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In the great debate over interest rates at the fall 2016 Grant's conference, the scholarly bull and the newly fledged bear butted heads over more than the future of bond yields.
**Ed. note: John H. Cochrane's, essay, “Inflation and Debt”, as mentioned in the issue. Click here to view.
If you ever wondered where Elon Musk came from--what peculiar alignment of stars produced this protean creator, spender, borrower, innovator, printer of red ink, spinner of yarns and blower of deadlines--only look to the great Thomas Alva Edison, or, perhaps, to Edison's brilliant enemy and Musk's corporate namesake, Nikola Tesla.
On August 30, at the annual monetary jamboree of the Kansas City Federal Reserve Bank in Jackson Hole, Wyo., Alan Greenspan washed his hands of responsibility for the bubble he said he could not have pricked even if he had noticed it floating above his desk on a string.
What with Brexit, the soft May durable goods report, collapsing bank stocks, the surging dollar exchange rate, the looming American presidential election, etc., the question is not so much when the Fed will raise its little funds rate as when it may cut it. Now unfolding is a speculation on the developing crisis in the Ph.D. standard of discretionary monetary management.
There is no such thing as a separate and distinct “U.S. economy.” There is rather the single dollarized and financialized and over-leveraged worldwide economy. Like it or not, we are all in this together—the Chinese communists, the European socialists, the Japanese statists and we the people.