In-depth with Yuval Levin
Yuval Levin | C-SPAN
In a wide-ranging interview, Yuval Levin discusses US political history and the political divide in the country today.
Yuval Levin | C-SPAN
In a wide-ranging interview, Yuval Levin discusses US political history and the political divide in the country today.
https://www.realclearmarkets.com/articles/2020/06/08/el_salvadors_decline_mocks_keynesian_and_monetarist_magic_495512.html
https://www.realclearmarkets.com/articles/2020/06/04/economists_worship_consumption_lebanon_mocks_their_religion_495251.html
https://www.realclearmarkets.com/articles/2020/06/04/economists_worship_consumption_lebanon_mocks_their_religion_495251.html
The Fed leaked its future plans through WSJ central bank watcher Nick Timiraos. In the reporter's words, the Fed could “amplify” its commitment to low rates “by capping yields on every Treasury security that matures before 2023.” Only an economist could believe this would work. No doubt some of the bluest of blue chip businesses, individuals, and governments will be able to borrow at rates related to the yield cap benchmarks set by the Fed, but this would be true with or without the caps. Actual economic growth comes from financing new ideas, or the creation of wealth that doesn’t yet exist. The Fed's confirmation of what's already true (sure things can borrow at low rates) will not alter the cost of capital for growth ideas one bit. Thankfully it won't. Much as economists wish it weren't true, what can be controlled by non-market entities is soon enough not worth controlling. And as the 20th century hopefully reminds the half awake, there's little to control to begin with. The opinion piece can be found here.
RSS Feed