Interest – Inflation = #REF
byI have to admit that I derive some pleasure in taking on hoary old myths. For example, some economists assert that the interest rate…
Managing trade deficits
byCurrency devaluation is seen by nearly every macro-economist to be the cure for trade deficits. Recently they have recommended it to Greece, arguing for…
Money supply and velocity
byMainstream view of what velocity is According to popular thinking the idea of velocity is straightforward. It is held that over any interval of…
The only thing we have to fear..
by“Let me be clear on one point: I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to…
Bonds and banks
byThis year has seen some big losses develop in the bond markets, though prices have stabilised in recent days. The chart above is of…
They’re Coming to Take Away Your Cash
byThe stories are all over the Internet. Governments are forcing us into a cashless society. Supposedly the pretext is terrorism, and the real reason…
US Growth and employment – can the boon of cheap energy eclipse the collapse of energy investment?
byLast year’s oil price falls are still feeding through to the wider economy Oil producing states have remained resilient despite the continued lower price…
News from the richest country on earth
by“The co-authors began working on this book in 1974, just after the termination of President Nixon’s controls in the United States. Since that time,…
Cobden Partners on Radio 4
byThe Cobden Centre contributor and Cobden Partners founder Gordon Kerr was featured on BBC Radio 4’s Today yesterday talking about Kevin Dowd’s recent paper…
The fallacies of GDP
byThe common error of confusing growth with progress goes largely unnoticed, though it permeates all macroeconomic analysis. There is no better example of this…