Monetary Policy

Lunatic With a Plan: Erdogan and Turkey’s Economic Woes

vladimir putin and recep tayyip erdoğan (2015 06 13) 3

Since the first assault on Turkey’s finances in 2018, which I wrote about multiple times (here, here, and here), I’ve been the lone voice telling everyone that President Recep Tayyip Erdogan is a lunatic but he’s a lunatic with a plan. That plan is to de-dollarize the economy of a valuable member of NATO geostrategically. Since the first shots across the bow by the Trump administration at Erdogan’s toying with those powers east of the Bosporus (Russia, China and Iran) the Turkish lira has been the primary mode of attack against Erdogan. Erdogan has pursued what has been deemed unorthodox...

Money, Expectations, and Economic Growth

In various writings, Milton Friedman argued that there is a variable lag between changes in money supply and its effect on real output and prices. Friedman held that in the short run changes in money supply will be followed by changes in real output. However, in the long run changes in money will only have an effect on prices. This means, according to Friedman, that changes in money with respect to real economic activity tend to be neutral in the long run and non-neutral in the short run. In the short-run, which may be as much as five or ten years, monetary changes affect primarily...

The Fed Looks Increasingly Concerned About Liquidity and Growth — Even If it Says Otherwise

The Federal Reserve lowered its benchmark interest rate on Wednesday, cutting the target federal funds rate by 0.25 percent to a range of 0.5 to 0.75 percent. The Fed's rate-setting committee, the FOMC, has now cut rates three times this year. The committee's rhetoric around the rate cut was the usual routine. The committee's statement indicated that " labor market remains strong and that economic activity has been rising at a moderate rate." But the official statement says something similar nearly every time the committee meets. So, there is no information here to suggests why the...

The Penalty For Saving

In previous articles, we have outlined in great detail the many faults of the current monetary policy direction of major central banks and the large-scale economic impact of keeping interest rates artificially low. Among the worst offenders is the ECB, that is unapologetically persistent on continuing this exercise in absurdity that are negative interest rates. Over the last few years, the effects of this decision have been felt by pensioners and by responsible, conservative investors, who were forced to increase their risk in order to achieve reasonable returns. However, by now, we start...

Trump, the Fed, and a Trillion Dollar Game of Hot Potato

This Tuesday, President Donald Trump further fanned the flames of his already contentious relationship with the Federal Reserve, referring to the central bank as his “biggest threat.” Fed Chairman Jerome Powell, a Trump appointee, caught the ire of the president. Of the appointment, Trump recently told Fox News, “Maybe it’s right, maybe it’s wrong…There are a lot of other people there I’m not so happy with.” This is only the latest slight by President Trump. Just last week he referred to the Fed’s recent decision making as having “gone crazy,” though he backpedaled on that statement by...

This Chart Explains Why the US Debt Trajectory Is Unsustainable

Earlier today we discussed a report by Goldman Sachs which, when summarized, suggested that unless something significant changes in the coming years, the current US fiscal policy will lead to a debt catastrophe. In an unprecedented warning, the bank which spawned Trump's chief economic advisor Gary Cohn, ironically the architect behind Trump's fiscal strategy, warned that "the continued growth of public debt raises eventual sustainability questions if left unchecked." It is worth highlighting that for Goldman to warn that the US fiscal and debt trajectory is unsustainable is quite...

3 Forces Driving Interest Rates Higher

In the past two weeks, interest rates have gone up sharply, sparking turmoil in the stock market. To take one example, the rate on 10-year Treasury bonds went from 2.66% on Jan. 26 to close at 2.85% on Feb. 12. The recent moves have brought key interest rates up to levels they haven't seen since 2014. If the Federal Reserve sticks with its current policy course, chances are that interest rates will go higher still. Why Interest Rates Are Headed Higher There are three main forces that will help push interest rates up in the US: Federal Reserve Rate Hikes Federal Reserve Quantitative...

Why Good News Was Bad News for the Market

Over the last two trading days (2/2 and 2/5), the Dow Jones Industrial Average has lost more than 1,800 points, or about 7%. Meanwhile, the S&P has lost 173 points, or more than 6%. These sharp downward moves have many people looking for an explanation. No big companies failed. No wars were started. No new policies were enacted. So why did the market lose nearly 7% of its value in two days? Part of the answer is this: a better-than-expected jobs report. That is, the markets received positive news on the US labor market, indicating that the US economy appears to be in good health. In...

Alan Greenspan, Sellout

Sebastian Mallaby is the Paul A. Volcker Senior Fellow for International Economic Relations at the Council on Foreign Relations. One can be sure, then, that his new comprehensive book, The Man Who Knew: The Life and Times of Alan Greenspan, reflects an Establishment point of view. As if this were not enough to tell us where the book is coming from, Mallaby informs us that he had Greenspan’s full cooperation in writing it. “This book is based on almost unlimited access to Alan Greenspan, his papers, and his colleagues and friends, all of whom were generous in their collaboration. Though...

The Fed Does Nothing

2017 is off with a drab whisper as the FOMC, as expected, kept the Fed Funds rate target unchanged at .5-.75%. Further, there was no mention of the alleged three 2017 hikes, which “experts” might consider as to be dovish move. The Press Release was optimistic about the economy and cited a strengthening labor market, economic expansion, and consumer sentiment. Perhaps they haven't seen the delicate fourth quarter GDP numbers? One of the themes of 2017 is the issue of the Fed Balance Sheet and whether the Fed is going to be talking up some sort of effort toward shrinking it. On this front,...

News

News Roundup 8/6/2022

US News The Justice Department said federal charges have been filed against four former and current Louisville police officers in the apartment raid that killed Breonna Taylor. UPI The National Police Accountability Project, claims that officers with the Rosenberg...

Blog

Kennedy Tonight

Tonight I'll be back on Kennedy Nation talking central banking and war. Update:

Cuban Missile Crisis Things

This old New Yorker piece about Curtis LeMay has some details about the Missile Crisis that I did not know and want to save here for someday. So we all already knew that 1: the USSR did already have operational short and medium range missiles in Cuba, but Khrushchev...

Happy April Glaspie Day!

Thank you, Julian Assange: SADDAM'S MESSAGE OF FRIENDSHIP TO PRESIDENT BUSH Date:1990 July 25, 12:46 (Wednesday) Canonical ID:90BAGHDAD4237_a Original Classification:SECRET Current Classification:SECRET Handling Restrictions-- Not Assigned -- Character Count:13633...

Call Your Congressmen and Senators Re Yemen War Powers Resolution

In the House it's HJ Res 87, in the Senate it's SJ Res 54. Call 833 STOP WAR and they will connect you directly to your representatives. If you have a Democratic Congressman, tell them the President said he wants to end this war. He needs us to support him on this to...

The Scott Horton Show

7/25/22 John Vaughn on Why People Aren’t Joining the Military

 Download Episode. Scott spoke with retired U.S. Army Captain John Vaughn about the Military’s recent recruitment troubles. Vaughn gives an insider’s take on why interest in joining up has been dropping and highlights some relevant statistics. He reflects on his own...

7/25/22 Dave DeCamp on Ukraine, Taiwan, Iran and his New Podcast

 Download Episode. Scott interviewed Antiwar.com News Editor Dave DeCamp earlier this week. First, they discussed DeCamp’s new podcast — Antiwar News with Dave DeCamp. The show runs every weekday and highlights the most important foreign policy headlines of the day....

Conflicts of Interest

Biden Builds Anti-Iranian Axis During His Middle East Trip: COI #305

On COI #305, Kyle Anzalone and Connor Freeman break down the latest news on Iran, the JCPOA, President Joe Biden’s Middle East trip, and the economic crisis facing Europe. Connor discusses Biden’s trip to Israel where he signed a joint declaration with the Israeli...

COI #304: Mexico Attempts to Save Press Freedom in America

On COI #304, Kyle Anzalone discusses Mexico's asylum offer to Julian Assange.   Odysee Rumble  Donate LBRY Credits bTTEiLoteVdMbLS7YqDVSZyjEY1eMgW7CP Donate Bitcoin 36PP4kT28jjUZcL44dXDonFwrVVDHntsrk Donate Bitcoin Cash Qp6gznu4xm97cj7j9vqepqxcfuctq2exvvqu7aamz6...

COI #302: Biden Puts the Iran Deal on Its Deathbed

On COI #302, Kyle Anzalone and Connor Freeman break down the latest Afghanistan and Iran news, as well as President Joe Biden’s recent claim that U.S. troops are not involved in combat in the Middle East anymore. Biden’s new Washington Post op-ed included this false...

Don't Tread on Anyone

Why Democratic Socialists Are Wrong About “Profit”

https://youtu.be/Eg9OIssCmsc One of the most incredible attributes of free markets is the ability to harmonize our self-interests with the interests of greater society. Contrary to the popular demonization of profits as extraction of surplus value, profits in freed...

The Voluntaryist Handbook: Self-Ownership and Its Implications

https://youtu.be/xGrh6D3o8Kw One need look no further than to the examples of North and South Korea or East and West Germany to see that the freer people are, the wealthier they can become through mutually beneficial voluntary exchange. These two controlled...

How the Criminal Lockdowns Hurt Small Business (feat. Carol Roth)

https://youtu.be/Hxdz6AgAmgs ... one of the most significant ways in which the government could aid the poor is by removing its own direct roadblocks from their productive energies. Thus, minimum wage laws disemploy the poorest and least productive members of the...

Liberty Weekly Podcast

Justin Raimondo’s American Epitaph Ep. 222

https://youtu.be/8yNp_Rqr1AE On July 4, 2022, I reflect on the United States' fall from republic to failing empire. In doing so, I get a little help from Murray Rothbard and Justin Raimondo. Episode 222 of the Liberty Weekly Podcast is Brought to you by:...

Proxy Wars…The Punishment Due Ep. 221

  https://youtu.be/51gBx3rE7zw In this week's episode, I take the audience on an even deeper dive into my most recent piece for the Libertarian Institute. Episode 221 of the Liberty Weekly Podcast is Brought to you by: LibertyWeekly.club Join my membership and...

National Review Senior Editor Turns Rothbardian Ep. 220

https://youtu.be/sJXF9jgj1L4 Managing Editor of the Libertarian Institute and longtime friend and guest of the show Keith Knight joins me in this week's episode to review an article by Joseph Sobran. Sobran was the Senior Editor of the National Review, but questioned...

Year Zero

The Tweet Heard Around the World w/Cam Harless

Cam joined me to discuss the essence of women and being bi. The Mad Ones Cam twitter Discord Libertarian Institute 19 Skills Pdf Autonomy Course Critical Thinking Course Donate Patreon RyanBunting.com

Nihilism w/Buck Johnson

Buck joined me to discuss Nihilism by Fr Seraphim Rose. Nihilism is an interesting critique of liberalism that walks through the stages of societal degradation. Fr Seraphim determines that the replacement of an objective truth with relative truth sends the world into...

A Deep Dive w/Monica Perez

Monica Perez joined me for an in depth conversation on culture, religion, ESG, WEF, the future, and how the 21st Century is different than the 20th Century. Monica Twitter Discord Libertarian Institute 19 Skills Pdf Autonomy Course Critical Thinking Course Donate...

Love and Fear w/Courtenay Turner

Courtenay and I talk ESG, intentional communities, motivations, elites, and the future. Courtenay Twitter Courtenay Turner Podcast Discord Libertarian Institute 19 Skills Pdf Autonomy Course Critical Thinking Course Donate Patreon...

Support via Amazon Smile

Pin It on Pinterest