Relax, the Fed Can’t Do What David Stockman Thinks It Can
The happy, market truth is that no individual, no business, no city block, no city, state, or country ever needs to worry about having too much or too little money.
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Essays
Writing by John Tamny and Parkview contributors, from the latest commentary to the collected archive.
114 essays · Newest first
Clear filtersThe Federal Reserve’s Sizeable Irrelevance Is The ‘Inflation’ Lesson
In her latest opinion piece for the Washington Post, economics writer Heather Long observed about Federal Reserve Chairman Jerome Powell that “Many had predicted he would be Dr. Doom who caused a…
Xi Jinping Can’t Prop Up Chinese Shares Much As Fed Can’t U.S. Shares
For every excited or optimistic buyer in any market to express the excitement or optimism, there must be a seller willing to transact. This has seemingly been forgotten by China’s Xi Jinping
Claudia Sahm Yearns For a ‘Soft Landing’ That the Fed Can’t Engineer
Former Fed official Claudia Sahm believes a tight Fed “could still ruin” what she imagines could be a soft landing.
The Federal Reserve Can’t ‘Boost’ President Biden, or Any President
We didn’t even have to get to 2024 for economists to start speculating on what the Fed might do to boost or harm the re-election chances of the incumbent president through rate cuts, or a lack of…
John Cochrane Should Give Producers a Hand, Not the Federal Reserve
No doubt prices for many goods are higher post-Covid lockdowns, but Cochrane has mistaken the culprit.
The Biggest Problem at the Federal Reserve Is a Lack of Original Thought
The Fed is full of PhDs bereft of the simple knowledge required to gauge economic health. It’s held down by a near total lack of originality.
The Path To Lower Prices Has Little To Do With Monetary Policy
Every product and service that we enjoy today used to be nosebleed expensive. Which is why it’s strange that the various economic religions focus so much of their energies on monetary policy. They…
Monetarism Is Suffocated By Its Endless Contradiction
Money isn’t abundant in Palo Alto but scarce in Baltimore because the state decreed it so, rather money in circulation is production determined. It’s a market phenomenon every bit as powerful as the…
If You Fight Inflation With Fed Rate Hikes, You Don’t Fight Inflation
It’s worth repeating that higher prices are at best an effect of inflation, not inflation itself. To say they’re inflation is like saying suntans cause the sun.
The Fed’s So-Called ‘Inflation Fight’ Was a Big, Fat Non Sequitur
The inflation fight was a non sequitur, not to mention that the higher prices had nothing to do with inflation. The wonder is if the various economic religions will ever accept that the fastest path…
There’s Only One Fix for Inflation: It Has Nothing to Do With the Fed
If the goal is to end inflation, there’s a simple answer. It has nothing to do with the Fed. And never has.
What Happens When Monetarist Central-Planning Marries Santa Keynes
Keynesian theory says governments can grow the economy with spending, but that too much government spending causes inflation. Monetarism, a Keynesian variant, claims that increases in so-called…
The Fed Is Frustrated That Its Five-Year Plan Isn’t Working
Dumb as government economic statistics are, the recommended responses to them are exponentially dumber.
The Fed As the Inflation Fix? Sorry, But Markets Aren’t That Stupid
That markets are incredibly stupid is pretty much implied in all the Federal Reserve commentary from the various economic religions. Think about it.
Ben Bernanke Was the Crisis
In the early 1920s, radios were the pricey, must-have gadgets of the day. And as all transformative market goods are, they started out expensive only for RCA (the Apple of its time) to render common…
The Fed Wants to Help You By Making Your Poorer, and Other Delusions
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” Charles Mackay, 1841, Scottish author of …
Failed March Madness Brackets Speak to Fed Fusion of Hubris and Stupidity
March Madness is upon us. I like tens of millions of people do a bracket every year. I have never gotten a perfect bracket, not even close. In fact, the NCAA states that the odds of getting a …