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March of Folly: Fall of American Empire

February 21, 2023

MARCH OF FOLLY: FALL OF AMERICAN EMPIRE “Folly is a child of power.” ― Barbara W. Tuchman, The March of Folly: From Troy to Vietnam “A phenomenon noticeable throughout history regardless of place or period is the pursuit by governments of policies contrary to their own interests. Mankind, it seems, makes a poorer performance of government than […]

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Volcker Recalls Another Time the Fed Was in the President’s Crosshairs

October 25, 2018

Volcker Recalls Another Time the Fed Was in the President’s Crosshairs The central banker’s memoir recounts an awkward encounter with Ronald Reagan. Reagan and Volcker in the Oval Office in 1981. PHOTOGRAPHER: J. SCOTT APPLEWHITE/AP PHOTO Donald Trump’s repeated public criticism of the Federal Reserve’s monetary policy seems extraordinary, but he isn’t the first president […]

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The Idea That the Fed Is ‘Independent’ Is Absurd

September 3, 2018

The Idea That the Fed Is ‘Independent’ Is Absurd Reuters Photographer President Donald Trump sparked controversy — as is his wont — when he recently told CNBC that he was “not thrilled” with the Federal Reserve’s announced hikes in short-term interest rates, which he claimed would hinder the economic expansion for which his administration had […]

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Trump’s Tweets End the Myth of Fed Independence

July 31, 2018

Trump’s Tweets End the Myth of Fed Independence President Trump’s recent Tweets expressing displeasure with the Federal Reserve’s (minor) interest rate increases led to accusations that President Trump is undermining the Federal Reserve’s independence. But, the critics ignore the fact that Federal Reserve “independence” is one of the great myths of American politics. When it […]

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This Isn’t Your Grandfather’s (1960s) Inflation Scare

March 14, 2018

This Isn’t Your Grandfather’s (1960s) Inflation Scare “This reminds me of the late 1960s when we experimented with low rates and fiscal stimulus to keep the economy at full employment and fund the Vietnam War. Today we don’t have a recession, let alone a war. We are setting the stage for accelerating inflation, just as […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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