“Please God, give me one more oil boom. This time I promise not to piss it away.” It was a popular bumper sticker in Texas in the 1980s. It’s worth remembering as experts who’ve never built houses, and who’ve surely never borrowed the money necessary to build houses, tell us the solution to the […]
Housing, Like Oil, Is Not As Simple As Pundits Want It To Be Read More »
Market prices are arrived at through infinite decisions and actions taking place every millisecond of every day around the world. Capitalism is happily too fast for politicians and policy scholars eager to influence them. Worse, it’s often true that what policy experts imagine to be true about prices and policy isn’t. Take, for instance,
Market Prices Don’t Much Care About Democrats and Republicans Read More »
Economists and their obtuse theories have been the overwhelming driver of reduced progress since 1971. Market-friendly economists (think Milton Friedman) are paradoxically the biggest offenders since they convinced President Nixon to trade dollar-price-stability for dollar chaos. But we’re getting ahead of ourselves… Continue reading on Forbes.
Slower Progress Since ’71? Floating Dollar Begs for Attention Read More »
No one just chooses to borrow money. What an obnoxious conceit, one that imagines lenders are blithe about those loaned to. More realistically, those with title to money decide who can and cannot borrow. And they’re very strict. Individuals with credit cards know this well. We don’t choose how much debt to run up,
Gavin Newsom Would Be “Cheap” If Governor of Mississippi Read More »
The economic consensus of the moment is that higher prices are the same as inflation, and the Fed is the only governmental entity situated to bring down higher prices. It’s a dangerous consensus. Prices are how a market economy organizes itself. Forget for now that the Fed is not remotely capable of bending the
If Inflation Is Truly Higher Prices, Then the Fed Cannot Fight It Read More »
