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Affluent Investor | April 26, 2017

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Posts ByDavid Goldman, Author at Affluent Investor

March 15, 2017 |

Does Monetary Policy Still Matter?

Whether the Federal Reserve raises the overnight rate to 1% from 0.75% tomorrow rather than at its May meeting, as expected earlier, is a matter of compelling interest in the financial world. It shouldn’t be — not the way in … Read More

March 1, 2017 |

A Mystery Solved: Why Real Yields are falling despite higher growth


All the major economies are doing somewhat better, but US “real yields” — as seen in Treasury inflation-protected securities, or TIPS — have moved sharply lower after a jump following November’s presidential election.

In the chart below, we see … Read More

February 21, 2017 |

Two Transgressors: Milo Yiannopoulos and Yuja Wang

In the old style of Plutarch’s parallel lives, I should like to compare two transgressive performers, a Western journalist-cum-performance-artist and a Chinese classical pianist. The object of the exercise is to illustrate why we might be living in the last … Read More

February 10, 2017 |

What if They Had a Trade War and Nobody Came?

For those of us who cut our teeth on classical economics, it does seem a bit unusual for global stock markets (including Asian markets) to rally right after a new US administration pulled the plug on decades of Asian trade … Read More

February 9, 2017 |

The U.S. Dollar in Navarro-Navarro Land

Peter Navarro, an adviser to President Donald Trump, told the Financial Times (subscription) Jan. 31 that Germany is using a “grossly undervalued” euro to “exploit” the United States. During a meeting with US business leaders, President Trump echoed Navarro’s remarks, … Read More

February 6, 2017 |

Why Middle Eastern Nations Support Trump’s Immigration Halt

Critics of President Trump’s temporary travel ban on seven Muslim nations should remember the Chinese proverb, “Kill the chicken and let the monkey watch.”

The much-criticized measure was a warning to the governments of the Gulf States, Turkey and … Read More

January 27, 2017 |

Donald Trump, American Hero

The protagonists of American popular culture are outsiders with scant patience for authority. The Western heroes invented by Zane Grey and Louis L’Amour and portrayed by William S. Hart or John Wayne, and their urban cousins – the private detectives … Read More

January 2, 2017 |

How the US Should Engage China and Russia


Russia, China and America never will be friends; at best they will be peaceful competitors rather than warlike adversaries. To maintain the former rather than the latter circumstance is the proper goal of American policy.

It would be … Read More

December 14, 2016 |

It’s Time the US Started Listening to Turkey

With Turkey’s help, Russia is conducting direct negotiations with Syrian rebels, the Financial Times reported on Thursday. The FT wrote that one opposition figure, when asked why he thought Russia would seek a deal with the rebels just as Assad appeared … Read More

December 8, 2016 |

It’s Not the End of the World, Just the End of Matteo Renzi

Just before midnight local time, Italy’s Channel 5 projected a 60% “No” vote in the country’s constitutional referendum, a crushing defeat for the Socialist Prime Minister Matteo Renzi. The euro dropped by 1.5% on the news, but has recovered … Read More

November 16, 2016 |

Trump Could Put the US Economy Back on Track

The surge in industrial and raw materials stock prices and the collapse of bond markets since Donald Trump’s election victory portend a very different kind of world economy. Rather than persisting in a world of quantitative easing, with extremely low … Read More

November 11, 2016 |

To Understand Trump, Look at Franklin D. Roosevelt

By the usual gauges America’s Depression-era president Franklin ano Roosevelt was a failure. With few exceptions, nothing he did helped the crippled US economy very much. His policies lurched from one failed experiment to another: price controls, make-work employment, … Read More

September 16, 2016 |

Time for Israel To Fight Hezbollah Horror with Greater Horror

The canonical definition of the Yiddish word chutzpah involves a man who murders his parents and then asks for clemency because he is an orphan. An unprecedented degree of … Read More

August 23, 2016 |

How Donald Trump Could Fix the Middle East

The first step to finding a solution is to know that there’s a problem. Donald Trump understands that the Washington foreign-policy establishment caused the whole Middle Eastern mess. I will review the problem and speculate about what a Trump administration might do about … Read More

July 20, 2016 |

Nice Attack: Why the Terrorists are Winning the Intelligence War

Yet another criminal known to security services has perpetrated a mass killing, the Tunisian Mohamed Lahouaiej-Bouhlel. Why did the French police allow a foreign national with a criminal record of violence to reside in France? Apart from utter incompetence, the explanation … Read More

July 14, 2016 |

Rap and the Decline of Black America

“We are not as divided as we seem,” President Barack Obama told a Dallas memorial for five police officers killed by a black sniper enraged at the alleged mistreatment of African-Americans by white police.

But a different Barack Obama … Read More

July 5, 2016 |

Demographics and Sovereignty in the Brexit Vote

Britain’s “Leave” camp argues that the deciding issue in the Brexit vote was sovereignty, not immigration. The two issues, though, inevitably will become linked. The continental members of the European Community, especially Germany, are on a slippery slope which will … Read More

June 24, 2016 |

A Pax Sinica in the Middle East, Redux

A “Russian-Chinese axis” will dominate the Middle East with Israel as its western anchor: That scenario was floated June 15 in Russia Insider, a louche propaganda site that often runs the work of fringe conspiracy theorists and the occasional … Read More

June 22, 2016 |

America’s Instructive Humiliation in the South China Sea

“Let us admit it fairly, as a business people should: We have had no end of a lesson: it will do us no end of good,” wrote Rudyard Kipling in 1902 after the Boers humiliated the British Army in the first round … Read More

June 7, 2016 |

Last Week’s Jobs Report Was the New Normal, Not a Blip

American employers have been hiring more and selling less during the past three years of putative recovery. That’s why they stopped hiring in April and May, when the US economy added fewer jobs than at any time since the Great … Read More

May 26, 2016 |

Conjuring the Ghost of Richelieu

“The Pont d’Alma,” I told the taxi driver, and climbed into the back of the Citroen, balancing the big copper spittoon on one knee and the magnum of Chateau Petrus on the other.

“You are to meet someone, monsieur?,” inquired … Read More

May 19, 2016 |

The Idiocracy Has Overthrown Us

The Republican Establishment cannot help but err because its intellectual foundations are flawed. There is broad conservative intellectual consensus which harks back to T.S. Eliot and Matthew Arnold (via thinkers as diverse as Russell Kirk and Lionel Trilling). Arnold’s passion … Read More

May 18, 2016 |

Trump, Sanders, Hofer, and Khan as the Four Horsemen

Marx was wrong when he quipped that great history appears twice, first as tragedy and again as farce. He forgot surrealism.

Who would have expected the Four Horsemen of the Apocalypse to present them themselves in the personages of a billionaire … Read More

May 13, 2016 |

Trump’s Nuclear Arson in Asia

Late last year I spent some time with a former chief of China’s military intelligence, a bruiser with an ax to grind against the United States. Halfway through a long tirade about America’s alleged abuse of its global power, he interrupted himself … Read More

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