Maynard Keynes

On Borrowed Time

"...having now weaponized short term lending rates, the nukes can’t be put back in their silos..."

Why The Fed Will Fail Once Again

"The Fed’s bungling should come as no surprise... The Federal Reserve has done almost nothing right for at least the past twenty years, if not longer."

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.)