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“The Fiscal Trap”
“Fed chairman Ben Bernanke concedes that, while necessary, a new large purchase of government bonds by the Fed to help cover the deficit will not completely solve our problem of slow growth. Many in the markets and around the world express the same sentiment in a more negative way—saying this latest round of “quantitative easing” […]
READ MOREIs QE2 Good for CRE?
“In spite of their security purchase plans, the Fed has not been successful in keeping long-term Treasury yields low. As the yield chart above indicates, 10-year prices have been falling in spite of the Fed’s buying spree (remember, yields go up when prices are falling). The Fed’s argument is that the recent stimulus packages approved […]
READ MOREThe Federal Reserve’s Political Gamesmanship
“Although the Federal Reserve would continue to pretend it is an independent entity, the fact is it has become another political wing of the federal government. If you did not think so, let’s juxtapose recent comments by Fed officials to real developments within the bond market. How so?” Read more. The Federal Reserve’s Political Gamesmanship […]
READ MORE“The Debt Inflation Cycle and the Global Financial Crisis”
“Writing over 230 years ago, Adam Smith noted the ‘juggling trick’ whereby governments hide the extent of their public debt through ‘pretend payments.’ As the fiscal crises around the world illustrate, this juggling trick has run its course. This paper explores the relevance of Smith’s juggling trick in the context of dominant fiscal and monetary […]
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