m3

What *Must* Lie Beyond the M’s

By |2021-03-11T17:19:49-05:00March 10th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

This particular part of the hysteria is understandable, if thoroughly unconvincing. Forget the Fed and its bank reserves for moment, whatever those are now and then. The banking system is where it’s at, monetarily speaking, and it is the banking system which seems to have lost its handle on the money printing lever. If we’re focused beyond bank reserves and [...]

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Strike 1: Gold; Strike 2: Dollar; Strike 3: Inflation Expectations

By |2020-07-28T17:33:47-04:00July 28th, 2020|Markets|

When people accuse the Federal Reserve of anything when it comes to inflation, they say the central bank is cooking the books to hide it. Back in 2000, for example, monetary observers were aflutter as policymakers shifted away from the CPI and to the PCE Deflator as their ultimate standard for broad consumer price behavior. The bastards, the latter widely [...]

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