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The Federal Punch Bowl Removal Agency

The Federal Punch Bowl Removal Agency US Money Supply and Credit Growth Continue to Slow Down Not to belabor the obvious too much, but in light of the recent sharp rebound, the stock market “panic window” is almost certainly closed for this year.* It was interesting that an admission by Mr. Powell that the central […]

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Moving Closer to the Precipice

Moving Closer to the Precipice Money Supply and Credit Growth Continue to Falter The decline in the growth rate of the broad US money supply measure TMS-2 that started last November continues, but the momentum of the decline has slowed last month (TMS = “true money supply”).  The data were recently updated to the end […]

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US True Money Supply Growth Jumps, Part 1: A Shift in Liabilities

US True Money Supply Growth Jumps, Part 1: A Shift in Liabilities  A Very Odd Growth Spurt in the True Money Supply  The growth rates of various “Austrian” measures of the US money supply (such as TMS-2 and money AMS) have accelerated significantly in recent months.  That is quite surprising, as the Fed hasn’t been […]

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US Money Supply Growth Finally Begins to Crack

US Money Supply Growth Finally Begins to Crack  Breaking Below the Shelf In our recent missive on junk bonds, we inter alia discussed the fact that the growth rate of the narrow money supply aggregate M1 had declined rather noticeably from its peak in 2011. Here is a link to the chart. As we wrote: “We also […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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