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Having given the historical context, let’s now to put these factors together to examine today’s dynamic. The Fed’s balance sheet in 2007 was in the neighborhood of 800 billion dollars, of which perhaps 500 billion was held in foreign banks, … Continue reading
The scenario described in part I was not altogether attractive to the banks, who although they could loan out receipts for gold coins they did not have, thus creating money and charging interest on that money, they still faced the downside when … Continue reading
Everywhere you look, you see arguments about whether the bigger risk is inflation or deflation. Amrose Evans-Pritchard never goes more than a story or two without warning of the perils of a deflationary spiral. We hear constant stories about deflation … Continue reading