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inflation
The Search for A New Global Equilibirium
written with Dr Alexander Mirtchev
For as long as there has been the systematic issuance of currency, there have been governments keen to control that currency. Some policies, of course, have been effective, while others decidedly less so.
Exemplary of the latter category is the attempt of the Roman emperor Diocletian (284-305 AD) to find a solution [...]
Bernanke’s mistake on deflation
Debt reduction is now the real story of the American economy, just as real story behind the apparent free lunch of the last two decades was rising debt. The secret that has completely eluded Bernanke is that aggregate demand is the sum of GDP plus the change in debt. So when debt is rising demand [...]
The Earth was created 5770 years ago at 6.00 PM
The precision of this statement puts a smile on our face. It exemplifies how incredible are exact conclusions from opaquely understood premises. Reuven Brenner of McGill University shows when, why and how economists are making similar mistakes.
Deflation? Are we far from it?
Wow! We see the word “Deflation” everywhere; we see it in every financial publication and hear it every time we turn on financial TV. We see that the pundits who were bearish because of runaway inflation have just recently included deflation as well as inflation to be the problem. We were talking and warning about [...]
Welcomed Results of Fiscal Austerity
With much of Europe (not just Greece, Spain and Portugal, but also for example Britain, France and Italy) engaging in fiscal austerity programms, one question that arises is what effect this will have on price inflation.
Traditionally the view is that it depends on whether or not the central bank also tightens monetary policy. If a [...]
Inflation is not yet on the corner
As I have argued, Ray Dalio also believes that inflation is not just around the corner…yet. In my view, consumer price inflation is cyclical and therefore not embedded, but deflation is secular. That makes a big difference when considering policy responses. But I have been arguing since October that some austerity [...]
Let the cat out of the bag: Ukrainian gas deal
President of Ukraine Viktor Yanukovych and President of Russia Dmitriy Medvedev agreed to apply a 30% discount to the price formula for gas imported to Ukraine from Russia. However, according to Astrum investment management experts, the absolute amount of this discount is capped by USD 100 per 1,000 cubic meters. The discount comes into effect [...]
What Inflation is and Where it Comes From
“Government,” observed the renowned Austrian economist Ludwig von Mises, “is the only institution that can take a valuable commodity like paper, and make it worthless by applying ink.”
Mises was describing the curse of inflation, the process whereby government expands a nation’s money supply and thereby erodes the value of each monetary unit—dollar, peso, pound, franc, [...]
Greek debt risks can be self-fulfilling prophecy
Worries over the big budget deficit in Greece have steadily escalated in recent weeks, causing the yield spread between Greek and German bonds to exceed 300 basis points (3 percentage points). But how serious is this crisis really?
The truth about the issue is that Greece’s public finances are indeed in a bad shape, but that [...]
Americans are afraid of inflation
The very surprising election of a Republican to replace Senator Edward Kennedy, who died, in Massachusetts, one of the most Democratic states in the United States, is an indication of the degree to which the American people are becoming dominated by two emotions: the first is the sense that although the figures show the great [...]
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