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A Considerable Period
con·sid·er·able 1. Worth consideration; significant 2. Large in extent or degree Merriam-Webster It was six years ago this month that the Federal Reserve cut the Fed Funds rate to its current target...
View ArticleLogical Fallacy Under The Coming Neo-Keynes Orientation
As distasteful as it can be, there will be, I believe, a necessary condition whereby closer examination of Paul Krugman’s writings and rantings is fruitful. The rise of Keynesian doctrine, more...
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Rational Expectations or Bubbles
The FOMC has been talking, so we hear, about changing “forward guidance” to indicate a potential rate hike sooner rather than later. They had already changed the basis of “forward guidance” back in...
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‘Rationality’ Behind the Currency Genocide
I believe the phrase that is attaining Paul Krugman all these invitations to “consult” on economic failure is one that he has used pretty consistently for years. He says “deflationary vortex” and for a...
View ArticleWe Have Met The Enemy And He Is Us
If the consequences for the economy were less important one couldn’t help but be amused by the predicament in which Janet Yellen finds herself today. She and her fellow Fed travelers have been...
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How We Got Here: The Mathematics of Ideology, Not Science
You may or may not know much about forward guidance, but it has been of constant attention on the minds of policymakers. Further, policymakers themselves don’t seem to be able to define it, and because...
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From QE to Eternity: The Backdoor Yield Caps
So, you’re convinced that low rates are powerful stimulus. You believe, like any good standing Economist, that reduced interest costs can only lead to more credit across-the-board. That with more...
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China, Australia, and The European Way Into Reverse Repo
We are going to start here with Europe before heading to Australia and then getting to China – and then currency. Why the ECB? It is going through the same pangs of dissatisfaction as its cousin the...
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Weekly Market Pulse: Jerome Powell, Tough Guy
Jerome Powell wants everyone to know that he’s read Paul Volcker’s autobiography, “Keeping At It”. He has used this phrase repeatedly since Jackson Hole, apparently believing that he needs to channel...
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Weekly Market Pulse: It’s Always Different This Time
The FOMC met last week and did what everyone expected them to do – raised the Fed Funds rate by 0.75%. The bond and stock markets reacted not to this action but to the commentary provided by the...
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