Booms and Busts

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.

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.

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.

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.

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

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

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.

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.

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