Nov 24

On the Verge of Chaos

“Great powers and empires are, I would suggest, complex systems, made up of a very large number of interacting components…

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Nov 11

The Last Argument of Central Banks

For a central banker, deflation is one of the Four Horsemen of the Apocalypse: Death, Famine, Disease, and Deflation. (We…

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Nov 4

Rhyme and Reason

“The significant problems that we have created cannot be solved at the level of thinking we were at when we…

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Oct 27

A Scary Story for Emerging Markets

The consequences of the coming bull market in the US dollar, which I’ve been predicting for a number of years,…

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Oct 22

The Flat Debt Society

International Monetary Fund chief Christine Lagarde says the global economy is facing “the risk of a new mediocre, where growth…

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Oct 14

Sea Change

You don’t need a weatherman To know which way the wind blows. – Bob Dylan, “Subterranean Homesick Blues,” 1965 Full fathom five thy…

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Oct 4

The Wayback Machine Birthday Tour

“That men do not learn very much from the lessons of history is the most important of all the lessons…

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Sep 28

The End of Monetary Policy

  We are the hollow men We are the stuffed men Leaning together Headpiece filled with straw. Alas! Our dried voices, when We whisper together Are quiet…

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Sep 21

Where’s the Growth?

In 1633 Galileo Galilei, then an old man, was tried and convicted by the Catholic Church of the heresy of…

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Sep 15

What’s on Your Radar Screen?

Toward the end of every week I begin to ponder what I should write about in the next Thoughts from…

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Sep 8

Europe Takes the QE Baton

If the wide, wide world of investing doesn’t seem a little strange to you these days, it can only be…

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Sep 1

Growth

“It's said that power corrupts, but actually it's more true that power attracts the corruptible. The sane are usually attracted…

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Aug 26

A Nation of Shopkeepers

“To found a great empire for the sole purpose of raising up a people of customers may at first sight…

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Aug 16

Bubbles, Bubbles Everywhere

The difference between genius and stupidity is that genius has its limits. – Albert Einstein Genius is a rising stock market. – John…

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Aug 11

Transformation or Bust, Part 2

In last week’s Thoughts from the Frontline (“Transformation or Bust”), my young colleague Worth Wray and I continued our groundbreaking…

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Aug 2

Transformation or Bust

China continues to be front and center on my list of concerns, even moreso than the latest Federal Reserve press…

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Jul 27

Time to Put a New Economic Tool in

[E]conomists are at this moment called upon to say how to extricate the free world from the serious threat of…

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Jul 20

GDP: A Brief But Affectionate History

“Measurement theory shows that strong assumptions are required for certain statistics to provide meaningful information about reality. Measurement theory encourages…

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Jul 5

Central Bank Smackdown

Smackdown: smack·down, ˈsmakˌdoun/, noun, US informal 1.  a bitter contest or confrontation. "the age-old man versus Nature smackdown" 2.  a decisive or humiliating…

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