The Night They Reread Pozsar (in his absence)
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. That kind of analysis is now newly relevant, perhaps even urgent given the Federal Open Market Committee
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 the Times”, was more like a glorified social media post than a newsletter. As I said in
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 loyal paid subscribers (and motivate people to take out paid subscriptions.) However, the next few weeks seem
Every Complex Banking Issue All At Once: The Failure of Silicon Valley Bank in One Brief Summary and Five Quick Implications
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 inflation. History is often invoked in mainstream press coverage about economic policy, which is understandable and can
[PREMIUM TRANSCRIPT] Notes On The Crises Podcast #4: Daniel Mitchell, Chief Economist of Nixon’s Pay Board
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Notes On The Crises Podcast #4: Economist Daniel Mitchell On His Time As Chief Economist of Nixon’s Pay Board, the “Wages” Part of Wage and Price Controls.
Subscribe [https://www.crisesnotes.com/#/portal/signup]On this episode we have a very special guest, economist Daniel Mitchell on his time as the chief economist of Nixon’s pay board, the “wages” part of wage and price controls. He is also coauthor, along with “public” member of the 15
Everyone Relax, The Bank of England Keeping Bond Markets ‘Orderly’ is Normal
Everything You Need to Know About How the “Volcker Shock” Worked That Sheila Bair Forgot to Ask
Student Loan Debt Cancellation Isn’t a Subsidy to Higher Education: Student Loan Credit is
Subscribe [https://www.crisesnotes.com/#/portal/signup]Last Wednesday the Biden Administration announced a number of changes to how student debt would be treated by the Federal Government. They all were important, but the change attracting the most attention was canceling ten thousand dollars of student debt of each borrower