Online people who agree with reality are rare. (Offline realism is far more common.) So I appreciate the few writers and podcasters who are firmly grounded in reality, ignoring soap opera noise of all sorts.
Taggart is reliable, and most of his guests are also reliable. Last week he talked with Hoenig, who was the only sane member of the Federal Reserve until Powell switched to sanity.
This week he interviewed David Brady, an analyst who makes some extreme predictions. I don’t know enough to judge the predictions, but his view of the central bank is deeply sane. He says that the Fed (like Keynes) was originally meant as a reservoir, storing up revenue in good times and pumping it out in emergencies. In recent decades economists, and the Fed, have destroyed the whole idea of dams and storage. The only purpose of government is to pump out free counterfeit to the rich.
Brady says that Wall Street now expects eternal summer, a memorable metaphor.
Life has seasons for a reason, and economies have seasons for a reason. You simply can’t keep drinking or snorting coke or absorbing counterfeit forever. You will DIE instead of returning to sober reality.
Brady said something else in the same paragraph that I heard as memorable but turns out to be ordinary. I thought he was talking about a boom and boost cycle. On replaying, it’s just his Scottish way of saying the ordinary boom and bust. Too bad; boom and boost is the perfect phrase for Bernanke’s approach. When business needs to bust, the central bank boosts.
Polistra's Mill 