Author Archive: Michael Kendall
Michael Kendall
August 7, 2019
How Economic Policy Influences War As noted in Part I, Hue 1968 – War and Economics, Bowden gives a historical overview of Vietnam and its geopolitical role. Ho Chi Minh initially made positive overtures toward the U.S. at the end of…
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Michael Kendall
August 3, 2019
The Battle of Hue Mark Bowden has written an amazingly detailed account of the Battle of Hue. The battle occurred during the Vietnam War Tet Offensive of 1968. His publisher Morgan Entrekin, who convinced Bowden to write the book, saw…
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Michael Kendall
July 9, 2019
Judy Shelton is Trump’s nomination to the Federal Reserve Board. She is a long-time advocate of a gold standard and has written two books on the subject, Money Meltdown and Fixing the Dollar Now. She is a threat to…
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Michael Kendall
May 20, 2019
The Anti-Economist Nathan Lewis explains economics in an easily understandable way that cuts through the econobabble. Like most citizen economists, he approaches economics from a reference of common sense rather than academic haughtiness. It is surprising how many economists in…
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Michael Kendall
May 6, 2019
Returning to a Gold Standard and Gold Equilibrium looked at the relationship between the optimum price of gold (the price level) and the spot price of gold (POG). A return to a gold standard, without the induced economic stress of…
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Michael Kendall
April 22, 2019
Why the U.S. could return to a gold standard at $1300/oz without risk of inflation or deflation There are two prices of gold. There is the market spot price of gold (POG) and an optimum POG which represents the price…
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Michael Kendall
April 11, 2019
Trump’s nomination of Steve Moore and Herman Cain to Fed Board positions has shaken up the Fed establishment. Moore is advocating a CRB (commodities) Index target while Cain has written in favor of a gold standard. A gold standard or…
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Michael Kendall
February 16, 2019
In January 2018, I saw a market inflection occurring due to Fed normalization. I wrote Market Memo: Market Inflection. The week I wrote it, the Dow hit 26,600 and then began a decline. Capital flows to where it receives the…
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Michael Kendall
February 15, 2019
The Fed creates money based on a monetary standard. Think of a monetary standard as the Fed’s carburetor that regulates how much liquidity gets injected into the economic engine. To maintain a standard requires adjusting base money supply to hit a specific…
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Michael Kendall
February 3, 2019
The clearest way to understand current Fed policy and its effect on markets is to view it through interest rates. Interest rates are the price of credit. Credit is not money. When a bank creates credit, it does not create…
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