One of Aristotle’s four characteristics of good money is durability. In other words, money must stand the test of time. It can’t break down, rot, or corrode easily.
Seriously, the economy is growing about the same as it has from the last two decades: a nice, solid Muddle Through. The great fly in the ointment is inflation.
The surging gold price was likely a factor in the slowing central bank gold accumulation. As the World Gold Council put it, the higher price prompted “a more cautious approach.”
We walk through what actually happened, why London rather than somewhere closer to home became the destination, and what a 1930s precedent tells us about the weight behind this decision.
The Russia-Ukraine war has reached a dynamic and unpredictable moment. This is not like the ongoing US-Iran war in the Middle East, which is becoming a farce.
Maharrey compared the Fed’s predicament to missing an exit on a highway. The longer a driver is forced to keep going in the wrong direction, the more difficult and frustrating the eventual turnaround becomes.
