Less Savings, More Debt, Increasing Vulnerabi…
Total debt in the United States increased by $2.6 trillion last year. This year it will increase by roughly $2.9 trillion. For every debtor, there is a lender. The new Macro
Weak Credit Growth Leaves The Economy Vulnera…
When credit growth is weak, the United States falls into recession. Between 1952 and 2008, there were only nine years when total credit (adjusted for inflation) grew by less than 2%. Each
A 100 Year History Of Inflation Points To Tra…
Milton Friedman once famously said, “Inflation is always and everywhere a monetary phenomenon”. It’s not. The history of Inflation in the United States over the past century demonstrates that Inflation
The Money Revolution
In order to understand how the economy and the financial markets really work today, it is necessary to understand Money. Not many people do. In large part, that’s because Money
QT: The Pain Is Just Beginning
The Fed is running behind schedule. According to the Quantitative Tightening (QT) schedule it published last year, the Fed had intended to destroy $50 billion between October, when QT started,
The Government-Induced Liquidity Crisis Could…
The combination of tax cuts and increased government spending – on top of Quantitative Tightening – is set to drain $3 trillion out of the financial markets over the next
Rate Hikes, Quantitative Tightening and Their…
The previous Macro Watch video explained the evolution of US Monetary Policy over the last century by analyzing changes in the composition of the Fed’s assets and liabilities between 1914
The Investors Podcast Interview – Highl…
I recently spoke with Preston Psyh and Stig Brodersen for The Investors Podcast. The feedback from this interview has been fantastic. Preston and Stig ask excellent questions and allow plenty of
The History Of US Monetary Policy – Hig…
It is not possible to understand how the economy and the financial markets work in the 21st Century without understanding how the government conducts Monetary Policy. The first Macro Watch
Speech: Understanding Potential Threats To Tr…
In September, I spoke at the Global Trade Review Conference in Singapore. My topic was Understanding Potential Threats To Trade and Economic Stability In Asia. Macro Watch subscribers can log