Forget Helping The Planet in 2025 - Focus on the Markets

And sift your information carefully

Welcome to Macro Mashup, the weekly newsletter that distills the content from key voices on macroeconomics, geopolitics, and energy in less than 7 minutes. Thank you for subscribing!

Macro Mashup aims to bring together the greatest minds in Finance and Economics who care deeply about current U.S. and international affairs. We study the latest news and laws that affect our economy, money, and lives, so you don't have to. Tune in to our channels and join our newsletter, podcast, or community to stay informed so you can make smarter decisions to protect your wealth.

This week, we will take a look at:

1. How is the planet doing?

2. Review of markets in 2024

3. Accessing Bitcoin

4. Favorite podcasts

5. Favorite books

6. Key links to referenced content

So, How Is The Planet Doing?

I am exhausted from reading about every extreme weather event being attributed to climate change or global warming. Nobody knows anymore what either means.

I spend most of my working hours focused on clean and renewable energy. Renewable energy is derived from inexhaustible sources like the sun, water, and wind; clean energy focuses more on minimizing emissions but embraces fossil fuels and nuclear power.

Mainstream media has lost its usefulness in sorting through the swamp of climate and energy information. It has mindlessly bought into the narrative that mankind is irredeemably bad and has compiled a dismal report card on its stewardship of the planet.

The planet, however, doesn’t care. It will be fine. The question is whether we will continue to have a livable home that sustains human flourishing.

The following two charts are from Alex Epstein’s excellent book, The Moral Case for Fossil Fuels

U.S. Air Pollution Goes Down Despite Increasing Fossil Fuel Use

Sources:U.S. EPA National Emissions Inventory (NEI) Air Pollutant Emissions Trends Data

Our report card is very good, but if we continue to embrace a sustained hatred of fossil fuels, it will trend toward “D,” especially regarding the developing world.

Fossil Fuel Use and Human Progress-the Big Picture

Sources:Carbon dioxide Information analysis Center Fossil-Fuel CO2 Emissions Global Annual Time Series (1751 – 2010),update for 2011/12 The Angus Maddison Project, with updates for GDP per capita World Bank, World Development Indicators (WDI)

The best resources, in addition to Epstein’s book, that I have found in navigating this are:

Robert Bryce

,

Doomberg

,

Isaac Orr

and

environMENTAL

I have highlighted some of their articles below.

The US government’s preferred method of moving the needle on energy and climate is tax credits.

They work. They give the private sector tax incentives to make investments in energy. Here’s how:

A Focus on Markets

Overall, notwithstanding the Santa Claus rally seems to have gotten stuck in the chimney, the S&P 500 index was up ~25% in 2024.

The following heatmap is a great way to look at the market for 2024 (click to expand and dig in):

I have linked a few of

Lance Roberts

’ daily commentaries for the last week below. You all know I find Lance helpful. I think you will too.

Grappling With Bitcoin

I know some of you have doubts about this asset:

• What is it?

• It’s just being pumped up by those who have held for a while and want to sell to the suckers.

• Who made this up?

• What is it actually?

I get it:

So, if you want to explore this topic further—as you know, it’s one of my themes for 2025 - I linked below to Lyn Alden’s December newsletter.

I recently bought some BTC. I decided if I am going to write about this, I should own some!

It took me a while to set up a Coinbase account and link my bank account because I trade through an LLC, and the bank account doesn’t bear my name.

I also set up an account on River (click on image below) because River deals only in BTC. They charge 1% on the first buy and 0% on subsequent recurring buys in the same amount.

So, if you want to dollar cost average into BTC over some period of time, and you are only interested in BTC, this is worth a look.

It’s a little unnerving that the market for trading BTC is open 24/7, 365.

I will keep you posted!

How To Survive The News in 2025?

When Biden was elected in 2020, he promised to remove the presidency from the front pages of the newspapers. He wasn’t successful, but coverage was more subdued and policy-focused than in Trump’s first term.

Clearly, as obsessed with Donald Trump as the news media is, this will not be the case for the next four years.

I have some recommendations:

1. Curate your media consumption carefully and know that most news is now a narrative-conforming OpEd.

2. Don’t be afraid of X - just set up your own feed and lists of people you want to follow. Consider a premium subscription to avoid ads.

3. Explore podcasts (see some recommendations below). Subscribe, evaluate, unsubscribe, and explore more (links to my favorites below).

4. Read sources you like and some you don’t. Don’t get trapped in an echo chamber

5. Stay curious, and remember that there is very little you can do to move the needle. Getting stressed won’t help.

Book Recommendations

Favorites from 2024 are:

Shorting the Grid by Meredith Angwin

An eye-opening exploration of grid fragility, market flaws, and reliability challenges. Essential for understanding electricity markets and policy intricacies. Explores how regulatory structures have created a dysfunctional grid.

The Grid by Gretchen Bakke

This is an engaging history of America's electrical grid, highlighting its complexity, vulnerabilities, and the challenges of transitioning to renewable energy. It is a great record of the start of the energy revolution sparked during President Carter’s administration.

Broken Money by Lyn Alden

Comprehensive analysis of money's evolution, its flaws, and Bitcoin's potential as a solution. Thought-provoking and well-researched. I wrote an X thread that I have linked before

The Moral Case for Fossil Fuels by Alex Epstein

This provocative argument defends fossil fuels' benefits for human flourishing. It challenges conventional environmental narratives with data-driven insights, helping to dispel the narratives relentlessly pushed by mainstream media.

Musk by Walter Isaacson

This is a deep dive into Musk's chaotic genius, ambition, and controversies. It captures his transformative innovations and polarizing personality. It doesn’t make him easier to like, just easier to decode.

The Storyteller: Tales of Life and Music by Dave Grohl

This heartfelt memoir blends humor, music, and personal stories. It is a must-read for Foo Fighters fans and music enthusiasts alike.

The Rise and Fall of the Neoliberal Order by Gary Gerstle

This is an insightful chronicle of neoliberalism's dominance in U.S. politics, global impact, and the forces shaping its decline. It’s a great way to map the dynasties of American politics.

The Color of Water by James McBride

Moving tribute to McBride’s mother, exploring race, identity, and resilience in a beautifully written memoir. It's hard to imagine growing up like this.

The Heaven & Earth Grocery Store by James McBride

It is a richly layered tale about race, community, and secrets. It's best appreciated after reading The Color of Water for deeper context. Otherwise, it seems inexplicably chaotic.

Power Failure: The Rise and Fall of an American Icon by William Cohan

A gripping account of GE’s rise and collapse, revealing corporate hubris and leadership failures in American capitalism. Excellent insights into the ascension of Jack Welch and the transition to Jeff Immelt during the financial crisis.

I realize that recommending books can be an imposition. If you choose any, you won’t be disappointed, but even if you don’t, you will have some insight into the writing that shapes my writing!

Arriving in early 2025:

Favorite Podcasts

And, coming in 2025

The Links I Promised

On breaking the energy narrative:

The 7 Biggest Energy Stories of 2024

Existential Environmental Crisis 2.0

Wind and Solar up to 12 TIMES More Expensive Than Natural Gas in New England

This Year in Gas

From Real Investment Advice (click on images):

On prospects for 2025

And an introduction to Quantum Computing

Lyn Alden’s December Newsletter (click on image)

If you've read this far, thanks for your attention! I'm looking forward to an exciting content year in 2025. Let me know if there are topics you would find valuable or interesting for me to cover, and I'll add them to the list!