Wherefore Art Thou Collateral?

The US Treasury as a result of the government’s bloated response to the Great “Recession” has been forced in notes and bonds to reopen their auctions each and every month. Before then, reopenings were less frequent. They weren’t infrequent, but the Treasury wasn’t just auctioning 10s every month. In 2007, for example, the Department conducted…

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History May Rhyme, But These Curves Repeat

What is most tragically ironic about the last decade is that the people who are supposed to have been in charge are the same people claiming it could never happen. Ben Bernanke, for example, made his career on studying the Great Depression. Using Milton Friedman’s brand of primitive monetarism as a base, he and others…


The Inequality of Logic Behind The Increasingly Emphasized Magic Numbers

It is a basic element of logic that if A = B and B = C, then A must also equal C. In terms of action, if I do a thing and that thing always leads to a predictable outcome, not seeing that outcome causes one to question whether or not one actually did that…


MacroVoices Podcast for August 18, 2016

Jeffrey Snider: All Signs Point to Global Systemic Reset