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Archive : Author

POSTED ON November 28, 2022  - POSTED IN Original Analysis

When people talk about “inflation” today, they generally mean rising prices as measured by the Consumer Price Index (CPI). But historically, “inflation” was more precisely defined as an increase in the amount of money and credit causing advances in the price level. Inflation used to be understood as an increase in the money supply. Rising prices were a symptom of inflation.

I find this change in definition problematic. But many disagree with me. They argue that I’m being pedantic and the definition doesn’t really matter all that much.

POSTED ON November 23, 2022  - POSTED IN Original Analysis

When I was a kid, we used to say some things only “sound good on paper.” In other words, they seem like good plans, but there is no way they’re going to work in the real world.

That’s socialism in a nutshell.

The Pilgrims found this out the hard way during their first couple of years in North America. Their experiment in socialism turned out deadly.

POSTED ON November 21, 2022  - POSTED IN Original Analysis

Interest rate hikes get most of the attention as the Federal Reserve fights inflation, but balance sheet reduction is arguably more important. And it’s not going well.

Since the Fed stopped buying Treasuries and started letting bonds fall off its books as they mature, the bond market has experienced increasing volatility and liquidity problems. In fact, there is already talk about the possibility of the central bank abandoning quantitative tightening.

POSTED ON November 16, 2022  - POSTED IN Key Gold Headlines

On Tuesday (Nov. 15), the New York Federal Reserve announced a 12-week pilot program in partnership with several large commercial banks to test the feasibility of a central bank digital currency (CBDC).

The “proof of concept” program will test an “interoperable digital money platform” on a regulated liability network (RLN) for “technical feasibility, legal viability, and business applicability of distributed ledger technology,” according to a press release.

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