Commentary

The New Way to Fight a War

While the country and the stock markets reel from the impact of the Coronavirus, many economists and politicians are calling for the government to fight the pandemic as if we had to fight the Second World War all over again.

Commentary

The Problem Is the Bubble, Not the Pin

With the markets shell shocked by of the worst weeks on record, analysts are split on whether investors are simply overreacting to the coronavirus epidemic or if we are confronting an actual existential threat to the global economy.

Commentary

Clash of the Titans

In the decades that I have been listening to politicians clumsily trying to explain the economy there has never been a period, with the possible exception of the early Reagan years, in which major party leaders were able to present a solid grasp of economic principles.

Commentary

Worlds Collide in an Ivy League Classic

Like particles in a super collider, opposing forces of American culture smashed together this past weekend on a historic football field in Connecticut. And like a physics experiment, the resulting impact shed light on the state of the country and provides us all with a ready framed discussion for the Thanksgiving weekend.

Commentary

This Is Not a Printing Press

Early last week, the Chairman announced a new, as yet unnamed, Fed program through which the bank will now buy regular amounts of short-term U.S. government debt. Seeking to counter the rumblings that a new form of quantitative easing would be seen as an admission that the economy may be in trouble...

Commentary

Baghdad Donald

A dollar in secular decline may be the final piece in the puzzle that shows the insanity of our current fiscal and monetary policy. The U.S. bubble economy rests on the foundation of the dollar's status as the reserve currency. If that status is lost, the entire house of cards may just come crashing down.

Commentary

Trump Kills the Tea Party

After claiming to be the greatest at just about everything, Donald Trump has finally found an area where he can stake a credible claim. By negotiating a disastrous budget deal with Democrats, the President could become the greatest creator of government debt in the history of the country.

Commentary

Laffer Gets Laughable

While the willingness to abandon long held beliefs for political gain has always been a common trait among public figures, the spectacle has recently taken on shocking levels of casual audacity.

Commentary

The Fed Stops Pretending

While many savvy economists should have seen this coming, as late as October of last year, almost no one in the financial world thought that the Fed would so easily abandon its long-held bias without a gale force recession blowing them off course. But, in reality, all it took was a light breeze to force a 180-degree turnaround.

Commentary

Trump's China Blunder

General George Custer met his doom charging into a battle he thought he could win, against an opponent he did not understand. Based on his views about the fast-emerging trade war with China, it looks to me that Donald Trump, is charging into an economic version of the Little Bighorn.

Commentary

Growth That’s Bought But Not Paid For

Very clear warning signs are now flashing that the U.S. economy could be heading for trouble and that the longest expansion in recent memory may soon end. But as usual, financial media and mainstream investors are once again flushed with optimism as the stock market plows higher.

Commentary

Fed Statement Commentary

The Fed's tightening campaign, which was supposed to restore a semblance of monetary normalcy, after a decade of extraordinary stimulus, is officially over. The curtain came down far earlier than just about anyone in the mainstream had predicted.

Commentary

Democrats’ Children’s Crusade Sets up 2020 Election

Over the years, I have always thought that the left’s obsession with global warming was really just an excuse to push through a fully socialist economic agenda. After all, the radical changes that would be required for businesses and consumers to rapidly reduce our carbon footprint could only come about through government mandates and force.

Commentary

Fed Statement Commentary

While some may have been confused by Fed Chairman Powell's circular statements in yesterday's press conference, the takeaway should be abundantly clear: the period of Fed tightening, is over. The Fed will now hold steady on interest rates, and when they move again, they are more likely to lower rates than to raise them.

Commentary

The Hawks Surrender

They say that there are no atheists in fox holes. Recently it has also become clear there are no monetary hawks in bear markets. For much of...