Author Archives

  • Our Semiquincentennial Gilded Age

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    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.

  • Doug Noland: Warsh’s Regime Change

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    He was impressive. Listening intently to Kevin Warsh’s post-meeting press conference was a reminder of why I admired Fed Governor Warsh (2006 to 2011) and was disappointed to see him leave the institution. The new Chair conveyed complete control over… Read More ›

  •  The Mania and the Frog

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    water geizer

    Monetary disorder evolved to become deeply systemic. It was on full display this week, especially Friday. The mania and the frog in the pot syndrome. Instability has been percolating (fragilities building) for so long that we’re numb to it all. In the markets, it’s more than comfortably – it has become exuberantly, manically numb.