While there is no starting-pistol that tells us the final phase of the credit cycle leading into the next credit crisis has actually begun, nearly all the signs ... Read More
Saudi Arabia has been in the news recently for several interconnected reasons. Underlying it all is a spendthrift country that is rapidly becoming insolvent. While the House of Saud ... Read More
Your country faces a stagnating economy. Let us assume your Prime Minister (or President if that is who holds the executive power) seeks advice from two imaginary economists. PM: ... Read More
Believe it or not, one of the topics in economics that confuses macroeconomists is the actual role of interest rates. For the most part they just assume that an ... Read More
Since the 1980s, markets have had to adapt to a world of infinite credit. Of course, this credit has not been available to everyone: it has been principally deployed ... Read More
After a few months of slower growth, FMQ has picked up again. FMQ is the sum of True Money Supply (as defined by the Austrian School of Economics), plus ... Read More
In last week’s article I pointed out that negative interest rates should lead to a general shift in consumer preferences from money towards essential goods. Central bankers may wish ... Read More
The sudden end of the Fed’s ambition to raise interest rates above the zero bound, coupled with the FOMC’s minutes, which expressed concerns about emerging market economies, has got ... Read More
There is one class of money that is constantly being created and destroyed, and that is bank credit. Bank credit is created when a bank lends money to a ... Read More
In the early days of central banking, one primary objective of the new system was to take ownership of the public’s gold, so that in a crisis the public ... Read More
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