QT: The Pain Is Just Beginning
Posted March 1, 2018
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
Category Archives: Economics in the Age of Fiat Money
The Government-Induced Liquidity Crisis Could Crush The Markets
Posted February 12, 2018
The combination of tax cuts and increased government spending – on top of Quantitative Tightening – is set to drain $3 trillion out of the
Rate Hikes, Quantitative Tightening and Their Consequences
Posted January 31, 2018
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
The Investors Podcast Interview – Highly Recommended
Posted January 25, 2018
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
The History Of US Monetary Policy – Highly Recommended
Posted January 14, 2018
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
Speech: Understanding Potential Threats To Trade and Economic Stability In Asia
Posted December 29, 2017
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.
Inflation Would Crush The Global Economy
Posted December 14, 2017
The new Macro Watch video looks at the Credit to GDP ratio for each of the world’s twenty largest economies. We find that credit has
The Stock Market: Worry Now, Sell Later?
Posted November 30, 2017
The S&P 500 Index is now 66% above its 2007 pre-crisis peak and 250% above the low it reached in 2009. The market’s cyclically adjusted
When Stocks Fall, Expect A Recession
Posted November 16, 2017
As a rule, Credit Growth drives Economic Growth. But that is not the case now. Credit growth is very weak, but the economy grew by
Japan’s Extraordinary Experiment
Posted November 2, 2017
The Bank of Japan is creating money and buying up Japanese Government Debt on an unprecedented scale. Thus far, the BOJ has bought up 40%
China vs. The US: Whose Century Will It Be?
Posted October 19, 2017
Last year, Macro Watch published a five-video series on China’s economy. It explained that China’s export-led, investment-driven and debt-fueled economic growth model is in crisis
Watch Richard Duncan’s Speech For The CFA Institute in Brazil
Posted September 21, 2017
Last month I had the great good fortune to go on a speaking tour around South America at the invitation of the CFA Institute. I
Investors Should Be Terrified Of Quantitative Tightening: Free Podcast – Highly Recommended
Posted September 1, 2017
The Fed is expected to announce the launch of Quantitative Tightening (QT) on September 20th. Quantitative Tightening will be a radical reversal of monetary policy.
The Four Great Threats To Our Unstable Global Economy
Posted August 28, 2017
The latest Macro Watch video describes the Four Great Threats facing the global economy: 1. The Crisis In Creditism 2. President Trump’s Economic Policies 3.
Who’s To Blame For The Global Economic Crisis?
Posted August 12, 2017
There’s a great deal of confusion about what has gone wrong with the global economy. Everyone seems to have a favorite scapegoat to blame for
Bubble or Recession: The Fed Must Choose
Posted July 25, 2017
Janet Yellen and her colleagues are facing a difficult predicament. If the Fed does not tighten monetary policy, then a destabilizing asset price bubble could
Investors Should Be Terrified Of The Imminent Liquidity Shock
Posted July 11, 2017
We are now entering a very dangerous period for asset prices and the global economy. The Fed plans to drain more than $1 trillion of
Monetary Revolution: No Constraints
Posted June 27, 2017
A Monetary Revolution began when Money ceased to be backed by Gold in 1971. Since then, central banks have taken over the management of the
Monetary Revolution
Posted June 13, 2017
Over the last nine years, since the crisis of 2008 began, a revolution has occurred in the way in which government policymakers manage the economy
Quantitative Tightening: The Fed’s New Very Bad Idea
Posted May 25, 2017
The Fed intends to reverse Quantitative Easing beginning later this year. That is a very bad idea that could inflict severe damage on the economy