Booms and Busts

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Money Pumping Won’t Fix What’s Wrong with the Economy

Booms and BustsMoney and Banking

Blog05/02/2020

The current bust has been made worse by previous periods of easy money, which destroyed the wealth creation that is critical to sustaining a growing economy.

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What the COVID-19 Crisis Means for Europe and the Eurozone

Booms and BustsMonetary Policy

Blog04/27/2020

It is fundamentally wrong to put the entire economy at the service of a single goal and to commit to a single solution. Human action always involves weighing up different goals and different means.

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This Bust Wasn't Caused by a Virus

Booms and BustsFinancial MarketsLabor and Wages

Blog04/24/2020

The COVID-19 panic may have sped up the beginning of this economic crisis, but the virus wasn’t the cause. The real cause of the crisis was the boom that came before it.

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Why Markets Are Rallying as Millions Become Unemployed

Booms and BustsThe FedFinancial Markets

Blog04/21/2020

Wouldn’t you feel great knowing that your stock picking is fully insured by the Fed? Billionaires and wealthy hedge fund managers know the feeling.

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The Convention Center Bubble Will Soon Pop

Booms and Busts

Blog04/21/2020

The COVID-19 depression will expose the Las Vegas convention center bubble for what it is: a massive malinvestment.

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Government Victims and Entreprenurial Failure: Two Types of Conoranvirus Bankruptcies

Booms and BustsEntrepreneurship

Blog04/14/2020

The coronavirus crisis has unleashed two types of bankruptcies that are very different, have different causes, and should require different solutions.

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Central Banks around the World Embrace Unprecedented "Quantitative Easing"

Booms and BustsMonetary PolicyMoney and Banks

Blog04/14/2020

From New York to London to Brussels to Tokyo, central banks in the last two weeks have embraced a wide variety of extraordinary inflationary measures to prop up insolvent banks and governments.

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The Fed's Balance Sheet Skyrockets as It Doubles Down on Inflating Asset Prices

Booms and BustsMoney and Banks

Blog04/13/2020

The Fed's portfolio is now 35 percent larger from the time the Fed promised to "taper" back its portfolio and "normalize." It is increasingly clear that there will not be any normalization. Ever.

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Builders in Denial

Booms and BustsFinancial Markets

Blog04/13/2020

This year, as in 2006, the real estate industry is in denial about the state of the economy.

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The Pandemic Exposed the Frailty of the Financial System

Booms and BustsFinancial Markets

Blog04/04/2020

Contrary to Fed assumptions, we are not presently facing a problem of liquidity vis-à-vis Great Recession; we are confronted, instead, with a serious shortage of quality collateral.

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