Cullen Roche

All else equal, I think it’s marginally deflationary since it reduces pvt sector net income. But since it’s often done concurrent with changing rates or deficits people blame QE for things caused by rates and deficits. This paper is superb IMO.

Great thread. Thanks for posting.

Nice thread. Another way of thinking about this is that deposits are sticky in a 0% rate environment and become flighty in a 5% environment. Velocity of deposits surges in the chase for yield and weak banks will be caught in the crosshairs as their funding costs rise.

Not sure if you read this, but this post by @david_seroy is very good and I agree with it. It clarifies some of the semantics we’ve been hung up about. I hope it helps clarify where we’re coming from on this.

No, credit markets exist to help investment CREATE savings. This paper is an excellent primer on many of these concepts. "Savings does not finance investment"

This is a good paper on the topic. Yes, good has and always will be an important reserve asset. And the USD still dwarfs total gold reserves.

This is a great piece. Some advisors claim that having your own products creates a conflict, but if your new product reflects your existing methodology then all you do is reduce client fees & improve tax efficiency. It's not a conflict. It's a competitive advantage.

This is an excellent paper on understanding real world experiences with price controls to manage inflation. "The evidence presented in this paper supports the conclusion that capital controls cannot substitute for sound macroeconomic policies."