Investment Strategy
Originally published: August 2023 I'm excited to announce that my new book, Broken Money, is now available. It can be purchased in hardcover, paperback, ebook, and audiobook formats on Amazon here. It's also available at Barnes & Noble here, and you can ask your local bookstore to order it for you. It can also be purchased at … [Read more...]
Published August 2023 For the past three decades (and in some ways stretching back up to five decades), the U.S. has been in a relative industrial decline. More specifically, the share of the U.S. economy that has been involved with manufacturing and related physical industry has declined, and the share of total global manufacturing held by … [Read more...]
Published: June 2023 In prior articles and newsletters, I've explored the causes of consumer price inflation over time. In short, the rate of consumer price inflation in an economy comes from a combination of 1) money supply growth and 2) significant changes in productivity and/or resource abundance. -Periods of fast bank lending or large … [Read more...]
Published: April 2023 Recent decades have been characterized primarily by closed systems, both financially and online. The financial system as we know it has been a rather closed system for ages, consisting of various silos. Banks and brokerages operate permissioned ledgers. Opening accounts with institutions is a permissioned activity. … [Read more...]
Published February 2023 The U.S. Federal Reserve is now operating at a financial loss, and is months away from having negative tangible equity for the first time in modern history. This article explores how we got here and to what extent any of this matters for savers and investors. Commercial Bank Assets and Liabilities A commercial bank … [Read more...]