On the Brink of Fatal Policy Error
Former Fed chairman Ben Bernanke may be correct that these measures averted an economic collapse worse than the Great Depression. But they worked largely by further exacerbating income and wealth inequality, something that did not happen in the years following 1929. And they rendered the economy dependent on ever-higher doses of stimulus—leaving it
... See moreNeil Howe • The Fourth Turning Is Here: What the Seasons of History Tell Us about How and When This Crisis Will End
The Keynesian view of the economy is, of course, at complete odds with reality. If Keynes's model had any truth to it, it would then necessarily follow that there can be no example of a society experiencing high inflation and high unemployment at the same time. But this has in fact happened many times, most notably in the United States in the
... See moreSaifedean Ammous • The Bitcoin Standard: The Decentralized Alternative to Central Banking
Ken Rogoff thinks we're going to see another big spurt of inflation within the next ten years.
I asked him why this isn't already priced in. What is the bond market wrong about?
His answer: too much faith in Fed independence.
Fed independence is neither... See more
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