Money

Fed Folly and its Practical Effects

“The… task of economics is to demonstrate to men how little they really know about what they imagine they can design.” –Friedrich von Hayek

The Fed’s Act of Cowardice

by Greg Curtis
We are talking about America’s Monetary Keystone Kops, who have, since 1987 (when Greenspan became chair of the Federal Reserve), been masquerading as central bankers. (Or maybe it’s the other way ‘round, it’s hard to tell.)

Bernanke’s Blunders

by Greg Curtis
We’ve assessed the successes and failures of central bankers in the 1930s. Now let’s turn our attention to their modern counterparts.

Why Gold Had to Go

by Greg Curtis
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…

Central Bankers Then and Now, Part III

by Greg Curtis
Scholars of the Great Depression typically blame policymakers of the 1930s for failing to do four things:

The Great Depression vs. the Great Recession

by Greg Curtis
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…

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.

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?”

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…

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…

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?

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.

How Private Capital Made America the Greatest Society

Last week we discussed Fundamental Law of Private Capital #1 — that private capital is the secret weapon that allows some economies to out-​compete others. This week we’ll turn to Fundamental Laws #2 and #3.

Three Fundamental Laws of Private Capital

A few years after “Capital in the Twenty-​First Century” exploded on the scene, the University of Chicago surveyed 36 well-​known economists, asking if they agreed with Piketty. The results? One yes and 35 no’s.

The Rich Will Lose Their Money Soon Enough

We are talking about Thomas Piketty’s “Capital in the Twenty-​First Century,” including its extraordinary publishing history and its subsequent fade from grace. I reviewed the various problems with Pikkety’s theses as they have been noted in the economics literature, and I also proposed my own view of the book’s central…
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