Neutral interest rate – the Fed’s impossible goal
byIt is widely accepted that by means of suitable monetary policies the US central bank can navigate the economy towards a growth path…
Economic Cycles
How Asset Inflation Will End — This Time
byLife after death for asset inflation: this is what happens when “speculative fever” remains high even after monetary inflation has paused. This may well…
Chapter 6: America, Won and Lost.
byAfter the United States gained its independence from Britain, it became powerful in the world in two very different ways: as an idea,…
Capital Flows – is a reckoning nigh?
byBorrowing in Euros continues to rise even as the rate of US borrowing slows The BIS has identified an Expansionary Lower Bound for…
Central bank balance sheet reductions – will anyone follow the Fed?
byThe next wave of QE will be different, credit spreads will be controlled The Federal Reserve may continue to tighten but few other…
Sustainable government debt – an old idea refreshed
byNew research from the Peterson Institute suggests bond yields may fall once more Demographic forces and unfunded state liabilities point to an inevitable…
Outrageous fortune
by“Isn’t it funny when you walk into an investment firm and you see all of the financial advisers watching CNBC ? That gives me…
Why monetary easing will fail
byThe major economies have slowed suddenly in the last two or three months, prompting a change of tack in the monetary policies of central…
Chapter 2: Laws That Make Robbery Legal.
byA law can be anything from an attempt to establish justice on earth to a device for robbery and murder.[1] Nazi race law…
The Dangers of Negative Interest Rates and a Cashless Economy
byThe recent gyrations in the stock market and the uncertainties surrounding American trade policies with China and other parts of the world have raised…