Money and Banks

Investors should not care whether the Fed pivots or not if they analyze investment opportunities based on fundamentals and not on monetary laughing gas.

"It is surely folly to say that government must socialize all property in order to prevent anyone from stealing property. Yet the reasoning behind abolition of private coinage is the same."

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 2004 Nobel Prize in economics was awarded to two economists for their claim that "technology shocks" cause boom-bust cycles. They have it wrong.

While we speak of a desire for honest money, the larger problem is that the Federal Reserve System cannot coexist with an honest money regime.

Last year, Powell was full of confidence. Now what we have from the Fed and FOMC are increasingly vague statements about "soft landings" and inflation. 

While much attention has been directed toward Ben Bernanke's Nobel, the banking theories of Nobel winners Douglas Diamond and Philip Dybvig also need a second look.

Why is an inversion of the yield curve is indicative of a recession? It stems in part from the fact that both recessions and yield curve inversion follow sizable slowing in monetary inflation. 

Insurance protects individuals from events that cannot be foreseen. As Murray Rothbard noted, however, deposit insurance exists to "protect" a system that is inherently bankrupt.