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The Fed Is More Profitable Than Apple

Posted August 20, 2021

The Fed is enormously profitable.  In fact, if it were a corporation, the Fed would have been the most profitable corporation in the world last year.  Luckily for American taxpayers, the Fed

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Liquidity Tsunami Update

Posted August 5, 2021

Bank Reserves topped $4 trillion for the first time last week.  That is important because Bank Reserves are one measure of Liquidity in the Financial Markets.  And Liquidity has become the most

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The Investor’s Podcast Interview: 2021

Posted August 1, 2021

The Implications of Peak Inflation I was recently interviewed by Trey Lockerbie for The Investor’s Podcast.  This was an excellent conversation that covers not only the topics that investors are most

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Lessons From Comparing The Four Largest Centr…

Posted July 23, 2021

There is a great deal of concern in the United States regarding the large amount of money the Fed is creating through Quantitative Easing, currently $120 billion per month. Some fear

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Credit, Economic Growth and Inflation To Slow…

Posted July 9, 2021

Credit growth in the United States has peaked.  Since Credit Growth drives Economic Growth, that means economic growth has also peaked.  This strongly suggests that Inflation will soon begin to slow.  This explains

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Peak Growth = Peak Inflation?

Posted June 24, 2021

The message from the Fed’s June 16th FOMC meeting was slightly more hawkish than the market had expected.  It indicated that the first rate hike may come at the end of

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The Fed Is Preventing Negative Interest Rat…

Posted June 11, 2021

Reverse Repurchase Agreements on the Fed’s balance sheet have surged from $0 in mid-March to $535 billion on June 10th. Many people have begun to ask if the suddenness of

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When The Fed Tapers QE, Will Asset Prices Cra…

Posted May 28, 2021

The Fed is now signaling that it will soon begin to discuss when to Taper Quantitative Easing. This is an important policy development that could significantly impact asset prices during

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Will Gold Crash Again?

Posted May 15, 2021

There are now reasons for concern that Gold could soon experience another serious correction as it did following its peaks in 1975, 1980 and 2011 when its price fell 45%,

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Interview: Inflation, Liquidity and MMT

Posted May 13, 2021

I was recently interviewed by Andy Tanner for the Cashflow Academy podcast. Whenever I speak with Andy, I always end up feeling smarter and happier.  It’s impossible not to be inspired

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