Business Cycles

Mortgage companies and realtors are today's canaries. They're in deep trouble, and so are the rest of us. 

The great credit expansion Alan Greenspan began thirty years ago has finally run its course. The Fed no longer can expand credit to fight the oncoming recession.

Most economists see GDP as a snapshot of the performance of the economy. However, it is better understood as a misleading statistic which fails to accurately describe what really is happening economically.

The Federal Reserve is raising interest rates and we know what follows, given there has been more than a decade of malinvestments building up: severe recession.

The Federal Reserve was supposed to prevent recessions that people blamed on the lack of central banking. Not surprisingly, the post-Fed recessions have been worse.

The Federal Reserve is raising interest rates and we know what follows, given there has been more than a decade of malinvestments building up: severe recession.

Anyone who doubts whether we are in a recession can stop doubting. The Fed's reverse repos show that we're headed for a crash.

Forget Jerome Powell's fanciful "soft landing" or the notion that the Fed can pull another rabbit from its hat. The banking system is headed for a crash and monetary authorities likely will make things worse.

Digitization will undoubtedly bring great improvements and new opportunities for peoples’ lives. But digitization also has a downside.

Economic growth is not something that just happens. It requires saving. It requires investment and capital accumulation. And it requires the real market process.