Fed Wisdom and the Magnificent Seven

Some economists believe that the balance of payments is what determines currency exchange rates. In fact, exchange rates are always about the purchasing power of some currencies relative to others.

Original Article: Does the Balance of Payments Determine Exchange Rates?

In this week's episode, Mark looks at the type information that investors need, but do not have. These anti-wild cards are going to appear in the economy, but no one really knows what, where, or when. Mark looks back at some historical examples.

See also Surprised Again! The Covid Crisis and the New Market Bubble by Alex Pollock and Howard Adler: Mises.org/MI_59A

Be sure to follow Minor Issues at Mises.org/MinorIssues.

Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

In the old days, the Federal Reserve operated in obscurity "behind the curtain". Today, they are front-and-center for the stock market. Total credit card debt in the US is now over $1.1 Trillion. In this episode, Mark looks at the disconnect between the Fed, the stock market (featured in the last episode), and the Real Economy.

Be sure to follow Minor Issues at Mises.org/MinorIssues.

Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

On February 13, 2024, Bob participated (with Jim Rickards, Brent Johnson, and Michael Every) in a ZeroHedge debate on the fate of the USD. In this episode of the Human Action podcast, Bob highlights some of the key issues and explains why he thinks his side won.

The ZeroHedge Debate: Mises.org/HAP435a

Brent Johnson's Milkshake Theory: Mises.org/HAP435b

Egert's Article on the Public Debt Threshold: Mises.org/HAP435c

Bob's Article on the Latest CBO Federal Debt Report: Mises.org/HAP435d

Human Action Podcast listeners can get a free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization: Mises.org/HAPodFree

Congressional Democrats are trying to intervene in a complex and varied market they know little about but that consumers navigate without need of help. This will not end well.

Original Article: Washington’s Planned Theft of Credit Card Benefits

In this week's episode, Mark takes a quick look back at Fed wisdom in the year 2000, and then surveys today's stock market—and, in particular, the Magnificent Seven stocks, which represent very narrow leadership of the overall stock market.

Be sure to follow Minor Issues at Mises.org/MinorIssues.

Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

Mark talks about the Fed's Reverse Repo Operations, which explain the conundrum of the Fed's "tight" monetary policy and new record highs in the stock market. It turns out that the Fed is not a bunch of "tightwads" after all, but has served up a nearly $2 trillion monetary injection since the bond market cratered last year.

Be sure to follow Minor Issues at Mises.org/MinorIssues.

Get your free copy of Dr. Guido Hülsmann's How Inflation Destroys Civilization at Mises.org/IssuesFree.

Economist Peter St. Onge summarizes some of the major financial and government news stories of the day.

Bob's Mises University Talk 'Price Inflation: Corona vs. QE': Mises.org/HAP432a   Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission.  

Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree

Bob goes solo to discuss a recent Twitter controversy, in which opponents of a proposed tax argued that unrealized capital gains couldn't possibly be a form of income. Bob cites both Austrian theory and corporate accounting practice to respond that all capital gains are income, which is not to say that they ought to be taxed. The dispute is important because understanding the definition of "income" sheds light on the role of market prices in guiding entrepreneurial action.

Bob Talks to David Schizer on the Moore Ruling: Mises.org/HAP431a Bob's Econlib Article on Capital and Income: Mises.org/HAP431b   Join Tom DiLorenzo, Joe Salerno, and Patrick Newman in Tampa on February 17: Mises.org/Tampa2024Use code "Action24" for 15% off admission.  

Human Action Podcast listeners can get a free copy of Murray Rothbard's Anatomy of the State: Mises.org/HAPodFree

While the creator of modern portfolio theory was awarded a Nobel Prize, that doesn't mean the theory isn’t flawed. In fact, it explains very little about investments.

Original Article: Modern Portfolio Theory Is Mistaken: Diversification Is Not Investment