“The Fed and the White House will do whatever it takes. But will that be enough to defeat recession for ever and ever?” SO THERE IS TO BE NO LETUP OR TRUCE in the war between debt and recession. The cannon fodder of consumer credit — the battle-weary consumers themselves — must ...read more

Financial markets owe much to illusion. Absolute values don't exist. Prices are relative and changing. We create our own references. Gold-topaper currency conversion served that purpose. Yet, the US snookered the world into broad acceptance of the dollar standard after severing its relationship to a tangible object. Until 1971, a ...read more

Let's start with a quick look at the expansion of the monetary base in comparison with the expansion of broad money supply, as measured by M3: Monetary Base M3 The above chart is from a discussion on "Money Supply and Recessions." For this article, pay attention to the green line ...read more