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After years of futility, he was sure of the answer. The Bank of Japan had spent the better part of the roaring nineties fighting against itself as much as the bubble which had burst at the outset of the decade. Letting fiscal authorities rule the day, Japan’s central bank had largely sat back introducing what [...]
iTunes: https://apple.co/3czMcWN Google-cast: https://shorturl.at/fpsEJ Spotify: https://spoti.fi/3arP8mY Alhambra-tube: https://youtu.be/S1qjswZdisM Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Art: https://davidparkins.com/ [Emil's Summary] The monetary system is missing of money. Expectation of its return is no longer enough; actual recreation of modern money is needed. That job belongs to the private sector, the banks. It was true of the 1930s, and [...]
There are two parts behind the inflation mongering. The first, noted yesterday, is the Fed’s balance sheet, particularly its supposedly monetary remainder called bank reserves. The central bank is busy doing something, a whole bunch of something, therefore how can it possibly turn out to be anything other than inflationary?The answer: the Federal Reserve is [...]
It was an absolutely mad scramble. Banking difficulties in the Fed’s sixth district, the Atlanta branch, had sparked an irresistible wave of panic which spread throughout the Eastern seaboard. By December 1930, it had reached the streets of New York City – the world’s monetary capital. On December 11, customer withdrawals had left the Bank [...]
Anna Jacobson Schwartz often gets buried under the mountains of study Milton Friedman conducted on his own. Contrary to what some, perhaps many, might think, Friedman didn’t write A Monetary History by himself. Anna Schwartz was his co-author for what would become one of the most important volumes of economic scholarship of the entire 20th [...]
Oil has easily, it appears, rebounded after having moved lower in November. It bottomed out that first big day of omicron fear on December 1 (ironically, or not, the same day the eurodollar futures curve inverted). Since a low of just over $65 (WTI), crude’s front futures price is easily back in the $80s thereby [...]
You don’t have to take my word for it. QE doesn’t work and it never has. That’s not just my assessment, pull out any chart of interest rates for wherever gets the misfortune of having been wasted with one of these LSAP’s. If none handy, then just read what officials and central bankers write about [...]
January 2021 was, it may have seemed, only the start of something big. Huge. Colossal. Coronavirus vaccines had been discovered, publicized, and rolled out, meaning for the first time a real shot at ending the pandemic. The world could quickly get back to normal, the economy recovering its footing, and between January and that bright [...]
Being able to compare European inflation rates with their American counterparts helps expose what’s driving the latter and it’s not inflationary currency. Comparing both of those inflation regimes with the Japanese simply exposes the Bank of Japan and QE. This was perfectly obvious before the Base 2020 CPI estimates came about.Central banks, we’re always told, [...]
Words have meaning for a reason, to convey precise ideas easily and readily understood by the reader or listener. If you use the term “stimulus”, as its root already suggests you’d expect something to be stimulated by whatever is being classified using this specific grouping of letters/sounds. Context rounds out the meaning.For the last twenty [...]
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