The re-emergence of the Jacksonians

We’ve pelted Donald Trump with all the withering humor we can muster, and even though it is hard to imagine an easier target for elitist humor, with his blustering narcissism, his intellectual inconsistency, his questionable business record, and his truly stupid television show, above all of which rages his ferocious hair, it’s been so frustrating. […]

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Will China’s new “supply-side” reforms help China?

It wasn’t enough that we started 2016 with one of the worst weeks in the recent history of Chinese and global markets, but the panic continued into the following weeks and wreaked a great deal of damage to confidence. A lot of the reflexive China bulls are cautioning against misinterpreting the implications of the stock […]

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Thin Air’s money isn’t created out of thin air

A recurring conversation I have with clients concerns the ability of banks to create credit, and of governments to monetize debt, and whether this ability is the solution to or the cause of financial instability and economic crisis. Monetarists and structuralists (to use Michael Hudson’s names for the two sides, whose centuries-long debate pretty, exemplified […]

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If we don’t understand both sides of China’s balance sheet, we understand neither

With so much happening in China in the past month it seems that there are a number of very specific topics that any essay on China should focus. I worry, however, that we get so caught up staring at strange clumps of trees that we risk losing sight of the forest. What happened in July […]

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