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Daniel Nevins: Economics for Independent Thinkers
Daniel Nevins: Economics for Independent Thinkers It’s time we stop trusting the ‘experts’ Economists are supposed to monitor and analyze the economy, warn us if risks are getting out of hand, and advise us on how to make things runs more effectively — right? Well, even though that’s what most people expect from economists, it’s […]
Central Bank Musical Chairs
Central Bank Musical Chairs If the last few stock market days are interrupting your sleep, Jim Bianco and CNBC’s Rick Santelli are saying, get used to it. The total assets of all central banks hit $16.4 trillion plus (an all-time high) and these banks now, collectively, own 33 percent of all the world’s sovereign bonds […]
If Economists Are So Smart, Why Are They Always Wrong?
If Economists Are So Smart, Why Are They Always Wrong? When I took Econ 101 and 102 as a young college student back in antediluvian times the textbook we were assigned was Paul Samuelson’s Economics: An Introductory Analysis. This book is the all-time best selling economics textbook and is still around today (19th ed.). I had the 1961 […]
The Sermon On The Mount[ain Of Debt]
The Sermon On The Mount[ain Of Debt] “Blessed are the young, for they shall inherit the national debt.” – President Herbert Hoover The Hoover administration thought there was no room and was ideologically opposed to fiscal expansion to stimulate aggregate demand. Furthermore, Keynesian theory was not even developed at the time. The General Theory of Employment, […]
Keynes: A Master of Confused and Confusing Prose
Keynes: A Master of Confused and Confusing Prose [This article is a selection from Where Keynes Went Wrong]: Paul Samuelson, professor of economics at MIT after World War II and author of a best-selling economics textbook, was one of Keynes’s most ardent American disciples. Here is what he has to say about the latter’s General Theory: […]
Hidden Forces of Economics
Hidden Forces of Economics Waiting for the Flood We have noticed a proliferation of pundits, newsletter hawkers, and even mainstream market analysts focusing on one aspect of the bitcoin market. Big money, institutional money, public markets money, is soon to flood into bitcoin. Or so they say. A weekly chart of bitcoin – it actually […]
What Is the Liquidity Trap?
What Is the Liquidity Trap? Some economists such as a Nobel Laureate Paul Krugman are of the view that if the US were to fall into liquidity trap the US central bank should aggressively pump money and aggressively lower interest rates in order to lift the rate of inflation. This Krugman holds will pull the […]
On Borrowed Time
On Borrowed Time There are a number of things you don’t want to hear a central banker say. One of those things just popped out of Janet Yellen’s mouth – “I don’t believe we will see another financial crisis in our lifetime.” That has to be up there with Irving Fisher’s deathless observation from 17 October […]
Why the Fed Will Fail Once Again
Why the Fed Will Fail Once Again [Ed. Note: Jim Rickards’ latest New York Times bestseller, The Road to Ruin: The Global Elites’ Secret Plan for the Next Financial Crisis, is out now. Learn how to get your free copy – HERE. This vital book transcends rhetoric from the Federal Reserve to prepare you for what […]
Bankers, Always the Last to Know
Bankers, Always the Last to Know Commercial real estate is starting to cool, with deal volume last year dropping 10% from 2015 to $493.7 billion, while, as Peter Grant reports for the Wall Street Journal and Grant’s Interest Rate Observer, “the early stages of 2017 have delivered even weaker results: $50.3 billion in transaction value […]
Don’t Blame Trump When the World Ends
Don’t Blame Trump When the World Ends There was, indeed, a time when clear thinking and lucid communication via the written word were held in high regard. As far as we can tell, this wonderful epoch concluded in 1936. Everything since has been tortured with varying degrees of gobbledygook. The fall from grace was triggered […]
The Coming Of Depression Economics
The Coming Of Depression Economics Like it or not, this is where we have been all along and a great many people are just now catching up. No matter what Janet Yellen says about the economy, she is talking out the side of her mouth. Internally, the recovery is gone, and it is never coming […]
Get Ready… Change Is Upon Us
Get Ready… Change Is Upon Us The ‘economic peace’ we’ve enjoyed for decades is over “After four years of warfare that tore the world apart like never before, a peace was finally reached. But it was a peace which one man in particular vociferously condemned — and that man was John Maynard Keynes. In just two […]
Mises.org: Keynes’s Critique of Econometrics is Surprisingly Good
MISES.ORG: KEYNES’S CRITIQUE OF ECONOMETRICS IS SURPRISINGLY GOOD In a recent article we had a brief look at Ragnar Frisch’s (1895–1973) vision of econometric model building. As mentioned, Frisch was the first economist chosen over Mises to win the Nobel Prize in 1969. In fact, there was a second one in the same year. Frisch won the […]
