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redistribution

Home Construction And The Legacy Channel

By |2014-12-17T11:41:26-05:00December 17th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

The primary monetary channel for “stimulating demand” has traditionally fallen through real estate. Mortgage finance is the largest private source of financialism, reaching directly to people’s personal economy. The price appreciation of houses and the availability of mortgage credit are seen by orthodox economics as the basis for marginal “demand” changes in a theoretical philosophy that prizes nothing but activity [...]

It Really Is Deflating

By |2014-08-13T16:50:09-04:00August 13th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

One more point on retail sales and consumer spending, as though the figures presented earlier are, I think, all pretty demonstrative of what is taking place in the economy, they can still be enhanced by taking account of additional factors. None of the data from retail sales or Gallup’s measures of economic advance are “deflated” or adjusted for changes in [...]

Gallup’s Spending Analysis Confirms A Whole Lot

By |2014-07-25T15:48:13-04:00July 25th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

Gallup’s latest figures on consumer spending in June put to rest any idea of a major surge, completing a picture of the second quarter that is far more tepid than any weather-related symmetry with the first would have you believe. It has been an ongoing theme for several weeks as incoming estimates (aside from sentiment surveys that never mean what [...]

The Short Leap Forward From Tortured Logic To Literal Torture

By |2014-07-02T10:46:09-04:00July 2nd, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

The shame of the current recovery is made all the more clear by the growing presence of obfuscation about its real state. The economy is supposed to be in a cycle of full, self-sustaining growth, yet there is no end to the indications otherwise. Again, the employment market may (or may not) have attained the past cycle peak, but that [...]

Inflation As A Deeper Concept

By |2014-05-30T15:29:02-04:00May 30th, 2014|Economy, Federal Reserve/Monetary Policy, Markets|

The problem with talking about inflation, and there is a lot of it recently, is conflation. Modern measures and concepts about pricing mash together every kind and form to create something that doesn’t really mean what was intended. On the “up” side we have monetary debasement coupling with orthodox concepts of “pricing power” and thrown together with supply shortages and [...]

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