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News
Emotion Is the Death of Wealth
When everyone is bearish and ready to throw in the towel, that is precisely when to buy. But it goes against human nature. No matter how many times I have seen this, people never seem to learn. They're a slave to their emotions and can't think objectively: “Buy low, Sell high”. Once you realize this and teach yourself to do the opposite of what your emotions are telling you to do, your trading and investing performance will improve dramatically. This goes for euphoria at new highs also. Simply put, do the opposite of what you think you should when markets dump or soar to extreme levels of sentiment.
Is It Money Because It Is Redeemed in Tax Payments? A Response to Kelton and Wray
This article was prompted by Kelton and is a belated response to Wray (2016),who presents an argument for the so-called chartalist view that government currency is valued because it can be “redeemed” in tax payments. Wray’s article presents historical cases to back up the idea. This article responds to the arguments therein, and the chartalist position in general, by pointing out logical errors in the argument and showing that Wray’s examples fail to support the theory. It demonstrates that the chartalist argument, as presented and argued for by Wray, is flawed and that tax liabilities are insufficient (and unnecessary) to qualify something as money.
The Federal Trade Commission's Latest Frivolous Antitrust Suit Takes Aim at Amazon
In a complaint filed Wednesday, the agency alleges that Amazon's incredibly popular Prime program is a scam. Prime—a monthly or yearly subscription program that confers many benefits, including free shipping and tons of streaming content, to Amazon customers—is too easy to sign up for and too hard to cancel, the FTC alleges."Amazon has knowingly duped millions of consumers into unknowingly enrolling in Amazon Prime," the agency said in a statement. "Amazon also knowingly complicated the cancellation process for Prime subscribers who sought to end their membership." But these claims of deception fall apart upon close examination (as noted by my colleague Eric Boehm yesterday).
Fed, ECB may slash bank reserves by 90% in new era of high rates, Fed economist paper shows
The Federal Reserve and the European Central Bank may mop up as much as 90% of the money they pumped into banks over the last decade now that high inflation and interest rates make that extra liquidity unnecessary, a paper by a Fed economist showed on Thursday. The world's two largest central banks have been raising interest rates at a brisk pace to fight inflation and unwinding some of their massive bond purchases, which flooded banks with cash when price growth was sluggish and borrowing costs already at zero.