The Fed

"The commonly accepted theory that Fascism originated in the conspiracy of the great industrialists to capture the state will not hold. It originated on the Left."

The great credit expansion Alan Greenspan began thirty years ago has finally run its course. The Fed no longer can expand credit to fight the oncoming recession.

Mortgage companies and realtors are today's canaries. They're in deep trouble, and so are the rest of us. 

Rather than contributing to a "soft landing," raising interest rates will continue to destroy wealth.

Forget Biden's claim that his government is "fighting inflation." His government is creating inflation, and in so doing robbing people of their savings and earnings.

Keynesians believe that if government spends more, it creates wealth in the process because it is "creating demand." But only wealth generation can create demand for goods.

When Paul Volcker was Fed chairman forty years ago, he did what was necessary to bring down inflation. Unfortunately, the current Fed leadership at best is engaging in Volcker Lite.

June was the fifteenth month in a row during which price inflation outpaced earnings growth. June's gap is also among the biggest we've seen in decades.

The Keynesians running our economic life may be reassured that the Fed cannot fail in a technical sense, but the public should be appalled.

Mortgage companies and realtors are today's canaries. They're in deep trouble, and so are the rest of us.