Plans for summer?

I heard New York gets slow from June until Labor Day.

Either way, whether you’re in the Hamptons or going to Paris, you’ll likely tune into CNN’s coverage of the Presidential Debate—that smells fishy.

In the US, for Memorial Day, over 3.5 million people are expected to hit the skies, up 9% from 2019. All of this fares very well for Boeing, as they are allowed to continue churning out airplanes for US tourism, leveraging the strong dollar.

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Boeing will be a very different company by the year's end and during Q4 earnings. We will have experienced a significant summer travel season, as well as Christmas travel bookings. Additionally, its defense unit has completely revitalized the company's image.

As for me, I am working on next month’s Morgan Report on Japan and will likely go to Tokyo to examine the power of the dollar and catch up with Thomas. I also plan to catch up with a friend in Sydney who is making a bid for Perpetual Limited’s Board of Directors.

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KKR’s bid for Perpetual Limited is very much a feature of centralization as the number of financial institutions keeps shrinking to levels seen in China and Russia. In 1920, Japan had 1,400 banks, and post-WWII it had 64. The US had over 20,000 banks in 1920, but now has around 4,500.

I was speaking to one of my bankers at Zions Bank, and we discussed how community banks with no access to the Fed are in serious danger of extinction over time. We also talked about how new migrants who choose not to link to domestic and global banking will be harmed by increasing rules and regulations. This is one of the great travesties of the GFC.