessary expense. Anti-Trump “No Kings” protests were organized to coincide in cities around the US, with the exception of Washington DC.

It wasn’t hard to imagine the Chinese and Russians watching this and thinking “hunh?”.

Next week we get to compare and contrast as on September 3rd, China celebrates Victory Day, to commemorate the 80th anniversary of the defeat of Japan in World War II.