After Lockdown

– September 1, 2021

“Risks remain and the prospects for the global economy after lockdown remain uncertain. Honest valuation remains difficult when markets are so hampered. The next decade is likely to favour the tactical investor.” ~ Colin Lloyd


Permanent or Transitory Inflation: An Analytical Framework

– August 28, 2021

“Inflation is not a high price level; it is a persistent increase in the price level. Whether inflation persists depends on what Fed officials do next.” ~ Nicolás Cachanosky


How Does the Federal Reserve Evaluate Policy?

– August 27, 2021

“If inflation does not relent in approaching months, this call for a modest tightening will likely develop support from other ranking members of the Fed. I’m willing to bet that support for tightening will be strongly correlated with the value of the loss function presented here.” ~ James L. Caton


The Lumber Market Crash

– August 24, 2021

“Unfortunately, carefully considering trade-offs remains alien to the calculus of public officials. From utter scarcity to crushing abundance in less than 100 days, the lumber epic is entering a new phase.” ~ Peter C. Earle


Monetary Institutions and Monetary Control: What the Fed Should and Shouldn’t Do

– August 24, 2021

“Professors Boettke, Salter, and Smith take aim at the root of monetary policy of our time; finding it deeply deficient, they recommend putting central banks under very strict rules. Bring on the fetters.” ~ Joakim Book


Corridor Versus Floor Operating Systems

– August 21, 2021

“Although the Fed’s and the banks’ balance sheets have ballooned since the Great Recession, these reserves are less leveraged than they had been under the corridor system, because the IORB interest rate enables banks to earn income without lending.” ~ Robert F. Mulligan


A Tragic Half Century Without Gold Money

– August 15, 2021

“Fifty years without a gold-based monetary system is not only unprecedented in human history but unfriendly to economic prosperity.” ~ Richard M. Salsman


The End of Bretton Woods, Jacques Rueff, and the “Monetary Sin of the West”

– August 14, 2021

“As its contemporary critics understood, Bretton Woods was doomed to fail if it could not be fundamentally reformed. One of its chief contemporary critics was the French economist, Jacques Rueff.” ~ Lawrence H. White


Nixon’s Gold Treachery Made Me a Cynic

– August 13, 2021

“If the government continues on this path, it is only a question of time until fresh debacles result. But from the economic wreckage, a new generation of cynics may arise who do a far better job of putting politicians back on a leash.” ~ James Bovard


Illusions of Central Bank Independence

– August 11, 2021

“Blame for this grim outcome will likely fall at the feet of the usual suspects, ‘neo-liberal’ policies and unfettered markets. Meanwhile the true culprits, the global fiat currency regime and unrepentant central bankers, will be absolved of their sins.” ~ Christopher Lingle


Long-Term Labor Force Trends & the COVID-19 Recession

– August 7, 2021

“It remains to be seen if a further legacy of our several decades of accelerating fiscal profligacy and expansionary monetary policy will turn out to be a permanent reversal of our progress in labor participation and equality.” ~ Robert F. Mulligan


How High Will Inflation Be in 2021?

– August 6, 2021

“Inflation will be noticeably higher in 2021 than it has been in some time. An important question is whether it will be followed by the widely predicted lower inflation or by higher inflation in subsequent years.” ~ Gerald P. Dwyer