Markets closed 2023 with the strongest rally for equities, bonds, gold, and cryptocurrencies in years. The level of complacency was obvious, registering an “extreme greed” level in the Greed and Fear Index. 2023 was also an unbelievably bad year for commodities, particularly oil and natural gas, something that very few would have predicted in the middle of two wars with relevant geopolitical impact and significant OPEC+ supply cuts. It was also a poor year for...
Read More »Time Is Running Out for Construction Loans
Back when I was a construction lender, I thought the perfect construction loan would pay off after one day, just long enough to collect the loan fee. After all, time is your enemy in construction lending. Any of a myriad of unknowns can keep construction from being completed: the market may evaporate for what is being built, interest rates may rise to make a loan uneconomic, construction costs could increase to require a loan modification or more borrower equity...
Read More »Garett Jones on the Legacy of Robert Solow
Economic giant Robert Solow died in December 2023. He was a Nobel laureate, and four of his PhD students went on to also receive the Nobel. He is known for the growth model named in his honor. Garett Jones of GMU joins Bob to discuss the work of Solow, focusing on the possible tension between the Solow model's conclusions about capital accumulation vis-à-vis the Austrian School. Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17:...
Read More »When Medical Authorities Went Totalitarian: Understanding Covid Policies and Protocols
The response to the covid-19 outbreak is better understood as a tool of the national security state rather than as a public health measure. Original Article: When Medical Authorities Went Totalitarian: Understanding Covid Policies and Protocols [embedded content] Tags: Featured,newsletter
Read More »The Problems with Post-Trump Populism
As both progressives and conservatives turn authoritarian, libertarian populism inspired by Murray Rothbard provides an alternative to the statist nonsense that dominates political discourse. Original Article: The Problems with Post-Trump Populism [embedded content] Tags: Featured,newsletter
Read More »Modern Portfolio Theory Is Mistaken: Diversification Is Not Investment
While the creator of modern portfolio theory was awarded a Nobel Prize, that doesn't mean the theory isn’t flawed. In fact, it explains very little about investments. Original Article: Modern Portfolio Theory Is Mistaken: Diversification Is Not Investment [embedded content] Tags: Featured,newsletter
Read More »Why Society Doesn’t Need the State
The nineteenth-century English philosopher Thomas Hill Green was one of the key figures in the transition from classical liberalism to “modern” liberalism, in which the state, no longer a mere “night watchman,” if it ever was that, takes on a much more active role. The state in Green’s view ought to aid people in realizing their “real selves,” and doing this often involves supplying them with various goods and services. For this reason, Green is regarded as one of...
Read More »Jamaica Still Struggles Economically, But There Is Hope for the Future
Jamaica is a small island in the British West Indies, but despite its stature, this tiny nation has elicited the attention of global elites. In politics, Jamaica’s voting behavior at the United Nations is closely monitored by her neighbors in the Caribbean and the global community because she commands influence. Due to historical and cultural complexities, Jamaica is a magnet for academic research, and writing about the country has manifested into a cottage industry....
Read More »China Data Dump Keeps Market Looking for a Rate Cut Next Week
Overview: The mostly consolidative week for the US dollar continues. Most for the G10 currencies are +/- about 0.25% today and only a slightly wider range for the week. The odds of a Fed rate cut in March is virtually unchanged on the week at around 75%. The JP Morgan Emerging Market Currency Index is practically flat on the day and week. The Russian ruble and Mexican peso lead today's advancers, while eastern and central European currencies are laggards. The...
Read More »New SNB Study Reveals Critical Role of Card Schemes and Banks in the Contactless Payment Usage
Financial intermediaries, including card schemes and issuing banks, are playing a critical role in the use and promotion of new payment methods in Switzerland. A 2023 research by the Swiss National Bank (SNB) revealed that the rules and standards set by these intermediaries are impacting usage and frequency of contactless payments. The findings, shared in a new report titled “Consumer adoption and use of financial technology: “tap and go” payments”, are based on an...
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