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The Federal Reserve Part 2: Asleep at the Scissors
IThe Federal Reserve was created to make America’s currency more elastic, supplying cash and reserves when the economy needed them most. But as checks, wire transfers, and bank deposits replaced physical money, the nation’s financial system became larger, faster, and radically different. By 1929, the Fed was operating a monetary machine it had never fully learned to understand.
Weekly Recap #168
Update of the key market and macro developments over the past week or so.
Weekly Recap #167
Update of the key market and macro developments over the past week or so.
Weekly Recap #166
Update of the key market and macro developments over the past week or so.
Conundrum #4: Great China Proof
It might be the greatest economics experiment of all-time. The Chinese have been in a near-constant state of “stimulus” for closing in on two decades. The results haven’t been subtle. And while officials in China keep doing more of the same, all they’re really doing is just providing more damning proof there is no conundrum.
Weekly Recap #165
Update of the key market and macro developments over the past week or so.
Weekly Recap #164
Update of the key market and macro developments over the past week or so.
Weekly Recap #163
Update of the key market and macro developments over the past week or so.
Weekly Recap #162
Update of the key market and macro developments over the past week or so.
Conundrum #3: Rate Cuts
Every cycle, the same headline appears. The Federal Reserve is cutting rates. And every cycle, the same reaction follows. Stocks cheer. Commentators call it stimulus. Economists say the Fed is “supporting the economy.” Financial media tells you easier monetary policy is on the way. But what if that entire interpretation is backwards?
Weekly Recap #161
Update of the key market and macro developments over the past week or so.
Weekly Recap #160
Update of the key market and macro developments over the past week or so.