Did the Bank of England just confirm your economic ideology? Probably not….
Will the Bank of England’s Report on Endogenous Money Change Anything?
David Graeber wrote a good piece in the Guardian yesterday regarding the Bank of England’s research on endogenous money. Unfortunately, I don’t share David’s enthusiasm for how impactful this might be….
Hating on 538
Nate Silver’s new website FiveThirtyEight is out and Paul Krugman and Tyler Cowen are not impressed. I think it’s WAY too early to write them off…
3 Things I Think I Think
Some random (and not so random) thoughts on the markets, money and life:
Grantham: Stocks and Bonds are Extremely Expensive
Jeremy Grantham of GMO had some good macro thoughts on the markets over the weekend in Barrons. To summarize his views:
Does Finance “Create Nothing”?
There is a lot of good that comes from a healthy and productive financial services sector. So, to overlook it as a “parasite” which “creates nothing” is pretty counter-productive to our understanding and perspective.
Exonerating Milton Friedman?
“Inflation is always and everywhere a monetary phenomenon” – NOT!
Bank Lending is Primarily a Demand Side Issue
when we think of banking it’s really better to think of it as being a demand side issue. If you start from the supply side you’ll likely get confused.
Rail Traffic and Retail Sales – More Muddle Through
Here are some ugly charts for you: