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Booms and BustsMonetary Policy
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.
Booms and BustsFinancial MarketsLabor and Wages
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.
Booms and BustsThe FedFinancial Markets
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.
Booms and Busts
The COVID-19 depression will expose the Las Vegas convention center bubble for what it is: a massive malinvestment.
Booms and BustsEntrepreneurship
The coronavirus crisis has unleashed two types of bankruptcies that are very different, have different causes, and should require different solutions.
Booms and BustsMonetary PolicyMoney and Banks
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.
Booms and BustsMoney and Banks
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.
Booms and BustsFinancial Markets
This year, as in 2006, the real estate industry is in denial about the state of the economy.
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.
Booms and BustsMoney and BanksMoney and Banking
With each passing recession, the Fed finds it harder to refuel the last bubble, but the market moves on to the new bubble as the Fed keeps interest rates artificially low.