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Sense and Nonsense on Petrodollars
Sense and Nonsense on Petrodollars Folded dollar bill (featuring George Washington) against a map of Saudi Arabia. Last week several reports suggested the termination of a US-Saudi petrodollar agreement, and speculated a Saudi Arabian move to sell oil on world markets in various currencies, including the Chinese yuan. The accounts were rife with inaccuracies: the […]
The Incoming Commercial Real Estate Crisis No One Seems Prepared For
The Incoming Commercial Real Estate Crisis No One Seems Prepared For ‘I think that there’s more to come,’ said Peter Earle, research fellow at the American Institute for Economic Research. It has been a year since a string of U.S. regional bank failures, together with the collapse of global heavyweight Credit Suisse, caused many to […]
De-dollarization Has Begun.
De-dollarization Has Begun. Last week, China and Brazil reached an agreement to settle trades in one anothers’ currencies. Over the past 15 years, China has replaced the United States as the main trading partner of resource-rich Brazil, and as such that shift may have been inevitable. But within the context of recent circumstances, this appears to […]
‘We live in an Orwellian hell-scape’: Facebook fact-checks top economist for stating America IS in a recession after Biden refused to admit it
‘We live in an Orwellian hell-scape’: Facebook fact-checks top economist for stating America IS in a recession after Biden refused to admit it Phillip Magness, the research and education director at the American Institute for Economic Research, believes the U.S. is in a recession Economists usually say it is a recession when two successive quarters […]
Dissenters, Unite!
Dissenters, Unite! Being contrarian is hard work. You need to withstand ridicule, the loss of friends, employment, and acquaintances, face the imminent possibility that most of the time you’ll be wrong, and abandon the warm fuzzy feeling of having your otherwise friendly peers confirming your bias. Yet, authentic critics are crucially important, even if (and when) they are […]
The Everything Bubble and What it Means for Your Money
The Everything Bubble and What it Means for Your Money In the aftermath of the Black Plague which swept across Europe between 1347 and 1353, wiping out between 30 and 60% of the population, the European economy changed dramatically. Source: Jeremy Norman – HistoryofInformation.com The Black Plague had a lasting socioeconomic impact; for example, towns […]
We Need to Shut Them Down
We Need to Shut Them Down We need to shut them down. Governments that is. At least the ones that cannot pay their bills because of unnecessary economic lockdown orders. I have tried just about everything in these pages to induce politicians to see that they are pushing the worst policies since at least the New Deal […]
What Comes After the Coronavirus, Freedom or Despotism?
What Comes After the Coronavirus, Freedom or Despotism? The coronavirus crisis that has enveloped the world has brought about calls for society and economy-wide action on the part of governments that has been matched by the imposing of radical shutdowns and compulsory mass quarantining as tens of millions of people are told to not to […]
What My Friends on the Left Need to Know About the Green New Deal
What My Friends on the Left Need to Know About the Green New Deal “Nowhere has our public discourse failed us more egregiously than on the environment and climate change,” I wrote last year while reviewing the first sketches of a proposed Green New Deal. It’s since become a buzzword, but until now it remained only vaguely […]
Krugman and the Goldbugs
Krugman and the Goldbugs The announcement that President Trump would nominate Judy Shelton, a long-time advocate of the gold standard, for a seat on the Federal Reserve’s Board of Governors got Paul Krugman thinking: why do some economic commentators become goldbugs? Krugman offers a rather cynical view. It is difficult “to build a successful career as […]
The Dollar, Not Crypto, Is a National Security Issue
The Dollar, Not Crypto, Is a National Security Issue U.S. Treasury Secretary Steve Mnuchin piled on to comments made recently by President Donald Trump by calling cryptocurrencies a “national security issue.” Bitcoin and crypto proponents more broadly have long wondered if (and how) the government of the United States would recognize the slow but steady encroachment of decentralized assets, […]
The Rise of the Shotgun Banknote Switch
The Rise of the Shotgun Banknote Switch Every decade or two, central banks replace their existing issue of banknotes with a new issue. The main reason they do this is to thwart counterfeiters, who by then will have started to get pretty good at duplicating the existing version. Central bankers have usually tried to make […]
We’re Still Making Diocletian’s Mistakes
We’re Still Making Diocletian’s Mistakes Some of the most telling moments in history are when we look back and see people in a vastly different world behaving exactly as people do today. From 286 to 305 Diocletian, one of Rome’s most powerful and consequential emperors, tried to fix the political and economic systems which he inherited […]
Central Banking Is Central Planning
Central Banking Is Central Planning At a time when the appeal of and demands for a new “democratic” socialism seem to have caught the imagination of many among the young and are reflected in the promises of a good number of political candidates running for high office, there is one already-existing socialist institution in America […]
Name the State
Name the State The number one problem of all public debate about politics and economics is the failure to name the state. If this would change, so would public opinion. There is no shortage of examples. People talk about health care for all, solving climate change, providing security in old age, universal educational access, boosting […]
