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See a real speech at a political convention. Contrast it with the pablum...

Summary:   To see what we have become, look at what we once were.  Today we look at a scene from our past, when America politics was something other than a spectator sport, centered on made-for-TV...

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What are the limitations of the Fed’s power? It’s neither impotent nor...

Summary:  Although one of the most power agencies of the US government, obsessively discussed in the financial news, it remains one of the least well understood. Here we examine the limitations on its...

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The lost history of money, an antidote to the myths

Summary:  With monetary policy at center stage of economic policy, we’re manipulated by myths about the history of money.  The truth is out there, for those that seek it. As in this excerpt from a...

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A status report on the US economy. What lies ahead for us?

Summary: Today we again look at the US economy. What’s happening? What does it tell us about the future? . Recent US economic data is confused far more than usual.  For several months we have seen...

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What about the past and future effects of the economic stimulus?

Summary:  Yesterday we examined the condition of the US economy. Today we look at a major driver of our prosperity, and what might be its long-term effects. . Contents How we got here What do we have...

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The World of Wonders: Monetary Magic applied to cure America’s economic ills

Summary:  We live in an age of wonders, in which things unforeseen — even unimagined — become daily fare for the news, or remain unremarked.  This is the second chapter in this series, attempting to...

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The World of Wonders: Everybody Goes Nuts Together (part 2 about Monetary Magic)

Summary:  We live in an age of wonders, in which things unforeseen or even unimagined become daily fare for the news, or remain unremarked.  This is the 3rd chapter in this series, attempting to open...

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The greatest monetary experiment, ever

Summary: We live in an age of wonders. We have technology that previous generations would consider science fiction or fantasy. Social changes beyond precedent, such as gender equality. Not least, we’re...

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Experts now run the world using their theories. What if they fail, and we...

Summary: The first few decades of the 21st century appear to be dominated by experts steering public policy using their theories. The rest of the century might be dominated by the effects of their...

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A look at the state of the US economy. Join me in confusion!

Summary: The current economic situation of the US is fascinating. Repeated disappointments in the past, great optimism about the future, confusion about today, all occurring amidst one of the greatest...

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The US economy is slowing. Things might get exciting if this continues.

Summary: In an this time of almost unprecedented economic intervention by governments — experiments on a scale never before attempted during peacetime — determining the state of the economy is...

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Is there a recession looming in our future? Let’s review the evidence.

Summary:  Today we have a status report on the US economy, focusing on the odds of a recession during the next year. This will provide context for the revelations in Friday’s new data festival, which...

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Dr Hunt explains the great monetary experiment. It will be historic, no...

Summary: On the FM website we have followed the evolution of the great monetary experiment. After four years we have mostly questions. What have been the beneficial effects, and how large? What have...

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Let’s learn about hyperinflation. Who knows what the future holds for us?

Summary:  What makes an experiment is uncertainty about the outcome, no matter how great people’s confidence. That applies to the great monetary experiments now in progress by China, Europe, America,...

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The great monetary experiment enters a new phase, with America as the stakes

Summary:  We have begun a critical phase in the great monetary experiment. We know that we should stop, but our leaders fear the resulting economic shock. They fear to stop, fear to continue. There is...

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The key to understanding the future of QE3, and the future of our economy

Summary: It is all about models. That’s true about all sciences, from physics to climate to economics. If you don’t believe in models, you don’t know what model you use. Today we will discuss two...

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How to predict the outcome of this great monetary experiment, and how we got...

Summary: Today we discuss the nature of the great monetary experiment now under weigh, with five years of zero interest rates and repeated doses of quantitative easing. What does it mean to say this is...

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Are we following Japan into an era of slow growth, even stagnation?

Summary: Understanding events requires not just see what’s happening today and guessing about the future, but also grading past expectations vs the actuals. Otherwise we live in the now, like cats,...

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Larry Summers gives us the bad news. Worse, the only solution is more of the...

Summary: The previous post, Are we following Japan into an era of slow growth, even stagnation?, sketched out Larry Summers’ bold speech. Today we look at the text, with the good news (better...

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Understanding the new world shown us by Larry Summers

Summary: A weakness of my posts is that they don’t adequately convey the wonders of our time, the extraordinary events, the uncertainty of future outcomes.  Today I attempt to show the amazing nature...

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