The Fed

Bob and Jeff make their provocative 2023 predictions for the economy, the Fed, politics, world events, and cultural issues.

Only Father Time helps us cut through the policy nonsense and understand interest rates conceptually.

Where did this thing called the Fed come from? This essay reads like a detective story. The Fed did not originate as a policy response to national need. It was founded by two groups of elites: government officials and large financial and banking interests. And professional economists.

You don't want to miss Jeff's unvarnished thoughts on the Left, the Right, the economy, and what is sure to be a turbulent New Year.

Investors should not care whether the Fed pivots or not if they analyze investment opportunities based on fundamentals and not on monetary laughing gas.

John Maynard Keynes derided gold-based money as a "barbarous relic," yet it was gold that enabled a long regime of honest money -- and the advance of civilization.

Wall Street has convinced itself that the Fed will soon engineer a "soft landing" by bringing down inflation without an accompanying recession. They need to rethink their beliefs.

One hardly can imagine a better tool of social control than a digital currency. Not surprisingly, US monetary authorities are moving in that direction.

By all measures, the economic downturn that began in 1920 was worse than what occurred in 1930, yet the economy recovered quickly in 1921. Why the difference?

Only Father Time helps us cut through the policy nonsense and understand interest rates conceptually.