A couple of decades ago, when the post-war baby boom generation was in its prime earning and tax-paying years, governments had a chance to guarantee
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,
Critics of “New Age” monetary policy have been predicting that central banks would eventually run out of ways to trick people into borrowing money. There
One of the hallmarks of late-stage bubbles is a shift of power from lenders to borrowers. As asset prices soar and interest rates plunge it
Each quarter, Credit Bubble Bulletin’s Doug Noland posts a “flow of funds” report that analyzes the debt and securities markets data released by the Fed
A recurring pattern of the past few decades involves governments promising to limit their borrowing, only to discover that hardly anyone cares. So target dates
The failure of fiat currency and fractional reserve banking to produce a government-managed utopia is generating very few mea culpas, but lots of rationalizations. Strangest
Doing the right thing is hard for both individuals and their governments. Name the goal – maintaining a healthy weight, paying off high-interest credit cards,
Last year the California Public Employees’ Retirement System, otherwise known as Calpers, cut the expected return on the funds it invests for plan beneficiaries from
“White privilege” is such a commonly accepted pillar of American society that it’s become material for comics. As Chris Rock tells his audience in the
Readers of a certain age will remember when state universities were a bit spartan but extremely cheap. Middle class families could send their kids to
When the history of these times is written, former Fed Chair Alan Greenspan will be one of the major villains, but also one of the
In 1980, the US government – along with pretty much all of its peers – began borrowing at an accelerating rate. Note on the following
What do the following headlines have in common? US wages grow at fastest pace since 2009 Euro area economy ended year with strongest growth since
The world’s elites, because they live in a system created by themselves for themselves, tend to see events like Brexit and President Trump as aberrations
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