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Inflation Thoughts

But mouse-friend, you are not alone In proving foresight may be vain: The best-laid schemes of Mice and Men Go oft awry, And leave us only grief and pain, For promised joy! — Robert Burns, “To a Mouse,” English translation How much inflation is okay? People have...

Financialized Everything

Interest rates—the “price of money”—have been unusually low for most of this century, particularly since the 2008 crisis but going back to Greenspan’s era. The wisest people I know differ on exactly why. Was it purely a policy choice, or the result of larger,...