Month: September 2017

The Bear’s Lair: Too much entrepreneurship?

I have been away this week, as my dear mother passed away and I have been in Britain for her funeral. Here, therefore is a classic column, from April 24, 2006, that has survived the test of time quite well, I think. Entrepreneurship is popularly held to be the principal reason for the success of […]

The Bear’s Lair: China’s size may not make it dominant

For sheer Silicon Valley silliness, the FT article “China is leaving Donald Trump’s America behind” by Sequoia Capital boss Michael Moritz will take some beating. It is inaccurate and politically unbalanced about the United States, but even more so about China. It also misjudges China’s present position, its actual policies and its future prospects. China’s […]

The Bear’s Lair: Cryptos are sounder than today’s currencies

Crypto-currencies are an entirely imaginary form of money, dreamed up by pimply nerds in basements. Or so it seemed. Yet examine the algorithms behind some of the better crypto-currencies, and look in contrast at the monetary policies that have devastated the last decade. You will recognize two things. First, fiat money is fiat money, whether […]

The Bear’s Lair: Jackson Hole 2017 was a barmy ideas factory

The Federal Reserve Bank of Kansas City is a relatively solid, well-run institution and its President Esther George is among the most sensible members of the Federal Open Market Committee when she is permitted to attend it (her next triennial year of service is 2019). It is thus surprising and regrettable that its annual Jackson […]