Is the Fed Too Large?

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There’s been great controversy about the Federal Reserve’s intervention in markets during and after the Global Financial Crisis, especially the so-called quantitative easing (QE) in which the Fed became a much more active buyer of Treasury Securities as a way of providing more liquidity and support to the banking system and the econ

Hope for the New Decade?

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I was recently invited to participate in the first Oxford Union debate of 2020. The Oxford Union debates were founded in 1823 and have featured presidents and prime ministers.

Iran, Fracking, and Solar

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With the current military escalation related to Iran, it’s time to ask again why we are so mired in the affairs of a handful of very small countries in the Middle Eas

Will regulators spot the next financial crisis in time? Hell, no.

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In the 2008 financial crisis, financial derivatives played an outsized role. While there would not have been a financial crisis if a trillion dollars of substandard mortgage loans had not been made, the carnage was amplified when savvy investors bet against those mortgages by buying derivatives known as credit default swaps.

China’s Northern Ireland?

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I traveled to Hong Kong on November 11-12, the very days that the Hong Kong protests took a turn for the worse.  I had thought I would avoid trouble. The protests had been mainly held on weekends, and we were there on a benign Monday and Tuesday.  I was wrong.