The Fed’s Got Inflation Backwards
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Central banks endlessly fascinate me. The more I research them the more contradictions I find, particularly since their missions and impacts changed over …
Read MoreInflation No Longer Has Monetary Applications
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Inflation is one of the most important, debated, and controversial investment themes today. It’s impacting every asset class from fixed income to …
Read MoreWhy I’m Waiting For The Fed To Pivot
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So far, my 2023 investing looks just like 2022: lots of waiting. I’m not waiting for a recession to pass or for …
Read MoreWhy Commodity Currencies Are Better Than Fiat and Crypto
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Many types of currencies have been used throughout history. Sometimes commodities defined them. Other times, private bank notes circulated as mediums of …
Read MoreMarkets Are Reteaching Centralization’s Dangers
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Note from the author: I use the terms stability and instability throughout this article. However, resiliency and fragility, respectively, more accurately describe the phenomena …
Read MoreInvest Easier By Better Defining Money
Everyone loves to talk about money. While commonplace, money actually means different things to different people. Its many and conflicting definitions lead to …
Read MoreNo, Fed: Supply Construction, Not Demand Destruction
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Everyone loves to dunk on the Federal Reserve (Fed). To many, the setters of U.S. monetary policy never get it right. Its stable of …
Read MoreBanks Create Money From Leverage, Not Thin Air
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Not a day goes by without the need for money. Whether buying a cup of coffee, checking your investment portfolio, or contemplating monetary policy, …
Read MorePondering Investment Themes After The Russian Invasion
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So much for returning to normal. I had hoped that easing COVID restrictions would supercharge economic growth this year. Many affected industries and markets …
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The Similarities & Differences Between Today & The GFC
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I’ve said it before, 2023 has been a heck of a year. In just five months, four large regional banks and one …
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