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Liquidity’s Tightening. Watch Out!

Posted July 12, 2023

One of the main themes of Macro Watch is that Liquidity Determines The Direction Of Asset Prices. This week Macro Watch shows that Liquidity is contracting again and explains why Tightening

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Higher For Longer Interest Rates May Rattle M…

Posted June 29, 2023

This week Macro Watch examines the most recent trends in Credit Growth. It focuses on two important developments revealed in The Financial Accounts Of The United States for the first

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The Indispensable Dollar Standard Will Not Be…

Posted June 14, 2023

We frequently hear that the US Dollar will soon lose its status as the world’s leading international reserve currency and that The Dollar Standard will soon come to an end.

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Lending Slowdown Suggests Rate Hike Pause

Posted May 26, 2023

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

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Download My Speech To Members Of Congress

Posted May 16, 2023

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

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BBC World Business Report Interview on the De…

Posted May 10, 2023

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

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Debt Ceiling Austerity: A Recipe for Stagnati…

Posted May 9, 2023

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

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The Uncertain Outlook For Asset Prices

Posted April 27, 2023

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

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Unchartered Territory

Posted April 14, 2023

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

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Banking Crisis, Recession May Drive Stocks Hi…

Posted March 27, 2023

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

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