The Spellman Report - Where the Economy and Markets Meet

Is the Printing Press Engaged for the Duration?

Posted on May 10, 2013 by Lew Spellman

A printing press is a handy thing to have. When a government or central bank can fund itself with money or claims on money, it can buy a lot of things and solve a host of problems, all without the need to tax. I wish I had one. Continue reading →

Posted in The Spellman Report | Tagged debt Financing, Entitlements, Financial repression, Financing government, monetary policy, policy, QE, Quantitative Ease, Real interest rates, The Accord, The Duration, The Fed, Zero Interest Rate, ZIRP | Leave a comment

Is the Cyprus Bank Fiasco the Template for the Future?

Posted on April 5, 2013 by Lew Spellman

We are living in profound times. The Great Recession, followed by epic levels of deficit spending sustained by monetary policy, is now having short-term remedial effects on the U.S. economy. But before we declare victory, we need to be clear … Continue reading →

Posted in The Spellman Report | Tagged bailout banks, Cyprus bank deposit seizure, Deposit protection in the EU, depositor losses, Euro bank risk, financial crisis news, government debt, insolvent banks, the new banking template, wealth preservation, wealth taxes | Leave a comment

QEs, Currency Wars, the Trillion Dollar Platinum Coin and the Route to “Modern” Inflation

Posted on February 27, 2013 by Lew Spellman

A government faced with financing its deficits in quantities some multiple of private saving must resort to monetary schemes in order to keep its promises to spend. Monetary schemes are essentially costless ways to pay the government’s bills today while … Continue reading →

Posted in The Spellman Report, Video Spellman Reports | Tagged Currency intervention, Currency manipulation, Currency Wars, Financing government debt, Foreign Official Holding of Government Debt, G-20 conclusion, Government deficits, Japan and Currency Wars, Monetary finance, monetization of government debt, QE3, QEs, Trade deficits, Trillion Dollar Platinum Coin, ZIRP consequences | 1 Comment

America’s Baby Bust By JONATHAN V. LAST

Posted on February 5, 2013 by Lew Spellman

America’s Baby Bust By JONATHAN V. LAST http://online.wsj.com/article/SB10001424127887323375204578270053387770718.html?mod=googlenews_wsj

Posted in Readings | Leave a comment

The Now Generation Government Has Failed the Marshmallow Test: Making Sense of the Fiscal Cliff Outcome

Posted on January 11, 2013 by Lew Spellman

Over the past five years, the government has applied the usual demand-side remedies in the epic battle against The Great Recession. The graph shows the time profile of past recessions and recoveries as compared to the Great one that we … Continue reading →

Posted in The Spellman Report | Tagged Debt ceiling, Dr. Lacy Hunt, Entitlements, Financial federal debt, Fiscal cliff, Fiscal sustainability, government debt, inflation, The end of social security, The Great Recession, The National debt and inflation, US debt | 1 Comment

The Knockout Punch: Has America Turned to Socialism?

Posted on December 7, 2012 by Lew Spellman

In the days following the election there was a numbing silence. It was as if the body politic was dazed by a heavyweight champion’s blow to the head. It staggered and sought clarity to understand what’s to become of our … Continue reading →

Posted in The Spellman Report | Tagged Average income/median income, Foreign trade, Global economy, Globalism, Income redistribution, Is Obama a socialist?, The decline of the middle class, The Middle Class in America, Transfers or entitlements, Wages and Wage Income | 2 Comments

What does Thomas Edison have to do with bonds and gold?

Posted on November 3, 2012 by Lew Spellman

In these times of economic upheaval, divergent opinions regarding future inflation exist side by side: Either Grand-scale inflation or deflation, take your pick. The differences are actually not side by side but at either tail of a subjective probably distribution … Continue reading →

Posted in The Spellman Report | Tagged Bonds, David Rosenberg, deflation, Deflationary Gap, Fiscal austerity, Fixed income and inflation, GDP, GLD Potential, Gold, inflation, Martin Wolf, Output Gap, Productivity, Safety and Income at a Reasonable Price, SIRP, Thomas Edison, Treasury TIPs | 2 Comments

Ben Bernanke and the Implications of The Great Monetary Hail Mary

Posted on September 29, 2012 by Lew Spellman

These are epic times in the developed world’s attempt to deal with the implications of government and consumer over-indebtedness. A general unshakable malaise has set in due to sluggish spending and a deleveraging banking sector, and as a result, employment … Continue reading →

Posted in The Spellman Report | Tagged Ben Bernanke, Competitive devaluations, David Rosenberg, employment, GLD, Gold, inflation, Keynesianism, M2, Milton Friedman, Monetary base, monetary hail mary, QE, QE3 | 1 Comment

Milton Friedman and the Monetarist Reflex: Can the Fed create inflation?

Posted on August 30, 2012 by Lew Spellman

These are complicated times, especially when it comes to inflation. An excess of debt, both private and public, has retarded the spending stream, resulting in sluggish economic growth. Given the Fed’s legislated commitment to prevent financial implosion and unemployment, rounds … Continue reading →

Posted in The Spellman Report | Tagged AGG, BLV, Bond Market, CLY, David Rosenberg, Fiscal and monetary policy, Fixed income investments, GLD, Gold, Helicopter money, inflation, Inflation targeting, Milton Friedman, Monetarism, Real return assets, TBF, The Fed, UBD, Velocity of money | Leave a comment

The Bond Market Rocket and Fiscal Unsustainability Are On a Collision Path

Posted on August 3, 2012 by Lew Spellman

Recently, the bond market has been in rocket mode. It has achieved liftoff and slipped the surly bonds of earth. And some believe it will keep going. The price of the U.S. Treasury 10-year bond recently reached an all-time high, … Continue reading →

Posted in The Spellman Report | Tagged AGG, BLV, Bond Market, Bond market valuation, Central banks and inflation, CLY, David Rosenberg, debt deflation, Fiscal and monetary policy, Fiscal sustainability, Fixed income investments, GLD, Gold, Government bond default, Helicopter money, Historic low interest rates, inflation, Inflation targeting, Milton Friedman, Monetarism, Monetary responses to fiscal policy, QE, Real return assets, TBF, The Fed, UBD, Unanticipated inflation, Velocity of money | 1 Comment