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The Central Banker’s New Clothes by Robert Skidelsky
The fact that fiscal policy is now driving monetary policy in the United Kingdom cannot be admitted, and not only to maintain the perception of central-bank independence. More fundamentally, admitting that the Bank of England is an agent of the Treasury would destroy the intellectual edifice of current macroeconomic theory.
The Golden Age for Bonds Is Over
For 40 years (1980-2019), bond investors in the US earned a rate of return that outpaced inflation, and often by a wide margin: In the 1980s, 10-year yields moved from 10.4% down to 7.8%, and bond investors earned an annualized real return of 6.6%. In the 1990s, 10-year yields moved from 7.8% down to 6.3%, […]
The Bitcoin Crash of 2021 Compared to Past Sell-Offs
Bitcoin's price dropped over 50% from its all-time highs in its latest correction. But how does this drop compare with those of the past?
War of Words Over Inflation Stirs Questions for the Fed
What seems to be missing in the debate over whether the inflation number itself is alarming as a bellwether—some were disconcerted when the Fed’s vice chairman, Richard Clarida, admitted that it “surprised” him—is the larger question of government competence in steering the economy.
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