Born on the Tenth of January
As the Pentagon Fails Another Audit, Congress Wants to Spend Even More on “Defense”
Paul Pelosi Is Attacked, So Naturally the Capitol Police Want More Money
In Jamaica, the Tourists Party On behind High Walls and Locked Gates
Father Time versus Central Bankers
An excellent new book from Edward Chancellor, The Price of Time, sets out to explain both the theory and history of interest rates across five millennia and countless cultures. The theory is frequently bungled by economists; the history is frequently glossed over by historians. But thankfully Mr. Chancellor is up to the task. He is an excellent and engaging writer, owing presumably to his long career as a financial journalist.
Half a Year of QT Down
Who would believe we have made it this far?
6 months of official Quantitative Tightening (QT) has passed. The Fed has been doing what they said they would do (i.e., their actions, not results).
The asset reduction for the month of November was almost $80 billion. From Nov. 2 – 30, the US Treasury (UST) balance decreased by roughly $60 billion and Mortgage-Backed Security (MBS) balance decreased by roughly $20 billion.
The Tea Party, Fifteen Years Later
December 16, 2022, is the fifteenth anniversary of the modern Tea Party. That fact will come as a surprise to many readers who take the mainstream narrative about the Tea Party at face value. The mainstream account begins on February 19, 2009, when Rick Santelli, live on CNBC from the trading floor of the Chicago Mercantile Exchange (CME), declared a rebellion against “socialism” one month into the Obama administration.
Student Debt: It Is and Has Been a Personal Choice
The Supreme Court of the United States will hear plaintiff and defendant oral arguments for Biden v. Nebraska in February 2023. That case will determine whether the Biden administration has the constitutional authority to forgive student loan debt and thereby make taxpayers responsible for the debts that students have incurred.
