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
Category Archives: Economics in the Age of Fiat Money
Higher For Longer Interest Rates May Rattle Markets
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
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
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.
BBC World Business Report Interview on the Debt Ceiling Crisis
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
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,
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
Banking Crisis, Recession May Drive Stocks Higher
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.
Interview: SVB, Technology and Politics
Posted March 21, 2023
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
Systemic Banking Crisis: 2023
Posted March 16, 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
Higher Interest Rates Will Destroy Wealth
Posted March 10, 2023
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
My Speech Before Members Of Congress
Posted March 2, 2023
I made a speech before 15 members of the House Ways and Means Committee in Washington on Monday night. The title of the speech was “How
Great Twitter Spaces Conversation with Michael Green: Listen Now
Posted February 7, 2023
Michael Green, chief strategist at Simplify Asset Management, conducts brilliant interviews on Twitter Spaces, on Simplify’s YouTube channel, and on Substack. If you don’t already follow
Inflation Is Down, But The Fed’s Not Finished
Posted February 3, 2023
On February 1st, the Fed hiked the Federal Funds Rate by 25-basis points to a range between 4.5% and 4.75%. During the press conference following
Coming To America
Posted January 31, 2023
I will be in the United States during March to promote my book, The Money Revolution: How To Finance The Next American Century. I need your
Do Fed, ECB & BOJ Assets Drive The S&P 500?
Posted January 24, 2023
Changes in the Combined Total Assets of the Fed, ECB and BOJ appear correlated with movements in the S&P 500 Index. Of course, correlation does not prove causation. But
Bank Of Japan Doubles Bond Yield Cap
Posted January 6, 2023
The Bank Of Japan surprised the markets on December 20th by doubling its cap on the yield on 10-year Japanese Government Bonds (JGBs) from 25-basis
Video Ready plus BOJ Primer
Posted December 22, 2022
Earlier this week, I uploaded a presentation entitled “More Wealth Destruction Ahead: Part Two”. The video accompanying that presentation is now ready to watch. It explains
More Wealth Destruction Ahead: Part Two
Posted December 19, 2022
The previous Macro Watch video showed that the Fed is tightening Monetary Policy much more aggressively in the current tightening cycle than during the previous
More Wealth Destruction Ahead, Part One
Posted December 2, 2022
The Fed is tightening Monetary Policy much faster and more aggressively now than during the previous tightening cycle that ran from January 2014 to August