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Pragmatic Capitalism

Practical Views on Money & Finance

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Embracing the Why

Josh Brown cites a Ben Carlson piece this morning arguing that there’s no point in understanding why certain things happen in the financial markets. Basically, the world is really complex, too complex to predict so you shouldn’t bother trying. This has become a very popular refrain in the last few years and I honestly don’t… Read More

Greece: What’s Next?

More Greece today [deep sigh].   I’m getting a lot of emails on Greece in the last few days so here are some brief thoughts on where things are likely headed and how some of this might play out. Of course, there is a huge amount of uncertainty involved in all of this, but here’s… Read More

When Does Greece Actually get Scary?

More Greek headlines over the weekend. Sigh. And it’s leading to a repeat of a repeat of a repeat in the financial markets: This is after negotiations on a new bailout package failed over the weekend and the ECB closed lending lines to Greek banks. In response, the Greek government implemented capital controls and is… Read More

Greece…

There was a time when Greece and the EMU used to really interest me. In the early stages of the Euro crisis there was a lot of confusion about what was going on and why the EMU is such a mess. Given my operational understandings of the monetary system I had something relevant to contribute.… Read More

Where Does Money Come From?

“The process by which money is created is so simple the mind is repelled.” – JK Galbraith There’s a reason why myth # 1 in my “biggest myths in economics” is “the government prints money”. It is, by far, the most pernicious and misleading of the economic myths that exists. I was reminded of this today… Read More

Did Schwab Just Kill the Non-Human Robo Advisor Services?

Charles Schwab launched a new service today called Schwab Institutional Intelligent Portfolios. The service is a fully customizable automated portfolio management product that will give every advisor on their platform the same tools and options that the other Robo Advisory services have (automated rebalancing, tax loss harvesting, etc). In other words, it’s given every human advisor… Read More