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Out of the mouths of babes….
Out of the mouths of babes…. Parents will tell you the most difficult questions to answer sometimes come from their children. Here are some apparently innocent questions to ask of economists, journalists, financial commentators and central bankers, which are designed to expose the contradictions in their economic beliefs. They are at their most effective using […]
Welcome to the world of ZIRP zombies
Welcome to the world of ZIRP zombies Interest rates in the US, Europe and the UK were reduced to close to zero in the wake of the Lehman crisis nearly seven years ago. Initially zero interest rate policy (ZIRP) was a temporary measure to counter the price deflation that immediately followed the crisis, but since […]
How Keynes Almost Prevented the Keynesian Revolution
How Keynes Almost Prevented the Keynesian Revolution October 30, 1929. A brisk autumn’s day in Manhattan. The Savoy-Plaza Hotel’s thirty-three stories cast a long shadow over Central Park. At the base of the hotel a financier lies freshly fallen, motionless, while his last breath, wrenched from the lungs by force of impact, is now a […]
Oops! Philly Fed Admits QE widens inequality
Oops! Philly Fed Admits QE widens inequality Once again, the Federal Reserve proves that it’s the last one to know everything that we knew already. Today’s stunning announcement: The Philadelphia Fed admits they (“may have”) made the wealthy wealthier and Main Street poorer. Oops. Sorry America. The Philly Fed insists that “redistributing wealth” to the wealthy isn’t the main […]
4 Factors Signaling Volatility Will Return With A Vengeance
4 Factors Signaling Volatility Will Return With A Vengeance Buckle up. It’s going to get bumpy. No one could have predicted the sheer scope of global monetary policy bolstering the private banking and trading system. Yet, here we were – ensconced in the seventh year of capital markets being buoyed by coordinated government and central […]
How To Spot Groupthink Among Economists
How To Spot Groupthink Among Economists As GMO’s James Montier says in his latest white paper today “it seems one can hardly open a financial newspaper or read a blog these days without tripping over some academic-cum-central banker talking about the once arcane notion of the equilibrium real interest rate.” Sure enough, it is the […]
The Euthanasia Of The Saver
The Euthanasia Of The Saver What have been the economic consequences of ultra-low interest rates? The answer might not be as hopeful as you may think. While better known for the role of government in stimulating the economy, John Maynard Keynes, one of the most influential economists of the 20th century, also provided the intellectual […]
Either Crude or Copper
Either Crude or Copper The primacy of the monetary pyramid in 2015 is not really about money as it is all ideology. If you believe that monetary policy provides “stimulus” then you immediately remove all thoughts of any economic decline during times when monetarism is most active. Since “it works” then all else must fall […]
Grant Williams: The Consequences Of Economic Peace | Zero Hedge
Grant Williams: The Consequences Of Economic Peace | Zero Hedge. The following chart-heavy presentation from Grant Williams is among his best as he wends his way methodically from the 19th century to the present day (and into the future) examining “The Consequences of the Economic Peace.” From Keynes to Kondratieff and from Napoleon to Nixon, Williams […]
BusinessWeek Wants YOU To Become A Keynesian Debt Slave | Zero Hedge
BusinessWeek Wants YOU To Become A Keynesian Debt Slave | Zero Hedge. There are those, increasingly more of them, including such shocking statist luminaries as Alan Greenspan (the person more responsible for today’s global depression than anyone else) and the Treasury Borrowing Advisory Committee, who are realizing that the old debt=growth, saving=bad, spending=prosperity and inflation=utopia economic paradigm, the one unleashed by John […]
