A $3 Trillion Threat to Global Financial Markets Looms in Japan
Bank of Japan Governor Haruhiko Kuroda changed the course of global markets when he unleashed a $3.4 trillion firehose of Japanese cash on the investment world. Now Kazuo Ueda is likely to dismantle his legacy, setting the stage for a flow reversal that risks sending shockwaves through the global economy.
Charted: 30 Years of Central Bank Gold Demand
Globally, central banks bought a record 1,136 tonnes of gold in 2022. How has central bank gold demand changed over the last three decades?
STEVE HANKE And MATT SEKERKE: Fed’s Monetary Blunders Put The Entire Banking System In A Bad Spot
The Federal Reserve’s monetary mismanagement has given bondholders a wild rollercoaster ride in the past few years. Most recently, the Fed’s dramatic rate hikes have collided with the banking system’s $5 trillion securities portfolio. That is because bond values move inversely with interest rates. So, rising rates mean falling bond prices. The effect is greater for longer-duration bonds, and amplified when the starting point for rates is close to zero.
A Libertarian Approach to Disputed Land Titles
The recent spate of bombing violence in Israel's West Bank, East Jerusalem, and Gaza demonstrates the enduring attachment both Israelis and Palestinians have to physical land in the country. Both sides make claims—legal, moral, and political—to land within Israel, from the southernmost tip of Gaza to the northernmost tip of the Golan Heights. This ongoing and often violent dispute is based on interrelated historical and religious events reaching back thousands of years, even before the origins of the biblical Holy Land. And while ancient disputes are inherently more difficult to resolve, twentieth-century events also weigh heavily on the current conflict. The Balfour Declaration in 1917, the official establishment of Israel by UN resolution in 1948, decisive domestic land wars in 1967 and 1973, and even recent peace accords all failed to settle the issue or at least bring an end to violence.
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