Doug Noland: Another Missed Opportunity

There’s a major problem with delegating to the securities markets the critical function of governing financial conditions: loose financial conditions beget inflating asset markets. Asset inflation then begets speculation, higher asset prices, […]

Doug Noland: Reality vs. The Neutral Rate

Future historians will be unimpressed with the Fed’s whole line of “Neutral Rate” analysis. It’s certainly reminiscent of chairman Greenspan’s late-nineties foray into the New Economy’s “faster speed limit” — as rationalization […]