Entries by James L. Caton

Inflation: What Causes It, and When Will it Subside?

Estimated Reading Time: 6 minutes

We have been living under the illusion that the relationship between nominal GDP and the quantity of circulating currency is dead. This illusion began in 2008, when the Federal Reserve began expanding the value of its assets without expanding the value of circulating currency. Instead, banks were paid to hold this newly created money on […]

Is Larry Summers Channeling Benjamin Anderson?

Estimated Reading Time: 4 minutes

Larry Summers, who served as U.S. Treasury Secretary under Bill Clinton, and head of the National Economic Council in the early years of the Obama administration began sounding the alarm on the possibility of inflation several months ago. Until recently, I suspect few would have described him as an inflation hawk. And yet, he has […]

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