Central Banks

Only Father Time helps us cut through the policy nonsense and understand interest rates conceptually.

Keynesians believe that economic growth can occur only with an expanding supply of money. Growth doesn't need more money; it needs more savings.

Keynesian economists claim that deflation is as bad or worse than inflation. But deflation not only reverses inflation's bad effects but also allows new wealth creation.

A serious political discussion at the federal level would center on structural problems of war and peace, debt and the dollar, and entitlements. But America in 2022 is a deeply unserious country.

Keynesian economists claim that deflation is as bad or worse than inflation. But deflation not only reverses inflation's bad effects but also allows new wealth creation.

All of the excess of unproductive debt issued during the period of complacency will exacerbate the problem in 2023 and 2024.

Long before there was the infamous German inflation of 1923, the Reichsbank created the scenario of monetary debasement.

The Fed's predictable response to inflation is based on erroneous economic thinking common with Keynesians. Only a free-market approach can reduce inflation and restore true market interest rates.

A serious political discussion at the federal level would center on structural problems of war and peace, debt and the dollar, and entitlements. But America in 2022 is a deeply unserious country.

All of the excess of unproductive debt issued during the period of complacency will exacerbate the problem in 2023 and 2024.