We need to find a way to separate our fiscal and monetary policies. Previously published on June 17, 2016 on city-journal.org Never heard of fiscal dominance? Don’t worry, you have lots of company. Even many economists are unfamiliar with the term. That’s going to change, though, as more and more Western governments careen toward insolvency.… Read more

Like the Orcas at Sea World, the mortgage market has been coddled by government support for more than half a century.  Having decided Orcas would be better off in the wild, Sea World has announced that it will no longer seek to capture Orcas or to breed them in the park.  However, due to concern… Read more

When talking about the national debt, people tend to use absolute metrics like the size of the outstanding federal debt ($19 trillion total, $14 trillion held by the public) or ratios like the ratio the outstanding debt to GDP.  Instead of trying to fathom the raw numbers, it is a good idea to scale by… Read more