Open Letter to Gregory Mankiw from Keith Weiner
Dear Professor Mankiw: I am writing in response to your article in the New York Times, “The Puzzle of Low Interest Rates”. I commend…
Open Letter to Mercatus Center
Letter to Patrick Horan Program Manager for Monetary Policy Mercatus Center Via Internet Dear Mr. Horan and Mercatus: It just came to my attention…
Nomination for the Board of Governors of the Federal Reserve
We read the news today that Judy Shelton has been approved by the Senate Banking Committee. This means that the full Senate can vote…
How to maintain a bull market after coronavirus
Everyone thinks they know the cause and effect of the Federal Reserve’s response to crises such as 2008 and 2020. The Fed prints money to buy…
It’s Only Paper
The response to the virus has added a new mechanism of capital consumption to the many we have documented over the years. Businesses…
Targeting nGDP Targeting
Not too long ago, we wrote about the so called Modern Monetary so called Theory (MMT). It is not modern, and it is not…
The Perversity of Negative Interest
Today, we want to say two things about negative interest rates. The first is really simple. Anyone who believes in a theory of interest…
A Wealth Tax Consumes Capital
It seems one cannot make a name for one’s self on the Left, unless one has a proposal to tax wealth. Academics like Tomas…
How Is Negative Interest Possible?
Germany has recently joined Switzerland in the dubious All Negative Club. The interest rate on every government bond, from short to 30 years, is…
Obvious Capital Consumption
We have spilled many electrons on the topic of capital consumption. Still, this is a very abstract topic and we think many people still struggle…