Fitch Didn’t Downgrade The U.S.’s Credit Rating. It Downgraded its Macroeconomic Rating (and No One Should Care)
Notes on the Crises
The Utopian Vision of Financial Derivatives: What Mehrling and Pozsar Have to Teach About the Future of Climate Policy
Book Announcement: Picking Losers (Also I Was in Politico Last Week)
Hello Readers, I'm very excited to announce that I'm under contract with Viking Press of Penguin for my book on the Federal Reserve entitled "Picking Losers". I&
FDR Opposed Deposit Insurance. He Isn’t the Last Word on the Subject
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Federal Reserve Issued Securities: Not Such a Crazy Idea After All
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The Night They Reread Pozsar (in his absence)
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The Federal Reserve’s Monetary Policy Operating Procedures Have Come Full Circle: What Does that Mean for the Post-SVB FOMC Meeting?
Before Silicon Valley Bank failed last week, I was considering writing a post examining the Federal Reserve’s policy framework in the context of the last sixty years of monetary policy’s history.
The Dizzying Array of Accounting Gimmicks Preventing Silicon Valley Bank’s Failure From Affecting the Debt Ceiling
Normally I do not release pieces on Saturdays or Sundays. However, this is the third anniversary of the first piece I ever sent of this newsletter. That brief note, appropriately titled “Sign of
What’s going on with Treasuries? Silicon Valley Bank and the incoherence of the Federal Reserve’s (lack of) an interest rate policy this week.
Special note to readers. Typically, when I haven’t written in a while for the newsletter I will write a few free pieces, and then write some premium pieces as a reward to
Every Complex Banking Issue All At Once: The Failure of Silicon Valley Bank in One Brief Summary and Five Quick Implications
Financial crisis nerds have had quite a weekend. In short order the one-of-a-kind Silicon Valley Bank began to reportedly be experiencing losses, and large uninsured depositors began loudly and aggressively “pulling” their deposits.
The Dangerous Brilliance Of Issuing a Token That Isn’t Your Liability: An FTX Lesson
The Arthur Burns That Time Forgot: “Inflationary Psychology” and “explosive” wage rates in the 1970s
This is a premium piece of Notes on the Crises. Thank you for being a paid subscriber. Lately, the 1970s have loomed large in economic commentary, thanks to a recurrence of panic over