Money Archives - Page 16 of 26 - Pittsburgh Quarterly

Creative Capital

Bernanke’s Blunders

We’ve assessed the successes and failures of central bankers in the 1930s. Now let’s turn our attention to their modern counterparts. I will argue that, unlike the earlier central bankers, whose record was mixed but a net positive, our modern central bankers have done almost everything wrong—and for 30 years running. To wit: Like the …

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Work Disrupted

by Jeffery Fraser

The past and future of work collide on a 178-acre graded-flat stretch of brownfield in the Pittsburgh neighborhood of Hazelwood. There, on what is known as Hazelwood Green, the skeletal remains of Mill 19 stand as one of the last reminders of the Jones and Laughlin steel works that spanned the Monongahela River to the …

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Creative Capital

Why Gold Had to Go

The “gold standard,” which prevailed in the developed world for many decades, simply means that some fraction of a country’s paper currency has to be backed by—that is, convertible into—gold. In the U.S. that fraction was 40 percent. Since a government on the gold standard can’t print money without increasing its gold reserves, society-destroying events …

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Creative Capital

Central Bankers Then and Now, Part III

Scholars of the Great Depression typically blame policymakers of the 1930s for failing to do four things: They failed to rein in the 1920s economic boom, allowing its collapse to lead to the worst depression in US history. Following the Crash of ’29, they failed to inject sufficient liquidity into the economy, causing it to …

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Creative Capital

The Great Depression vs. the Great Recession

Subsequent to the Global Financial Crisis, U.S. GDP has grown, in the aggregate, 37%. During the period of the Great Depression, U.S. GDP grew, in the aggregate, 40%. In the 1930s, the U.S. economy declined 26% between 1930 and 1933 and unemployment rose to 25%. During the Great Recession the U.S. economy declined 3% and …

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Creative Capital

Central Bankers Then and Now

Not that anyone cares, but in these pages I’ve been highly critical of the “unconventional” policies pursued by every central banker on the planet since the Financial Crisis. My arguments have been many and simple: The policies not only didn’t work, they actually stunted economic growth. The policies were “immoral” in the sense that they …

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Creative Capital

Shined Shoes Can Save Your Life: The Conclusion

It was now late winter of 1971 and I was running the traffic division at the 226th MP Company at Fort Benjamin Harrison, outside Indianapolis. In those days Fort Ben was the headquarters of the Army Finance School and the location of the Army Finance Center. The building that housed the Center was the second largest …

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Creative Capital

The Legend of Duke Hock

Sergeant Duke Hock was a legend in the Army while I was still in grade school. He was Jack Reacher before Lee Child was born. There are so many stories about Duke that, even though I’ve forgotten 90% of them, I can remember dozens. The two I’m about to relate happened to involve me. To …

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Creative Capital

Shined Shoes Can Save Your Life, Part II

So there we were, in late 1970, having graduated from the U.S. Army Military Police Correctional Specialist Academy, the best-trained prison guards in the world. We had been assigned to one of the worst prisons in the world, the stockade at Long Bình, Vietnam, better known as the Long Bình Jail, or LBJ. Our job …

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A Look Inside Google’s Unconventional Bakery Square Offices

by David Aschkenas

What is really behind the brick walls of that redeveloped Nabisco cookie factory building in Bakery Square, labelled with Google’s colorful logo? Think: hammocks, coffee shops, dining rooms, gaming rooms and pool tables. Created in collaboration with local architecture firm Strada, Google’s office space in Pittsburgh’s East End is playful, unconventional and inspiring with many …

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Creative Capital

Shined Shoes Can Save Your Life

A few weeks ago, in a post about J. D. Vance’s book, “Hillbilly Elegy,” I mentioned in passing that I was convinced that having spit-shined my Army combat boots may have saved my life. I didn’t elaborate, and since then several dozen people have inquired about that brief aside. So here’s the story. To understand what …

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Creative Capital

Why Democracy Matters

Just to make it simple, let’s define Europe’s “illiberal democracies” as those countries where elected leaders profoundly disagree with the liberal, inclusive, affluent worldview of the EU’s political classes. The British disagreed with this worldview so violently that they left the Union altogether. Most of the other “illiberal” democracies aren’t in strong enough positions to …

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Three Questions on the Markets, Part IV

Each year in our Summer issue, we ask a group of the region’s leading financial experts to help our readers by responding to a series of questions. The final question is, “What effect will higher inflation have on stock prices?” What effect will higher inflation have on stock prices? Thomas L. Wentling Jr., Wentling Tarquinio …

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Creative Capital

The Media Has It All Wrong

I mentioned last week that I recently visited Switzerland, Austria and Hungary, and that if we think things have gone nuts in the U.S., we have no idea. The gentle Swiss, as I pointed out last week, have become enamored of right-wing, populist parties and are about to vote on a flat-out silly leftwing ballot …

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Three Questions on the Markets, Part III

Each year in our Summer issue, we ask a group of the region’s leading financial experts to help our readers by responding to a series of questions. Below is part three of this four-part series with their answers to this question: Do you think the Trump Administration’s stimulus efforts—especially the tax cuts and regulatory reform—will …

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Creative Capital

Inside a Swiss Bank

I just returned from one of those whirlwind speaking tours in Europe – three speeches in four days in Zurich, Budapest and Vienna. It was an eye-opener. Back here in the U.S. we are so focused on the shenanigans going on in Washington, D.C. that we forget that very similar turmoil is convulsing the body …

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Creative Capital

The Hillbilly Saga: Conclusion

The bottom line of J. D. Vance’s book, “Hillbilly Elegy,” is that far too many people from southeastern Kentucky are trapped in a hillbilly culture that stands in the way of their own success. As if that weren’t bad enough, hillbillies are discriminated against because people aren’t willing to distinguish between good hillbillies and bad …

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Three Questions on the Markets, Part II

Each year in our Summer issue, we ask a group of the region’s leading financial experts to help our readers by responding to questions. Below are their answers to this question: Why has market volatility spiked in 2018? Do you expect markets to remain volatile? Why has market volatility spiked in 2018? Do you expect …

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Creative Capital

How to React to a Hillbilly

Last week we tried to imagine how Professor Daniel Kahneman, Nobel Prize-winning author of “Thinking, Fast and Slow,” would react if he saw a couple of hillbillies coming into his store. This week we’ll re-look at that situation, pretending that Kahneman isn’t a Nobel Prize winning professor at all, but a lowly department store clerk. …

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Three Questions on the Markets

Each year in our Summer issue, we ask a group of the region’s leading financial experts to help our readers by responding to a question. This year, we’ve asked three. Part I of this four-part series begins below. Question 1: Why has market volatility spiked in 2018? Do you expect markets to remain volatile? LINDA …

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Creative Capital

The Stubbornness of Culture

In 2013 J. D. Vance graduated from Yale Law School, an accomplishment he shared that year with the following fraction of his fellow Americans: 0.00000063. I deduced this remarkable statistic very simply, by dividing the number of students in the Yale Law School class (208) by the population of the United States, which, at this …

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Creative Capital

Don’t Even Think About Crossing a Hillbilly

We’ve talked about several obstacles to success in middle class Ohio for migrants from southeastern Kentucky: they had horrible accents and they tended to dress funny. But the biggest obstacle was the most difficult to overcome: their behavior. As I’ve noted, Scots-Irish immigrants to America brought with them a constellation of characteristics. These included an …

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