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economics

The Magic of Shrinking The Slowest

By |2013-09-09T15:21:05-04:00September 9th, 2013|Markets|

The Japanese revised GDP accounts for the 2013 4-6 period has gone pretty much the way of the export-import data. It reveals not only the lack of depth in understanding the numbers on the part of the media (and most economists), it is actually a useful example of some of the primary flaws in the expenditure approach itself. The Wall [...]

School Is Out In Japan

By |2013-06-18T14:10:07-04:00June 18th, 2013|Currencies, Federal Reserve/Monetary Policy, Markets|

The operative theory behind QE relates to the academic exercise of overcoming the real world constraint of nominal interest rates, called the zero lower bound (ZLB). Once the offending central bank has pushed rates to the ZLB, conventional monetary science posits only extraordinary means to overcome this limitation. After all, central banks cannot be impotent in the face of the [...]

The Economy Is Not The Market

By |2012-12-16T19:51:22-05:00December 16th, 2012|Economy|

The financial press this year has been filled with stories about the economic slowdown in China and the debt crisis in Europe.  Opinions on Chinese growth this year have ranged from dire (a hard landing involving a growth rate most countries would still envy) to bad but not as dire (a soft landing). All the talk of China and its [...]

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