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pump priming

Neither Keynes, Trump, Pumps Nor Priming

By |2021-04-19T17:24:34-04:00April 19th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Then-President Trump was eager to talk in May 2017. Having been elected in 2016 by giving voice to what he called the “fake” unemployment rate on the campaign trail, and therefore mobilizing millions of the disaffected uncounted by that official ratio’s official definitions, it was enough to put him just barely over the top. To continue with the agenda, to [...]

You Will Never Bring It Back Up If You Have No Idea Why It Falls Down And Stays Down

By |2019-12-06T18:46:59-05:00December 6th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It wasn’t actually Keynes who coined the term “pump priming”, though he became famous largely for advocating for it. Instead, it was Herbert Hoover, of all people, who began using it to describe (or try to) his Reconstruction Finance Corporation. Hardly the do-nothing Roosevelt accused Hoover of being, as President, FDR’s predecessor was the most aggressive in American history to [...]

There Really Is Nothing Left to the Money Illusion

By |2016-10-03T19:12:06-04:00October 3rd, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In the summer of 2013, the mainstream media was already convinced that Japan’s QE amplification, the true shock and awe “money printing”, was not just working it was doing so convincingly. The yen was down sharply against the dollar, feeding what looked like a surging export sector. Even though QQE was barely a few months old, it was talked about [...]

Always More

By |2016-06-21T17:33:19-04:00June 21st, 2016|Economy, Federal Reserve/Monetary Policy, Markets|

For decades the slander against Herbert Hoover went unchallenged. He was branded a “do nothing” in the 1932 campaign, a charge which looks sillier the more time passes. The proper slander of Hoover is that he was Roosevelt before FDR was, only in miniature. From this view we can appreciate the intentional change in perspective; Hoover’s interventions failed to stop [...]

The Experiment Runs Out

By |2015-12-18T11:21:15-05:00December 18th, 2015|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The FOMC at least still knows how to throw a party. It may not be what it once was, but for one day there was the familiar euphoria predicated upon the wish that central bankers might know something about anything. All-too-quickly, however, it vanished as it becomes increasingly clear, despite all attempts to rewrite this history, that there are no [...]

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