The theater of the absurd where US monetary policy is played out reached the height of the ridiculous when, on July 2, 2009, the Federal Reserve issued a press release advising the public to check with their banks to see the terms and conditions under which a bank may accept for deposit the “registered […]

The Democratic Party and its supporters have indicated a willingness to enact legislation that will reduce demand for bonds, while increasing supply: a recipe for lower bond prices and higher yields. There are few signs that the weakened Republican Party, now in the minority, will put up effective resistance. Here are some signs, portents, and expectations: Increased […]

On November 15, 2006, in the back pages of the Wall Street Journal, an article, “San Diego Settles SEC Charges Over Pension Funds”, starts out: San Diego agreed to settle Securities and Exchange Commission charges that it failed to tell municipal bond investors about the city’s mounting pension-fund obligations and its increasing inability to […]