Government Policy

Arresting growth in the money supply is sufficient to halt inflation   

After two years of 40% expansion under Quantitative Easing, money supply started to decline in March when the Fed halted QE and implemented the first of a series of hikes in the overnight rate.

Stop the rate increases

In this op-ed submission, I argue that a cessation of growth in the broad money supply, achieved by a reduction in QE combined with a reduction in deficit spending, is adequate in and of itself to bring in

Beware QT

Investors groping for a bottom to the current bear market in stocks are searching in all the wrong places.  Some are obsessing over the Federal Reserve's overnight rate policy.  Some are perusing company results.  Some are worrying over a potential recession.  Still others are watching technical indicators to signal a washout bottom.  But these are not the best tree

Why US growth is lackluster

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What is Driving the Trump rally? 

The stock market has stormed ahead under the administration of Donald Trump.  After a big run-up from November 8, 2016 to year-end last year, the S&P has risen another 8% this year while the Nasdaq composite is up another 15%.

Contemplating a limited military response to North Korea’s provocations

Ever since US nuclear technology was stolen by the post-war Soviet Union, the United States has avoided direct confrontation with nuclear-armed states out of fear of escalation into unthinkable nuclear warfare.

The Decline of Working Capital and Interest Rates

Your article "Zeal for 'Natural Rate' Draws Skeptics" (Wall Street Journal 12/12/16) questions why the natural rate of interest has fallen to zero.  

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