According to NPR, at one point alpacas were selling for “tens of thousands of dollars” per animal. A recent ad on craigslist offered 30 of them for $3,000. Now that’s a bubble!
Not, mind you, because the Fed will raise interest rates any time soon. No, the geniuses at the Federal Open Market Committee and the Board of Governors seem to be leaning in a different direction: NIRP. … Better get used to seeing those initials. They stand for negative-interest-rate policy. That’s right. The Fed thinks they can drive nominal short-term interest rates below zero.
A new article will be up in a few minutes. Looking forward to getting back to writing about one of the subjects I love.
Don’t buy Chicago bonds. Unless your net worth is at least $1 billion, don’t buy Puerto Rico bonds. Scrutinize the holdings of any bond funds in which you own an interest.
No wonder the German public is, um, peeved.
After dustup at Reddit, looks like Kleiner Perkins was right about Ellen Pao
This is the best take on Greece that I have seen. Warning: NSFW (language).
Today Megan McArdle pointed me to a piece on Puerto Rico by Matt Levine. I won’t even try to sommarize it. Instead, just click here.
I don’t think ECB will force Greece out of euro; I think it will have to devalue if it wants to reopen its banks ever.
Like every economist worthy of the name I favor free trade. But I also predicted that TPA would never make it to the Oval Office. I was wrong, but in this case I’m happy to be wrong about TPA. Mea culpa.