The NIRP Has No Clothes

Like the king in the familiar fable, the Negative Interest Rate Policy (NIRP) is being paraded around as some magnificent creation by central banks. Like in the children’s story, people are confused. They know they are supposed to be dazzled by its brilliance, and they are being told by the … Continue reading

Stealing from Our Children

Massive government debt is justified on many grounds, often by highly-credentialed, well-educated, respectable people of good faith and character. The opposite, however, is often proposed by people with the same characteristics. Those qualities don't, by themselves, impart upon them the prize of … Continue reading