An End to Alchemy?

Michael Lewis, the author of various illuminating accounts of the events and progressions of the great financial crisis of 2008 – one of which became an Oscar-winning Hollywood movie – this time provides us with an illuminating account of someone else’s book – Mervyn King’s newly published The End of Alchemy. The thesis is a … Continue reading “An End to Alchemy?”

Another Look at Quantitative Easing

In a previous post (“Quantitative Easing and Substitutionary Atonement”), I discussed some of the underlying philosophy of quantitative easing, the latest of the Fed’s attempts to “stimulate” the economy. Quantitative easing, to recap, is the term for central bank purchases of assets on the open market. The difference with traditional “open-market operations” is twofold. Firstly, the purpose: … Continue reading “Another Look at Quantitative Easing”