Bitcoin’s returns over the last decade have dominated every other asset we can compare it with, but that still doesn’t tell us what we need to know about the future viability of this extraordinary development in human monetary affairs.
The Fed has been successful in fooling the markets regarding the temporary nature of zero-percent interest rates, the efficacy of QE, and its ability to normalize rates and shrink its balance sheet.
The biggest danger facing the American economy is not financial or monetary, but political. If we are currently entering a recession that proves to be even more severe than the last, which I believe we are, Donald Trump and the Republican Party will take the blame.
While investors are justifiably focused on what may be the opening crescendo of a long overdue sell-off in stocks, there is not, as of yet,… Read More »Raising Rates Reflect Bigger Debt Not Faster Growth