From a friendly email received over the weekend: “I think the Bernanke doctrine ended up being wildly successful beyond anyone’s imaginings, even Dr. Ben’s.” This insightful reader’s comment is reflective of the positive view markets these days (at record highs)… Read More ›
Doug Noland
Doug Noland: Another Missed Opportunity
There’s a major problem with delegating to the securities markets the critical function of governing financial conditions: loose financial conditions beget inflating asset markets. Asset inflation then begets speculation, higher asset prices, greater speculative excess and only looser financial conditions…. Read More ›
Doug Noland: Unparalleled Credit and Global Yields
As a percentage of GDP, Total Securities increased to 426% [Q4 2016] from the year ago 415%. For comparison, Total Securities peaked at $55.3 TN during Q3 2007, or 379% of GDP. At the previous Q1 2000 cycle peak, Total Securities… Read More ›