Author Archive: Michael Kendall
Michael Kendall
October 25, 2018
Trump Bashes the Fed Over Rate Hikes The Federal Reserve and the Holy Natural Rate of Interest The Federal Reserve is on a Monty Pythonesque search for the Holy Grail of natural interest rates—the Wicksellian natural rate of interest. As…
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Michael Kendall
October 22, 2018
Yellen’s Inadvertent Gold Standard Nathan Lewis posted an excellent piece on Forbes about gold’s correlation with the dollar during Yellen’s tenure as Fed Chair. Lewis asks the question, “have we effectively recreated the Bretton Woods gold standard system?” Bretton Woods linked…
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Michael Kendall
October 10, 2018
The first rule to understanding elections is the wisdom of the electorate. The electorate is always right. That is why democracy works. The population in aggregate is far wiser than any elite few. Political systems have evolved in a trial-and-error…
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Michael Kendall
September 5, 2018
A ratio of two ratios determines the dollar price of gold. Dollar supply (base money) ———————————— Dollar demand (base money) ——————————————————– …
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Michael Kendall
August 4, 2018
In his prophetic 1990 book, Life After Television, George Gilder predicted: The computer of the future would be as portable as your watch and as personal as your wallet. It would recognize speech and navigate streets, collect your mail and your…
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Michael Kendall
July 23, 2018
George Gilder sent me a pre-publication draft of The Bitcoin Standard by Saifedean Ammous. We exchanged many emails on the topic of Bitcoin and cryptocurrency. This is Part II of my reply to George after reviewing The Bitcoin Standard. *…
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Michael Kendall
July 16, 2018
George Gilder’s new book, Life After Google, is out today. In October 2017 George sent me a draft of Saifedean Ammous’ book, The Bitcoin Standard. I was excited to read Saifedean’s draft because Bitcoin offers tremendous promise. I quickly realized that…
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Michael Kendall
July 14, 2018
Since the September 2011 decline in the price of gold from $1900 to $1050, gold watchers continue to suffer from post-traumatic gold decline syndrome, PTGDS. If the POG can fall from $1900 to $1050, it can just as easily fall from…
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Michael Kendall
June 27, 2018
Academia has abandoned any serious interest in understanding a gold standard. Going back to Amsterdam in the late 1600s, there is a 300-year history of successful implementation of gold standards among developed countries. Data is available to study the result of…
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Michael Kendall
June 25, 2018
To understand gold requires first recognizing its proper orientation. Gold is unlike any other commodity, good, or service. Its value does not change. Its overwhelming purpose is as a monetary proxy. When viewing the monetary world, gold is at the…
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