I admit that of late my writings have had a rather dark tone. There are certainly a number of severe long-term problems that we must deal with, and they’re going to serve up a lot of economic pain. But the Thanksgiving weekend with the kids has me in a reflective mood, and one that has [...]

The global central banks have flooded the world economy with hot money for years. Why has this created massive asset bubbles rather than inflation? In the 1970s, expanding credit triggered a decade-long bout of high inflation as cheap money chased scarce goods. Why hasn’t the massive expansion of credit/hot money of the past decade caused [...]