Month: April 2016

The Bear’s Lair: Redemption is not quite that easy

Argentina’s $15 billion bond issue, engineered by their new market-friendly president Mauricio Macri, was four times oversubscribed and increased to $16.5 billion. The Brazilian Congress has voted to impeach President Dilma Rousseff, suggesting that leftist policies may be on their way out there, too. These events give hope to those still suffering under extreme leftism, […]

The Bear’s Lair: Funny money makes us unproductive

  Two weeks ago, this column denounced central banks’ post-2008 policies because of their effect on savers and savings. This week I will demonstrate an entirely different result of their feckless policies: a deep decline in productivity growth, in all markets where their foolishness has manifested itself. There is not enough criticism of this insanity, […]

The Bear’s Lair: Europe without the EU

In two months, Britain will vote on whether to leave the European Union. If it votes for “Brexit” there must be some chance that other EU members will follow it, either partially or completely dissolving the union that for good or ill has been the central thrust of postwar Europe. It’s worth trying to imagine […]

The Bear’s Lair: End central banks’ evil war on savers!

Central banks have kept their policy interest rates close to zero for nearly eight years and with the partial exception of the Fed are now intensifying this policy by pushing rates negative. Combined with large budget deficits and ultra-aggressive regulation in the service of several dubious causes, these policies have provided a destruction test of […]