Inflation is not primarily demand-driven, so why destroy demand to deliver lower inflation?
Rate Hikes Are Not the Right Answer to “Wage-Price Persistence”
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Russia’s Looming Defeat in Ukraine
Contrary to popular perception, Russia is losing on the battlefield and in economics.
Fiscal Policy Should Return to Fundamentals
The longstanding argument that go-go Keynesian fiscal stimulus is the answer to every imaginable economic shock has been exposed as bankrupt.
The ECB’s Political Overreach
The ECB risks exceeding its mandate, with potentially grave consequences.
A New Test for EU Solidarity
The Europe’s unity, and perhaps its union, is facing a grave challenge in the forms of war, energy and inflation.
Trash Talking the Fed
Fed Chairman Powell took flak for suggesting the Fed Funds rate is now neutral. The criticism isn’t warranted.
As the World Burns
Even before Russian President Vladimir Putin launched his war against Ukraine and set off a global scramble for fossil fuels, the battle against
Rate Hikes Alone Won’t Curb Inflation
Because America’s sky-high inflation rate is driven heavily by supply-side shortages, it will not be brought down by demand-suppressing
America’s Dangerous Descent into Violence
The increasingly frequent and alarming incidence of violence in America is no accident. As the history of fascist movements shows, the rise
Summer Heat
As investors get ready for an August break, most anticipate smooth sailing ahead — but many an August vacation has been ruined by market
Is the US in Recession?
Do not be surprised if, later this month, there is a wave of headlines claiming that the US economy is in recession. But such an assessment
What Saudi Arabia Wants
Today’s energy crisis could prove to be worse that those of the 1970s. Policy must respond.
The Case for Strategic Reserves
The end of globalization means nations must have a backup plan when trade is disrupted. It is time to build national reserves of foodstuffs,
A Tale of Two Economies
Investors are confused. Since early June US bond yields have gyrated like a drunken sailor, first soaring, then collapsing, and then surging
Private Equity’s ESG Generation
The private-equity industry is about to undergo an epochal shift, as the founders of many leading firms retire and a younger generation with
Boris Johnson Leaves Behind a Sterling Mess
Investors appear to view the British pound more like the currency of a troubled emerging market than of a stable advanced economy. And now,
How Abe Changed Japan
Former Prime Minister Abe Shinzō’s assassination understandably comes as a shock, given that Japan has not experienced political violence
America’s Birthday
Democracy is not an outcome, but an ambition that requires we seek out our common values rather than fight for rights.
All That Is Solid Melts into Inflation
Policymakers in Western industrialized countries would do well to remember that periods of high inflation historically have led to much bigger
The Supply-Side Fight Against Inflation
Central banks’ only real option for tackling inflation is to reduce demand – an approach that implies a significant drag on global growth.
Recession—Now!
‘Recession now’ may not be what investors were hoping to hear, but it is probably preferable to the alternative of recession later.
Is Crypto in Terminal Decline?
Opinion is divided as to whether the current massive downturn in private digital currencies and related services represents a necessary and
Todo Mal?
Unless we take action to restore justice, our children will grow up in injustice. Now is the time to act.
A Bond Phoenix Rises from the Ashes
Bonds are out of favor. But perhaps not for long.