Author Archives
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Doug Noland: Sloppy
The U.S. and world are at peak Bubble. Chair Warsh speaks repeatedly about the “right” policy. There is no right policy that miraculously stabilizes either Bubble excess or consumer prices.
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Currency Pegs and Carry Trades
I am comfortable predicting powerful contagion effects – a likely chain reaction of de-risking/deleveraging that will reverberate across global markets. There should be no doubt that Bubble dynamics function poorly (being kind) in reverse. I can’t help but think that global bond markets are sending a warning.
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Our Semiquincentennial Gilded Age
It will be a heck of a challenge to explain this period to future generations. Decades of inflation culminated in unmatched monetary disorder. There is literally “money” sloshing everywhere (for the taking) – at home and abroad. Credit is readily available to even the lowest quality borrowers. Unprecedented speculative leverage fuels myriad Bubbles. Easy money and asset inflation breed corruption.