Greenspan Put

I was chatting with Marshall Auerback about some of my recent posts on Keynesianism and Austrian Economics -- Marshall is a Keynesian -- and he convinced me that my posts were somewhat misleading and that I had only presented half of the…

Barack Obama has won the U.S. presidential election in convincing fashion. While I am clearly not a liberal nor a Democrat, I am pleased with the election's outcome. It signals a new beginning - a new era in American politics and in…

The United States had been living beyond its means for a very long time before the credit crisis finally hit. The truth of the matter is that U.S. monetary and fiscal policy rewarded risk-taking and leverage at the expense of prudence and…

It's about 7:45 AM ET as I write this and the overseas stock markets are getting hammered. I can't say I don't fear what is going to happen today because I do. We are witnessing a meltdown of unimaginable proportions that is not just…

As you know, the CPI registered a whopping 5% yesterday. Year-on-year inflation hasn't been this high since the Gulf War. So much for the 'Great Moderation.' But the increase in inflation begs another question: why are interest rates so…