The velocity myth
byIf there is one concept that illustrates the difference between a top-down macro-economic approach and the reality of everyday life it is the velocity…
money supply
Does low US price inflation provide room for a more aggressive Fed?
byThe US Federal Reserve can keep stimulating the US economy because inflation is posing little threat, Federal Reserve Bank of Minneapolis President Kocherlakota said….
End the Fed’s War on Paychecks
byThe Democratic Party has made “income inequality” a signature issue for the 2014 (and, presumably, 2016) election cycle. Democrats, en masse, shout “J’accuse!” at Republicans. …
The end of tapering and government funding
byLast year markets behaved nervously on rumours that QE3 would be tapered; this year we have lived with the fact. It turned out that…
Market expectations and long-term US interest rates
byAfter closing at 3.03% in December 2013 the yield on the 10-year US T-Note has been trending down, closing at 2.34% by August this…
Don’t Believe Government About Price Inflation
by[Editor’s note, this piece, by Richard Ebeling, is from EpicTimes] It is an old adage that there are lies, damn lies and then there are…
As Germany loses battle for ECB, QE goes global
byWhat is Super Mario up to? First, he gave an unexpectedly dovish speech at the Jackson Hole conference, rather ungallantly upstaging the host, Ms…
Our obsession with monetary stimulus will end in disaster
byThe following is a commentary I wrote for The Forum section of London business-paper City A.M. The link is here. It is now six…
Yield curve and the US economy
bySo far in August the differential between the yield on the 10-year Treasury note and the yield on the 3-month Treasury bill stood at…
Money, Macro & Markets
byFirst it was the government’s miraculous ability to deliver on-target GDP growth that got the permabulls bellowing again, then it was the striking (world-beating,…