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This is why we need an NGDP futures market

This is why we need an NGDP futures market

Until recently the global financial markets were on an one-way trip to recovery. Basically since the Federal Reserve in September implicitly announced the Bernanke-Evans rule investors have been betting on an US economic recovery - higher real and nominal GDP growth - and the Bank of Japan's decisive actions to implement a 2% inflation target also have helped the sentiment. However, the picture has become a lot more confusing in recent weeks as turmoil has returned to the global financial markets.

China – my fear is a ”secondary deflation"

China – my fear is a ”secondary deflation"

China has certainly moved to the very top of the agenda in the financial markets this week and a lot of what is playing out in the Chinese markets is eerily similar to what happened in the US and European markets in 2008.

Steve Horwitz has an good offer for you - learn about the Great Depression for free

Steve Horwitz has an good offer for you - learn about the Great Depression for free

My friend professor Steve Horwitz has a very good offer for students. He is offering an eight-week long program on the Great Depression at the Learn Liberty Academy. 

Chinese monetary policy failure

Chinese monetary policy failure

"Fed tapering" seems to be repeated in every single story in the financial media over the last couple of days. However, I am afraid that the financial media - as often is the case - is overly US centric. We might want to look at another central bank than the Fed. We should instead pay some (a lot!) of attention to the People's Bank of China (PBoC).

George Selgin on Free Banking and NGDP targeting

George Selgin on Free Banking and NGDP targeting

I should really be sleeping but George Selign just put out a blog post on Free Banking and NGDP Targeting.

Japan's widening trade deficit

Japan's widening trade deficit

Remember my earlier comment on monetary easing in Japan and the possible impact on the Japanese trade balance:

Kurt Schuler endorses NGDP targeting

Kurt Schuler endorses NGDP targeting

Long time free banking advocate Kurt Schuler has a new piece at freebanking.org in which he endorses NGDP targeting.

Guido Mantega be careful what you hope for

Guido Mantega be careful what you hope for

A friend wrote this on Facebook (I paraphrased it slightly):

The moral hazard of 3-year old boys

The moral hazard of 3-year old boys

My three year old son Mathias had an accident in his kindergarden the other day. He fell from a tall chair and as a result hurt is lip so his mom had to take him to the emergency room.

If there is a 'bond bubble' - it is a result of excessive monetary TIGHTENING

If there is a 'bond bubble' - it is a result of excessive monetary TIGHTENING

Among 'internet Austrians' there is an idea that there is gigantic bubble in the global bond markets and when this bubble bursts then the world will come to an end (again...).

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