Classical Economics in a Quantum World
The Fed learned from the taper tantrum that in our hybrid central bank commanded/market economy it is best not to surprise the market. This requires notifying the market far in advance of any change in Fed policy. The Fed has…
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The Kendall Rule “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…
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The complement to understanding the dollar price of gold is understanding how the Fed works. Google “how the Fed works” and you won’t find much. Most is bland repetition from federalreserve.gov to satisfy the bureaucratic requirement of a quasi government…
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