Maynard Keynes

Animal Spirits Are A Late-Stage Event

“While the temptations are great, and the pressures strong, illusions in numbers are only that - ephemeral, and ultimately self-destructive.

"The Western Status Quo Political System Is Collapsing Into 'Something Else'"

"...as the Western status quo political system collapses into Something Else, how is it possible that our capital markets are not similarly gripped by volatility and stress? What is responsible for breaking the transmission mechanism from political risk to market risk? I’ve got a macro answer and I’ve got a micro answer..."

FT's John Dizard Warns Of "Catastrophic Decline In Asset Values"

"Short term asset price declines have been reversed by the wall of money coming out of active investment managers and into the accounts of low-cost index products. But this comes at the expense of making the eventual decline in a broad range of asset values not just painful, but catastrophic."

Confronting Russophobia

There is a paranoid, hysterical quality to the public discourse on Russia and all things Russian in today’s America.  The corporate media machine and its Deep State handlers have abdicated reason and common decency in favor of raw hate and fear-mongering.  We have not seen anything like it before, even in the darkest days of the Cold War.

El-Erian Warns Of America's CONfidence Economy

Financial markets seem convinced that the recent surge in business and consumer confidence in the US economy will soon be reflected in “hard” data, such as GDP growth, business investment, consumption, and wages. But economists and policymakers are not so sure. (To some outside the US, it is an assumption that sometimes looks a lot like blind faith.)

The Long Run Economics Of Debt Based Stimulus

Attempting to spend a nation to prosperity using borrowed money is not without consequences.  In the short run, an illusion of wealth can be erected.  In the long run, that illusion slips into decay and disrepair.

Kyrgyzstan's Central Bank Urges Citizens To Own Gold

"Gold can be stored for a long time and, despite the price fluctuations on international markets, it doesn’t lose its value for the population as a means of savings," Kyrgyzstan’s Central Bank Governor Tolkunbek Abdygulov said, "I’ll try to turn the dream into reality faster."

Carbon Taxes, Cow Farts, And Central Planning

In a centrally planned economy decisions on what to produce, how to produce, and for whom are taken primarily by the government. But not even Stalin or Roosevelt could come up with a rather exotic tool that can take central planning to a whole new level: carbon taxes.

The End Of The Dollar Standard

"I find myself in the strange situation of cheering Donald Trump’s nascent program of economic renewal for the US, while worrying deeply about the domino effect that may topple a dollar-based global financial system whose health has relied greatly on benign neglect by the United States."