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A dangerous misunderstanding

April 25, 2021

A dangerous misunderstanding How much money should there be in the world?  It is an interesting question; to which, at any time, there is a correct answer that is unknown to anyone.  It is the amount at which money is able to perfectly perform its two key functions – being a medium of exchange and a store of value.  […]

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The Pseudo-Psychology Behind Monetary Policy

February 9, 2019

The Pseudo-Psychology Behind Monetary Policy In his various writings, the champion of the monetarist school, Milton Friedman, argued that there is a variable time lag between changes in money supply and its effect on real output and prices. Friedman holds that in the short run changes in money supply will be followed by changes in […]

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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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An Inflation Indicator to Watch, Part 3

March 10, 2018

An Inflation Indicator to Watch, Part 3 “During the 1980s and 1990s, most industrial-country central banks were able to cage, if not entirely tame, the inflation dragon.” —Ben Bernanke Ben Bernanke began his oft-cited “helicopter speech” in 2002 with a few kind words about his peers, including the excerpt above. Speaking for central bankers, he […]

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An Inflation Indicator to Watch, Part 1

February 18, 2018

An Inflation Indicator to Watch, Part 1 “Inflation is always and everywhere a monetary phenomenon.” —Milton Friedman Have you ever questioned Milton Friedman’s famous claim about inflation? Ever heard anyone else question it? Unless you read obscure stuff written for the academic community, you’re probably not used to Friedman’s quote being challenged. And that’s despite […]

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We Need the Pain that Comes with More Saving

March 16, 2016

We Need the Pain that Comes with More Saving  The endgame of monetary side manipulations is upon us. Since 2008, central banks have done what they thought was needed to bring the markets back from the pain they experienced during the crash. The problem, of course, is that these Keynesians and Monetarists placed the high […]

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We Know How This Ends, Part 2

January 20, 2016

We Know How This Ends, Part 2 In March 1969, while Buba was busy in the quicksand of its swaps and forward dollar interventions, Netherlands Bank (the Dutch central bank) had instructed commercial banks in Holland to pull back funds from the eurodollar market in order to bring up their liquidity positions which had dwindled […]

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We Know How This Ends, Part 1

January 20, 2016

We Know How This Ends, Part 1 The finance ministers and representatives of central banks from the world’s ten largest “capitalist” economies gathered in Bonn, West Germany on November 20, 1968. The global financial system was then enthralled by a third major currency crisis of the past year or so and there was great angst […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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