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QEs, Currency Wars, the Trillion Dollar Platinum Coin and the Route to “Modern” Inflation
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
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VIDEO – Texas Financial Market Roundtable 2012
The economic, financial and public policy issues associated with debt overload and bank runs is discussed by Dave Rosenberg, John Mauldin and Rich Yamarone. Professor Lew Spellman of the McCombs School of Business moderates. If you enjoy this blog, … Continue reading
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QEs, Currency Wars, the Trillion Dollar Platinum Coin and the Route to “Modern” Inflation
Category Archives: The Spellman Report
Is the Printing Press Engaged for the Duration?
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
Is the Cyprus Bank Fiasco the Template for the Future?
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
QEs, Currency Wars, the Trillion Dollar Platinum Coin and the Route to “Modern” Inflation
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
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The Now Generation Government Has Failed the Marshmallow Test: Making Sense of the Fiscal Cliff Outcome
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
The Knockout Punch: Has America Turned to Socialism?
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
What does Thomas Edison have to do with bonds and gold?
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
Ben Bernanke and the Implications of The Great Monetary Hail Mary
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
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Milton Friedman and the Monetarist Reflex: Can the Fed create inflation?
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
The Bond Market Rocket and Fiscal Unsustainability Are On a Collision Path
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
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The Stock Market, QE3 and Voodoo Finance
As we look across the economic landscape there is an abundance of reason to anticipate a global economic slowdown. It is already well in the works as reflected in anticipatory data. It would not be a garden-variety recession emanating from … Continue reading