Lending Slowdown Suggests Rate Hike Pause
Fed Chairman Powell has said that the recent turmoil in the banking sector is likely to cause bank lending to slow; and that slower bank lending, should it occur, would
Download My Speech To Members Of Congress
On February 27th, I delivered a speech titled “How to Finance the Next American Century” before 15 members of the House Ways and Means Committee in Washington. As in my book, The Money
BBC World Business Report Interview on the De…
Tonight, I discussed the US Debt Ceiling Crisis on the BBC’s World Business Report. I suggested that the Republicans in Congress are pursuing the wrong policy and the wrong approach
Debt Ceiling Austerity: A Recipe for Stagnati…
Republicans in Congress are once again insisting on a return to Austerity in exchange for lifting the country’s debt ceiling. Austerity can only lead to economic stagnation and national shame
The Uncertain Outlook For Asset Prices
Home prices in the US are falling and it is very probable that they will continue to fall. The future direction of stock prices, however, is much more difficult to
Unchartered Territory
Last year, Total Credit in the United States expanded by $5.1 trillion to $93.5 trillion. Total Credit first exceeded $1 trillion in 1964. Next year it will top $100 trillion. This explosion of
Banking Crisis, Recession May Drive Stocks Hi…
Since the previous Macro Watch video on March 15th, the Systemic Banking Crisis of 2023 has spread and forced an abrupt adjustment to Monetary Policy. The Fed signaled at its
Interview: SVB, Technology and Politics
Last week, just before I left New York, I was interviewed by Andrew Keen for his Keen On podcast. Named as one of the “100 most connected men” by GQ magazine, Andrew
Systemic Banking Crisis: 2023
The failure of Silicon Valley Bank set off a systemic banking sector crisis in the United States late last week. It is not yet certain whether that crisis has been
Higher Interest Rates Will Destroy Wealth
Fed Chairman Jerome Powell’s remarks before the Senate on March 7th were very hawkish and suggest the Fed will raise the Federal Funds Rate significantly further. Moreover, the pace of