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“Every great inflation is made by a central bank that dismisses it as due to transient factors.”
Larry Summers.
It seems that for years Central Banks around the world have done their best to ignore Bitcoin and other Decentralized Ledger Technologies. Now it appears that they are making up for lost time, and sprinting towards a digital future…in which they may obtain unchecked powers over where and how the population can transact.
On the heels of the Ukraine War, one of the top money managers in the world says investors should own all the gold they can...
J.P. Morgan is famous for testifying before Congress saying “money is gold, and nothing else.” But why is gold so uniquely suited to be money? Here are our top six reasons why we think gold is the best money, and why dollars and bitcoin don’t come close.
Biden's Policy 'Mistake' Will 'Hit' Every American, Economics Professor Brian Brenberg WarnsMar 23, 2022 - 12:29:22 PDT
According to the business and economics expert, President Biden gives the impression he wants Americans to learn to live with inflation. "We don't have to cope with this," Brenberg said. "This is a political policy mistake that the administration has made, and there's no way we should start adjusting to that and giving in to the problem."
"Monetary Bathtub Overflowing" On Misguided Fed Policy, Warns Johns Hopkins ProfessorMar 23, 2022 - 12:02:13 PDT
"They're flying blind, and are too little, too late," Steve Hanke says in disbelief, an Applied Economics professor of John Hopkins University. "It's utter rubbish and nonsense" that Fed Chairman Jerome Powell sees supply chain issues as a root cause for inflation, he tells me, as we decipher the Federal Reserve's latest official statements on the shape of the U.S. economy.
Mar 23, 2022 - 11:59:05 PDT
The credibility of the Fed is shot, and now it must pick between a recession or inflation, said top economist Mohamed El-Erian.
Mar 23, 2022 - 11:55:15 PDT
Russia has so far avoided defaulting on its foreign-currency debt, despite tough sanctions put in place by Western governments after President Vladimir Putin's troops invaded Ukraine.
Euro-area consumer confidence slumped to its lowest level since the early months of the pandemic as Russia’s invasion of Ukraine pushed up energy prices and threatened to exacerbate already-record inflation.
Russia plans to demand ruble payments for natural gas purchases from European nations, deepening its standoff with the west and potentially aggravating Europe’s worst energy crunch since the 1970s.
Wall Street Bonuses Climb to Record $257,500 per Worker Last Year, New York's Fiscal Chief SaysMar 23, 2022 - 11:43:08 PDT
The average bonus paid to securities industry employees in New York climbed 20% to a record $257,500 for last year, according to state comptroller Thomas DiNapoli.
Who's winning in the Russia/Ukraine war? Raytheon and Lockheed-Martin! The US administration is doling out an additional three-plus billion as it scrambles to send more rockets and pour more fuel on the fire.
Florida Just Became the Largest State To Mandate Personal Finance Education in High SchoolMar 23, 2022 - 08:52:57 PDT
"This will provide a foundation for the students to learn the basics of money management, understanding debt, understanding how to balance a checkbook, understanding the fundamentals of investing."
The economic history of the 1970s and early 1980s is getting a lot of attention these days as an analog to today’s period of soaring inflation (see our post from October "Is Stagflation Here: Comparing The 2020s With The 1970s"). For his latest Story Time note, DataTrek's Nick Colas offers up 3 personal anecdotes to fill in some of the gaps on that fateful decade: food inflation...
According to the seasonally adjusted data, M2 expanded by $83B in February. January was revised down from $245B to $176B. No doubt, money supply growth is decelerating but is still far from contractionary.
Their financial assets have been particularly volatile this year, as inflation surges...
Mar 23, 2022 - 07:46:32 PDT
Despite claims of wanting to hold down the price of oil, President Biden's actions speak louder than his lies.
Mar 23, 2022 - 07:24:36 PDT
US housing is getting simply unaffordable. US mortgage rates are soaring, US home prices are soaring, The Fed’s balance sheet is still growing, and US average hourly earnings are growing at a fraction of home price growth.
Fast-rising mortgage rates are causing a drop in mortgage demand, especially refinances.
Nickel surged by the 15% daily limit on the London Metal Exchange, adding to a string of sharp price moves as the market attempts to reset following a massive short squeeze.