The Fed

Kraken Financial creates a 100% full-reserve warehouse model. But this poses a direct threat to the fractional-reserve system.

The Federal Reserve might be experiencing a change of leadership, but the process of currency debasement that began more than a century ago continues.

Even the federal government's official data shows that price growth is well above the Federal Reserve's two-percent target. In fact, price inflation is now at multi-year highs, and there is good reason to think this will continue.

Record-low consumer confidence and record-strong corporate earnings aren’t a paradox: they’re the Cantillon effect in real time. Mark Thornton explains who inflation rewards, who it crushes, and what comes next.

“Everything is fine.” That’s the official narrative, but a nation cannot print its way to prosperity; if it did, we'd all be rich by now.

The Shiller CAPE ratio has only been higher once in 150 years. The Buffett indicator is 2.5 standard deviations above trend. 40% of the S&P 500 is in just ten stocks. Wall Street sees nothing wrong.

What keeps central bankers up at night?

On this episode of Power & Market, Ryan, Connor, and Tho break down a variety of headlines from the week, including bad inflation data, Trump's trip to China, Kevin Warsh's Senate confirmation, and the political theatre of Spencer Pratt and Zohran Mamdani.

Various inflation measures conceal more than they reveal, largely because they exclude measuring a large portion of high-inflation items.

A central banker has two lives: the first is spent studying neoclassical money supply mechanics; the second begins when they realize the real world doesn’t work that way.