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The 6000 Year Bubble

The 6000 Year Bubble

Gold, Game Theory, and Bitcoin Debate continues to develop separating digital currency (crypto) from fiat money (central bank currency, i.e. dollars). Blockchain-based finance enabling immediate transfer and settlement in digital currency, on the one hand, seems...

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Understanding Risk

Understanding Risk

Risk is the permanent loss of capital. It is not volatility, nor is it uncertainty. It is the realization of a loss. Therefore, risk ishard to understand because it is only clear with hindsight that a loss has occurred.Understanding how risk works can avoid this...

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Liquidity and the Pandemic

Liquidity and the Pandemic

Abundant Cash Is Not Cash Available Abundantly The pandemic, Fed interest rate policy and bond purchases, restrictive bankingregulations, and banks’ swelling cash balances will have a lingering impact on liquidityand produce some mind-bending policies to deal with...

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