Deflation and the Third Globalization
“Globalization” is a popular term for what is happening in the contemporary political economy, and is often treated as if it were something utterly new. […]
The Dual Nature of Bonds
Recently I ended on a down note bemoaning the prospects of generalized worldwide deflation in the near future, with potentially catastrophic effects. This week, let’s […]
What “Mr. Robot” Says about Enron and Derivatives
This week I depart into fantasy, but informed by real-life financial operations. I watch very few TV series, but sometimes there is a compelling show […]
Correction of What?
Originally posted on World Policy Institute blog September 3, 2015 – Correction of What? Stock markets worldwide registered heavy and, in some cases, unprecedented losses last […]
Capital Glut and Job Famine
Originally posted on World Policy Institute blog August 13, 2015 – Capital Glut and Job Famine Former Fed Chairs Alan Greenspan, Ben Bernanke, and other prominent […]
Engine of the World Economy
You may read that China, or biotech, or some other sector or country is the engine of growth in the world economy. I hear that […]
China: Boom and Crash
Last week I argued that China is not much of a military threat to peace and East Asian stability. Chinese leaders are most concerned with […]
Who Helped Greece Cheat?
Beware of bankers bearing gifts. Officials of the previous Greek government, out of power since January, might have heeded this paraphrase of an old adage […]
Greek Default
Much attention is being lavished on the Greek government’s default Tuesday on its debt to the International Monetary Fund (IMF). Unfortunately, like most economic events, […]
Exaggerating the China Threat
I am in Taiwan this week meeting with government officials and think tank experts to discuss China-Taiwan relations and economic circumstances in East Asia. China […]
Private Credit and Inflation
In my economics classes decades ago, I remember several times hearing the phrase that inflation is caused by “too much money chasing too few goods.” […]
The Myth of the Money Supply
If you take standard economics courses, such as macroeconomics or money and banking, you will be taught that prices are regulated by government-controlled central banks […]
The Real Insiders
Last week I explained how the broker’s book gives systematic insider information to big brokers, not by way of any extra effort involving conspiracy or […]
Liquidity and the Broker’s Book
I promised to discuss ISIS this week, but I think for now it is too much of a diversion from the direction I have been […]
Sport, Politics and Market Powers
Ordinary people know the phrase “money talks” and are often more savvy about the influence of money than many social scientists. I will interrupt the […]
Debt Deflation
My blog on “The Great Crash” two weeks ago mentioned Irving Fisher, the Yale economist who days before the great stock market crash of 1929 […]