…the initial stories across news channels were full of ridicule and indignation at the FOMC’s real-time ignorance as banks and markets collapsed.
“Real and Illusory Credit” bridged the destruction of phony, 1920s, Federal-Reserve wampum to Bernard Connolly’s evaluation of today’s deadly path. The aftermath of the twenties, as described in David A. Stockman’s The Great Deformation: The Corruption of Capitalism in America, crippled capital spending. Plant and equipment investment tumbled by nearly 80 percent between 1929 and 1933. Inventories were liquidated. There were no buyers. Employment and wages collapsed.
“When Ro-Ro goes No-No” expounded upon the ultimate futility of conjuring illusory wealth. Bernard Connolly’s analysis, “Rethinking the Rogoff-Reinhoff Thesis,” made the case. Connolly wrote…
A book finds favor when public opinion is willing to accept its proposition. This Time is Different: Eight Centuries of…
Even for those living on a distant continent, the confiscation of state-guaranteed bank deposits in Cyprus is a reminder. (At this stage, it is not…
