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The Vulnerability of Private Wealth to Government Financial Stress
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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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The Vulnerability of Private Wealth to Government Financial Stress
Tag Archives: Entitlements
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
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
Denial, Default or Treasury Currency: the Hobson’s Choice
Spain’s financial vulnerability has been in the spotlight recently. The trickle-down from a single bank’s insolvency gives us a glimpse of how country funding shortfalls are likely to be handled in the coming decades. The Spanish bank in question, Bankia, … Continue reading