No one could have possibly been surprised by the Fed's lack of action on Wednesday. They had signaled to anyone who would listen that they would pause (skip, take a hiatus, halt, or whatever you want to call it) at this meeting. And no one should have been surprised that Jerome Powell offered some tough talk about the future of [...]
Part 1 is here, the history of defining systemic operation since 1907. The quest over equality or the “right” to impose optimal outcomes is one that cannot go backward. The inevitable failures lead no duty to re-assess overall, but only the means by which the results are to be commanded. That was the essence of Triffin’s Paradox, which was only [...]
Value as a foundation seems almost too literal to be an economic or financial concept, but it is perhaps the bedrock association that makes the economic system. We are used to aspects like profits and money, even inflation, but those are all symptoms of the ever-changing world surrounding value. Karl Marx understood very well how deeply embedded value was even [...]
Thinking Things Over May 28, 2012 Volume II, Number 21: Remembering Milton Friedman in the Torpor of 1980 By John L. Chapman, Ph.D. Washington, D.C. Amidst continuing nervousness about the Eurozone and slower global growth, political debate in the U.S. is centered around the best path forward to return to sustainable prosperity. The Wall Street Journal reminded us this [...]
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