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Why Martians Are Wrong About Gold

August 22, 2020

Why Martians Are Wrong About Gold A martian — Warren Buffett once razzed — would marvel that earthlings dig gold from the ground… only to rebury it in vaults. That is, the business is idiotic… pointless… and wasteful. At first blush, our space man is justly puzzled. Why would humans shovel up hunks of metal […]

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Should the Fed Tamper With the Quantity of Money?

May 26, 2019

SHOULD THE FED TAMPER WITH THE QUANTITY OF MONEY? Most economists are of the view that a growing economy requires a growing money stock, because economic growth gives rise to a greater demand for money, which must be accommodated. Failing to do so, it is maintained, will lead to a decline in the prices of […]

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The Fed’s “Inflation Target” is Impoverishing American Workers

June 21, 2018

The Fed’s “Inflation Target” is Impoverishing American Workers Redefined Terms and Absurd Targets At one time, the Federal Reserve’s sole mandate was to maintain stable prices and to “fight inflation.”  To the Fed, the financial press, and most everyone else “inflation” means rising prices instead of its original and true definition as an increase in […]

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Central Banks’ Obsession with Price Stability Leads to Economic Instability

April 30, 2017

Central Banks’ Obsession with Price Stability Leads to Economic Instability For most economists the key factor that sets the foundation for healthy economic fundamentals is a stable price level as depicted by the consumer price index. According to this way of thinking, a stable price level doesn’t obscure the visibility of the relative changes in […]

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Fed’s Policy of Price Stability Results in More Instability

April 25, 2017

FED’S POLICY OF PRICE STABILITY RESULTS IN MORE INSTABILITY For most economists the key factor that sets the foundation for healthy economic fundamentals is a stable price level as depicted by the consumer price index. According to this way of thinking, a stable price level doesn’t obscure the visibility of the relative changes in the […]

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Inflation, the Fed, and the Big Picture

September 6, 2015

Inflation, the Fed, and the Big Picture CAMBRIDGE – Inflation – its causes and its connection to monetary policy and financial crises – was the theme of this year’s international conference of central bankers and academics in Jackson Hole, Wyoming. But, while policymakers’ desire to be prepared for potential future risks to price stability is understandable, they […]

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Olduvai IV: Courage
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