It’s Only Paper
byThe response to the virus has added a new mechanism of capital consumption to the many we have documented over the years. Businesses…
How Markets Price a Pandemic—and How They Lower Risk
byIn economic terms, war and pandemic are the same without even evoking imagery of the virus as an invisible enemy or of a long…
Lockdowns and the economy
byThe imposition of lockdowns to counter the spread of the infection from the coronavirus is likely to severely damage the real economy. As…
Will there Be Tyranny in the Post-Coronavirus World?
byThe coronavirus crisis will be considered one of the most important global events of the early decades of the 21st century. Like a pebble that…
A Rose by Any Other Name – Corona Bonds and the Future of the Eurozone
byA European fiscal spending package worth Euro 540bln has been agreed Eurozone bonds have crashed and recovered Corona Bonds have been found unnecessary…
The looming derivative crisis
byThe powerful forces of bank credit contraction are at the heart of a rapidly evolving financial crisis in global derivatives, whose gross value is…
What happens Under Our Present System When Governments Create Money?
byLock-down is an ideal time to consider some simple truths that we’re normally content to ignore. If we want to reclaim our world and…
The destructive force of bank credit
byCommentators routinely confuse the deflationary effects of a contraction of bank credit with the inflationary effects of central bank policies designed to offset it….
Before Coronavirus
by“In order to succeed, you must first survive.” Nassim Nicholas Taleb. “I am certain that my fellow Americans expect that on…
Best Books on the Folly of Socialism
by“Less than seventy-five years after it officially began, the contest between capitalism and socialism is over: capitalism has won.” —Robert L. Heilbroner, “The…