The Monday melt up was on schedule.  The fed balance sheet is still an insurmountable force despite the new element of inflation.  It's a contest between productivity, money printing, & panic.  Neither one is a sure thing.  If money printing wins, we get higher interest rates.   If productivity wins, we get lower interest rates.  If panic wins, we get lower interest rates.  

Panic is a very powerful tool to lower inflation.  History shows productivity winning.  It's not like marriage where everything is against the marriage succeeding, the couple is kicking the can down the road & there's only 1 possible outcome of divorce.  There are 2 sides to monetary policy.

The lion kingdom bought into the idea of an easy money era that would eventually end, but was the easy money artificially inflating prices above fair market value or was the easy money just keeping up with productivity?  Inflation targeting causes prices to rise in 1 sector when productivity increases in another sector.  By what measure is the fair market value above or below the amount of easy money?
















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