Money and Banking

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This Time Is Not Different: More Debt, Less Growth

Money and Banking

Blog01/11/2021

There is only one way to strengthen the recovery: To reduce structural imbalances by regaining budgetary sanity and implementing serious measures to attract capital. To fall back into propagandistic optimism would be a mistake.

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Why Mainstream Economic Forecasts Are So Often Wrong

Money and BankingPhilosophy and Methodology

Blog01/08/2021

Thanks to politics, confirmation bias, and bad monetary economics, central banks have a lousy record when it comes to economic forecasts. 

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Why the 2020s Won't Be like the Roaring 20s

World HistoryMoney and Banking

Blog01/04/2021

The 1920s featured political détente, debt liquidations by prior consumer price inflation, an introductory stalling of monetary inflation, a German economic miracle, and a broad-based technological revolution. The 2020s have none of these. 

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The ECB’s Latest Big Mistake

Money and Banking

Blog12/31/2020

The worst excuse of all is that “there is no inflation.” It’s like driving a car at 300 miles an hour on the highway, looking in the rearview mirror and saying, “we haven’t killed ourselves yet, accelerate.”

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The Disaster of Bretton Woods vs. a Real Gold Standard

Book ReviewsMoney and Banking

Blog12/30/2020

The French economist Jacques Rueff was the foremost opponent in the twentieth century of the gold exchange standard.  He well described how the Bretton Woods enabled the US government to engage in seemingly endless deficit spending. 

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Why the Corporate Paradox of Thrift Isn't Really a Problem

Money and BanksMoney and Banking

Blog12/29/2020

Corporate cost cutting sets the stage for future gains in profitability and productivity, and there is no resulting "paradox of thrift" requiring easy money policies to "fix" the problem. 

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Central Bank Digital Currency: A Primer

Monetary PolicyPlanningMoney and Banking

Let us begin with what CBDCs definitely are not: they are not a new kind of cryptocurrency akin to bitcoin.

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Central Banks Double Down on the Failed Policies of the Twentieth Century

Central BanksThe FedMoney and Banking

Blog10/01/2020

Today’s macroeconomic beliefs defy all the historical evidence with their focus on increasing the economic presence of the state at the expense of the productive private sector.

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The Debt-Inflation Spiral Is Driving up the Demand for Gold

Central BanksFinancial MarketsMoney and Banking

Blog08/15/2020

It is often claimed that inflation reduces the true burden of debt. This is true for existing debt, but those who advocate it as a remedy for government indebtedness fail to understand that it also increases the cost of the government’s future debt.

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