The World Needs Better Balance Sheets: The global economy faces challenges due to outdated methods of measuring economic growth and productivity, which do not account for today's complex supply chains and technological advances. Policymakers need better data and new frameworks to understand economic vulnerabilities and make informed decisions. A comprehensive balance sheet approach is essential to capture the full picture of a nation’s economic health, including both tangible and intangible resources.
Deep Dive into Midnight Sun Mining: Doug Casey’s Experts Round table puts Midnight Sun under the microscope. See what we had to say about the firm in our Zambia Deep Dive.
Energy Trader Mercuria Builds Massive Aluminum Bet on Russia Peace Deal: Best of luck to them on this one.
Reimagining US Economic Statecraft. At Massif Capital, we believe strongly that the changing political-economic order requires revitalizing US Economic Statecraft. Matthew Goodman’s comments to the House Foreign Affairs Subcommittee on East Asia and Pacific outline why and how to do that. Mr. Goodman emphasizes the need for smart economic statecraft to protect U.S. interests in a changing global economy. He points out that the U.S. must balance safeguarding and promoting its economic goals, especially in the Indo-Pacific region. The US must also avoid, at all costs, allowing the rules of global trade to be rewritten by institutions the US set up but is now withdrawing from. A global economy governed by rules that are written by others will not maximize US interests. A well-resourced State Department is essential for effective diplomacy and economic strategies.
No help from me needed to promote this annual must-read for gold investors, but it is so good, I can’t help myself. I know what I will be doing this weekend: In Gold We Trust 2025
To close it out, two interesting articles with no obvious investment value what so ever
How to Run a CIA Base in Afghanistan: Deep dive into the operations of a CIA base in Afghanistan, with insights from a former CIA case officer and Chief of Base. It touches on the intricacies of running intelligence operations, the roles of different officers within the CIA, the importance of protecting sources, and the impact of technology on intelligence gathering. Additionally, it discusses the challenges faced by the CIA in war zones, the need for nuanced understanding in intelligence operations, and the unpredictability of outcomes in foreign policy and intelligence work.
Improving Naval Ship Acquisition: The US Navy faces delays and cost overruns in shipbuilding, which reduces its effectiveness. To improve this, the Navy should focus on simpler ship designs, bring design work in-house, and start construction only after designs are nearly complete. These changes would allow the Navy to build more ships faster and at a lower cost. While there is no immediate investing value in this piece, one would be well served by observing that the challenges the US Navy faces in building ships are similar to the challenges that all mega-projects face. For industrials focused discussion of these challnges with case studies, we recommend the following book: Industrial Megaprojects by Edward Merrow and How Big Things Get Done by Bent Flyvbjerg
This week, we published a new report on Global Atomic. The excerpt below is from that report and it seeks to contextualize the impact on Global Atomic of political risk arising from a 2023 coup in Niger and the rise of modern mercantalism.
Niger’s continued support for GLOs Dasa uranium project, even as it revokes licenses and asserts state control elsewhere, is not a contradiction of its resource nationalism but rather an expression of the pragmatism that defines “modern mercantilism.” The government, led by General Tchiani, has made it clear it seeks to maximize national benefit from its mineral wealth, but not at the cost of deterring all foreign investment or jeopardizing critical projects that align with its interests. Dasa stands out because it is a new, high-grade mine with significant economic promise, and the state holds a 20% stake in the project, ensuring both participation and a share in the profits.
Unlike legacy operations dominated by French or other Western interests, Dasa’s structure and recent history mesh with the government’s goals. The project is managed as a partnership between GLO and the Nigerien state, with local employment, procurement, and value-add built into its model. This aligns with the junta’s stated aims: to ensure that foreign investment delivers concrete benefits to Niger, from jobs to tax revenue to technology transfer. The government has repeatedly and publicly assured GLO and its investors that there are “no plans to nationalise” the project, and that Niger “welcomes and encourages investment by foreign mining companies, specifically including those from Canada, the United States and Australia”.
This approach is consistent with our current geopolitical read, as outlined in our report “When Markets Meet Mercantilism”: states do not reject globalization outright but instead set the terms to prioritize their strategic interests. Niger’s government is selective, supporting projects that deliver national value and asserting leverage over those that do not. The withdrawal of licenses from Orano and GoviEx, both of which had either stalled or failed to meet Niger’s evolving expectations, contrasts with the active support for Dasa, which is on track, locally integrated, and structured to benefit the state directly.
Moreover, the government’s support for Dasa is also a signal to the global investment community: Niger is open for business, but on new terms. It seeks partners, not patrons, and expects foreign investors to align with national priorities. The state’s willingness to facilitate Dasa’s progress, even amid political upheaval and the loss of Western financing, demonstrates a mercantilist logic-one that values sovereignty, but also recognizes the need for external capital and expertise to unlock the full potential of its resources.
Niger’s backing of GLO’s mine is not an exception to the new economic order but is a case study in how modern mercantilism operates in practice. Understanding the corporate-government relationships and the degree to which a corporation addresses the stated needs of a government will be critical knowledge in the future. Regardless of the market, every investor must understand the changing nature of government-corporate relations. Geopolitical shifts currently underway mean states will be forgiving of corporations when and where they see mutual benefit, national value, and strategic alignment; otherwise, watch out. This nuanced stance is likely to define Niger’s approach to foreign investment for the foreseeable future, and those of many other government around the world in both the developed and developing world.
Look out the week of May 26th for a deep dive report into a European Natural Gas producer with a sustainable double-digit dividend yield and ~50% capital appreciation potential.
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