The term “crack-up boom” describes the collapse of a monetary system due to out-of-control inflation expectations by the market participants caused by extreme increases in
This was going to be the year when the other big central banks joined the Fed in “normalizing” interest rates and reversing the past decade’s
A quick recap of the past couple of months: Stocks plunge. The politicians, bureaucrats and bankers who depend on artificially-elevated financial asset prices start to
Monthly economic readings tend to be full of noise and are therefore unreliable. So it’s best to save the excited assertions for established trends. The
Self-destruction usually happens in stages. At first there’s a binge in which the thrill outweighs the sense of transgression. This is usually followed by remorse,
In 1980, the US government – along with pretty much all of its peers – began borrowing at an accelerating rate. Note on the following
It’s now clear that what governments did to counter the Great Recession may have delayed systemic collapse, but did not resurrect the old normal. Growth
The Austrian School of economics has a concept called a “crack-up boom” in which a critical mass of people conclude that their government is actively
By now it’s an article of faith within the sound money community that most major countries have borrowed so much that they’re left with only
Based on both recent history and mainstream economic theory the past few years should not have been possible. When you cut interest rates to near-zero,
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