Rising Use of the Fed’s Discount Window Raises Questions
“The fact that the amounts being borrowed at the discount window are rising in an oscillatory fashion with progressively higher ‘highs’ and higher ‘lows’ hints, while not conclusively, that the amounts being borrowed are increasing as the Fed increases rates.” ~ Peter C. Earle
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Does the Fed Control Interest Rates?
“The Fed is a failed institution in need of major reforms. But we won’t make the right changes if we don’t understand the basic relationship between central banks and capital markets.” ~ Alexander William Salter
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Risky Business: A Review
“Risky Business will appeal to readers more interested in selection markets than in real-world insurance products, and to people with a high tolerance for ahistorical assumptions about the need for detailed insurance regulation and other government market interventions.” ~ Robert E. Wright
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After Three Holiday Seasons, Pandemic Monetary Policy Still Driving up Prices
“The HDAY Index and TDAY Index lead to the same irrefutable conclusion: the ongoing cost of policies implemented to mitigate the spread of COVID are large and, almost three years later, proving disconcertingly persistent.” ~ Peter C. Earle
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Ocean Shipping’s Effect on Inflation was Negligible
“High shipping prices have had a provably inconsequential effect on the general price level over the past two years. Expansionary monetary policies remain the prime culprit for the high prices and other economic distortions that persist in the US economy.” ~ Peter C. Earle
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Crypto Bad!
“When people say crypto bad, we have first to ask: what specific aspect of the cryptocurrency industry are you talking about? Then the follow-up question must always be: compared to what?” ~ Max Borders
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Bank and Crypto Runs: F(ac)TX vs Fiction
“Despite the historical record, ever since Diamond and Dybvig published their article, many if not most economists have tended to view every financial firm collapse as a ‘Diamond Dybvig Moment.'” ~ George Selgin
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An Inflationary Thanksgiving, Revisited
“Americans face another costly holiday season owing to the heavy-handed and arguably unnecessary monetary and fiscal programs early in the COVID pandemic.” ~ Peter C. Earle
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Bob Chapek, Patient Zero in the Shareholder Backlash Against Wokentainment?
“The firing of Disney CEO Bob Chapek is the first major backlash against years of wasteful, stakeholder-driven management. Hopefully, this is the first of many more such battles between woke corporate managers and shareholders.” ~ Peter C. Earle
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The False Face of SBF, FTX, and ESG
“For FTX and ESG, beneath a surface of virtue signaling and noblesse oblige are decidedly less-idealistic machinations: fraud, rent-seeking, influence-buying, and greenwash.” ~ Peter C. Earle
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Inflation Remains Stubbornly High
“The neutral real interest rate is thought to be around 0.25 percent, suggesting the Fed may need to raise its nominal interest rate target another 175 to 200 basis points just to get to neutral.” ~ William J. Luther
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What Is an FTX?
“The existence of the FTT token combined with the opacity of the relationship between Alameda and FTX is crucial to the story.” ~ Joshua R. Hendrickson
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