Driving a car in reverse is much more difficult than driving it forward. You need to look behind you or constantly check the rear-view mirror (or camera) and try to…
The Great Recession Still Having An Impact
Perhaps the most lasting impression of the Great Recession is that it made $1 trillion seem small. It seemed like a financial apocalypse, as the U.S. stock market lost half…
Trading is on Autopilot
“Can a robot write a symphony? Can a robot turn a … canvas into a beautiful masterpiece?” …
Debt, Monetary Policy Causing Economic Damage
Even with interest rates just above zero for seven years, and government spending regularly producing deficits of $1 trillion a year, economic growth was well below average throughout the Obama…
Economic Cycles Are Not Extinct
With the current recovery stretching to 113 months, it’s easy to forget that the economy is, and always has been, cyclical. Cycles can be manipulated to some degree, but they…
Why Not 0% Inflation?
The Fed is expected to raise rates yet again in December, as a hedge against inflation, but some believe a pause is in order. “With the federal-funds rate at 2%…
When Good News Is Bad News
The U.S. has clearly overcome the financial crisis, even as many other countries continue to struggle, but the impact on investments is sometimes perverse. As the Fed lowered interest rates,…
There Is No Normal
The Federal Reserve Board routinely gets it wrong. Given the political nature of its work, the differing opinions of its seven governors and, especially, the subjective economic beliefs that influence…
The Good and the Bad in the USMCA
A trade war has been averted with few casualties, at least for now. And, as a result, the United States is in a better position to negotiate with China and…
Free Trade Doesn’t Exist – Especially With China
What’s free about trade? To put the free in free trade, the United States and its trading partners would have to eliminate special treatment for all products. Yet even in…