Author Archive: Michael Kendall
Michael Kendall
May 2, 2017
According to a study of 775 fiat currencies by Michael Hewitt, the average shelf life of a fiat currency is 27 years. The fiat dollar is at the 46 year point. It has long passed its value freshness date and is ready…
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Michael Kendall
April 14, 2017
The financial media is abuzz with news of a strong dollar vs a weak dollar. Which way will the dollar go? Traders churn trillions in currency and interest rate derivatives every market day betting on the outcome of this question. …
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Michael Kendall
April 5, 2017
The PhD Scourge Danielle DiMartino Booth has written a timely book about the Fed, Fed Up, An Insider’s Take on Why the Federal Reserve is Bad for America. Fed Up deconstructs the Fed from the lofty pedestal upon which conventional wisdom has…
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Michael Kendall
March 29, 2017
“As long as excess reserves persist, with IOR, in amounts necessary to facilitate Federal Reserve control of the price of interest, the trend for the minimum price of gold is determinative by its average price over the duration of debt.”…
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Michael Kendall
March 22, 2017
The market is still applying the Fed’s old operating rules when pricing gold. Funds rate hikes in the era of massive excess reserves and a bloated Fed balance sheet offer buying opportunities in gold. The general misconception is that funds…
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Michael Kendall
March 20, 2017
Financial media, pundits, economists, government officials, and pretty much everyone else continue to categorize rate hikes as if the Fed were still conducting policy under normalized, traditional operating procedures. Bernanke tore asunder normalized Fed operating procedures after the 2008 financial…
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Michael Kendall
February 26, 2017
Jude Wanniski was a journalist, WSJ editorial page writer, author, historian, Polyconomics founder, and brilliant revivalist of Classical economics. He passed in 2005 but left a massive compilation of writings that span decades. Jude was a prolific writer. During his Polyconomics…
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Michael Kendall
February 20, 2017
Understanding Gold 8 There’s a very odd thing about a gold standard. Hardly anyone understands it, least of all economists. It’s not like there is no record of the previous three centuries. From the late 1600s until the 1970s, major…
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Michael Kendall
February 10, 2017
Understanding Gold 7 The Ratio of Two Ratios The unique properties of gold combined with how the Fed operates determines the dollar price of gold (POG). Similarly, other central banks’ monetary management determines the POG in their currency. Because gold…
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Michael Kendall
February 7, 2017
George Gilder has authored a prescient piece that succinctly sums up the challenges that the Trump administration faces in righting the global economic system. Titled Trump Can Succeed On Trade By Ending Global Currency Manipulation, Gilder gives fair warning that the…
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