by Garett Jones
Thursday, July 12th, 2012
[Testimony before the Subcommittee on Domestic Monetary Policy and Technology of the Committee on Financial Services, US House of Representatives "Fractional Reserve Banking and Central Banking as Sources of Economic Instability: The Sound Money Alternative," June 28, 2012]
Tuesday, April 10th, 2012
There will never be a failed US Treasury auction... until there is"The antidote to hubris, to overweening pride, is irony, that capacity to discover and systematize ideas. Or, as Emerson insisted, the development of consciousness, consciousness, consciousness." -Ralph Ellison
Wednesday, May 25th, 2011
"Controlling overall inflation is a goal of monetary policy. Measures of overall, or headline, inflation attempt to include changes in the prices paid for a wide variety of goods—that is, what households actually have to pay for their daily purchases.
Monday, May 16th, 2011
"The US economy is headed for a period of higher inflation and lower growth that makes the nation's debt unappealing when measured against its global competitors, Pimco's Bill Gross told CNBC.
Monday, April 25th, 2011
"Senior Fed officials believe they will be able to push up the fed-funds rate, the traditional benchmark for short-term interest rates, but not by the usual means of simply selling relatively small amounts of Treasury securities to soak up bank reserves.
Monday, March 21st, 2011
"While the world has focused on fuel rods in Japan and fighter jets in Libya, issues that are ultimately much more significant for investors have gone largely ignored. For example, the Producer Price Index for February registered a 5.6% Year-Over-Year increase.
Wednesday, March 16th, 2011
"The sharp rise in oil prices is a major concern for economists. In a recent survey by CNNMoney, economists identified the oil spike as the biggest headwind facing the nation's economic recovery. And some fear that unlike previous scares, higher prices could hit consumers.
Monday, March 14th, 2011
"Fed officials have for years cited "core inflation," a measure that excludes food and energy prices. That is because core inflation tends to be a useful predictor of inflation over a couple of years, which they call the medium term, a period that is key to monetary-policy decisions.
Wednesday, March 2nd, 2011
"“I just see a continuation of rising prices for the average family,” at a time where the Fed is constructing policies to ward off what it sees as the threat of deflation, Sen. Bob Menendez, a New Jersey Democrat told Bernanke.
Wednesday, March 2nd, 2011
"Nothing seems to arouse passions—pro and con—quite like suggestions that gold should once again play a role in our money. “Only gold is money,” says one side. “It’s a barbarous relic,” says the other. Let’s turn down the heat a bit and look into some propositions about gold.
Friday, February 25th, 2011
"Unfortunately for defenders of Fed policy, today’s paper is filled with stories of rising inflation. In Singapore, consumer price inflation is running at 5.5%. In Vietnam, consumer price inflation is running at over 12%. There are food riots in India.
Wednesday, February 23rd, 2011
"Rather helpfully, on the Bank’s website there is an explanation of how Quantitative Easing was supposed to improve the economy.
Monday, February 14th, 2011
"The Pimco Total Return Fund is the world’s largest bond fund, so Bill Gross’ market moves and musings can carry a lot of weight in the markets. Gross is founder and co-chief investment officer of Newport Beach, Calif.-based Pimco.