# Dr. John Rutledge: Asset-First Economics

Complex Systems in Economics and Finance Made Simple for Investors

Page: <https://rssamplifier.com/drjohnrutledge-substack-com>  
Feed: <https://rssamplifier.com/drjohnrutledge-substack-com.md>

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## [Interest Rates, Budget Deficits, and AI](https://drjohnrutledge.substack.com/p/interest-rates-budget-deficits-and)

_2026-08-18 · Dr. John Rutledge_

My Sunday brain dump of things I am thinking about that are important for investors

## [Things Kevin Warsh Needs to Know](https://drjohnrutledge.substack.com/p/things-kevin-warsh-needs-to-know)

_2026-06-17 · Dr. John Rutledge_

Inflation is higher, real incomes lower than reports show. Scrap the dotplot and forward guidance. Ignore the macro models. There is no neutral rate. The Fed doesn't print oil, copper, or potash.

## [Sorry, Kevin. Fun Fact: The Fed Can't Print Oil.](https://drjohnrutledge.substack.com/p/sorry-kevin-fun-fact-the-fed-cant)

_2026-05-27 · Dr. John Rutledge_

Tough first day at work. April inflation 4%. Growth fading. The FOMC meets in 3 weeks. Politicizing the Fed would be a disaster. It won't take long for us to learn which team he's playing for.

## [Join our live podcast tomorrow noon EST, 9AM PST to talk real estate and private equity](https://drjohnrutledge.substack.com/p/join-our-live-podcast-tomorrow-noon)

_2026-04-22 · Dr. John Rutledge_

Looking forward to working with Joel and my partner Vin Pica. Hope you can be there.

## [Asset-First Economics Update. We are not going broke.](https://drjohnrutledge.substack.com/p/asset-first-economics-update-we-are)

_2026-03-25 · Dr. John Rutledge_

The Q4/25 U.S. Balance Sheet—the Most Important Report You've Never Heard About.

## [Rethinking Real Rates](https://drjohnrutledge.substack.com/p/rethinking-real-rates)

_2026-02-03 · Dr. John Rutledge_

Through the lens of Asset-First Economics. Central banks using the wrong measure of real interest rates cause great damage. How the BOJ triggered Japan's Lost Decade.

[Listen](https://api.substack.com/feed/podcast/186659787/302b2307af663f56e19a1abc19a54008.mp3)

## [The Only Report Investors Need to Read](https://drjohnrutledge.substack.com/p/the-only-report-investors-need-to)

_2026-01-29 · Dr. John Rutledge_

Asset-First Economics, the U.S. Balance Sheet

## [The Physics Behind Asset-First Economics](https://drjohnrutledge.substack.com/p/the-physics-behind-asset-first-economics)

_2026-01-11 · Dr. John Rutledge_

Listen now (15 mins) | Far-from-equilibrium thermodynamics, phase transitions, and financial crises

[Listen](https://api.substack.com/feed/podcast/184099721/373ec6387d5ea74ece72e64452527070.mp3)

## [Asset-First Economics](https://drjohnrutledge.substack.com/p/asset-first-economics-70c)

_2025-12-30 · Dr. John Rutledge_

A primer on the ideas behind Asset-First Economics and what they mean for investors

[Listen](https://api.substack.com/feed/podcast/182920963/f411b4c9da8e86779094fc2161d1b451.mp3)

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_2025-12-30 · **Sponsored**_

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## [Asset-Based Economics, The Back Story](https://drjohnrutledge.substack.com/p/asset-based-economics-the-back-story)

_2025-12-27 · Dr. John Rutledge_

Tangible Assets, Complex Adaptive Systems, and Far From Equilibrium Economics

[Listen](https://api.substack.com/feed/podcast/182287802/8aa2ca1061b386fac2cf46683fc95e4e.mp3)