How Asset Inflation Will End — This Time
Life after death for asset inflation: this is what happens when “speculative fever” remains high even after monetary inflation has paused. This may well…
Read MoreCentral Banking
Chapter 6: America, Won and Lost.
After the United States gained its independence from Britain, it became powerful in the world in two very different ways: as an idea,…
Read MoreDon’t be so negative
“FED’S WILLIAMS SAYS IN A DOWNTURN WE COULD CONSIDER QUANTITATIVE EASING, NEGATIVE RATES.” Tweet by Reuters’ Jennifer Ablan, reporting on a speech by…
Read MoreImportance of model building in economics
In the natural sciences, a laboratory experiment can isolate various elements and their movements. There is no equivalent in the discipline of economics….
Read MoreWhat They Don’t Want You to Know about Prices
ast week, in part I of this essay, we discussed why a central planner cannot know the right interest rate. Central planner’s macroeconomic aggregate measures like…
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Central bank balance sheet reductions – will anyone follow the Fed?
The next wave of QE will be different, credit spreads will be controlled The Federal Reserve may continue to tighten but few other…
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Why monetary easing will fail
The major economies have slowed suddenly in the last two or three months, prompting a change of tack in the monetary policies of central…
Read MoreChapter 4: Early Days.
The situation we are in today has evolved over many centuries. Economists had plenty of time and opportunity to comment – and comment…
Read MoreChapter 2: Laws That Make Robbery Legal.
A law can be anything from an attempt to establish justice on earth to a device for robbery and murder.[1] Nazi race law…
Read MoreThe Dangers of Negative Interest Rates and a Cashless Economy
The recent gyrations in the stock market and the uncertainties surrounding American trade policies with China and other parts of the world have raised…
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