Doug Noland

Doug Noland’s Credit Bubble Bulletin: BIS Annual Economic Report (for posterity)

As we near the 10-year financial crisis anniversary, I would approach back slapping with caution. The key issue today is not whether central bank post-Bubble reflationary policies avoided a repeat of the Great Depression. Rather, did the unprecedented concerted – and protracted – global central bank response increase the likelihood of a more destabilizing future crisis

Doug Noland’s Credit Bubble Bulletin: Performance Chase

“Inflation is always and everywhere a monetary phenomenon…”, Milton Friedman explained some 50 years ago. At the time, Dr. Friedman was contemplating goods and services inflation. Financial, monetary management and technological developments over recent decades ensured that asset inflation evolved into the much more destabilizing form of inflation.