• Tag Archives Ben Bernanke
  • Bi-Weekly Economic Review: Who You Gonna Believe?

    We’ve had a pretty good run of data recently and with the tax bill passing the Senate one would expect to see markets react positively, to reflect renewed optimism about economic growth. We have improving economic data on pretty much a global basis. It isn’t a boom by any stretch of the imagination but there is no doubt that the rate of change has recently been more positive. We also have a change in tax policy that should, if one believes the economists and politicians on the starboard side of the political divide, be positive for future growth. And stock punters certainly seem to believe both, that the incoming data is the beginning of a trend and that the tax bill is a big positive for growth – or at least corporate profits.
    The problem is that the other markets we monitor – which actually have a much better track record at predicting growth than stocks – are not participating. It is what Alan Greenspan and Ben Bernanke would call a conundrum. The Fed is busy hiking rates and shrinking its balance sheet (well promising to at least) because they see an economy at full employment and inflation that will be jumping just as soon as the Philips Curve really kicks in. And, now they have the added incentive to get moving on those rate hikes because Congress has passed a huge – huge I say – tax cut that will expand the deficit and produce even more growth. At least that’s the Keynesian theory, although the Republicans are selling this as more of a supply-side, Laffer curve, self financing tax cut. Personally, I think the Keynesian and Laffer adherents are both wrong. We are not that far right on the Laffer curve and more debt at this point isn’t the answer.

    This post was published at Wall Street Examiner on December 5, 2017.


  • Fed Chair Janet Yellen Urges Congress to Monitor U.S. Debt As She Steps Down (NOW A Warning??)

    This is a syndicated repost courtesy of Snake Hole Lounge. To view original, click here. Reposted with permission.
    Federal Reserve Chair Janet Yellen’s final speech to Congress (Joint Economic Commitee) reminded me of the scene in the movie Death Becomes Her where Meryl Streep swallows a magic potion and Isabella Rosselini then says ‘Now a warning.’
    Yes, Yellen warned Congress that they should monitor the US debt load, now at $20.6 trillion, up from $9.5 trillion in Q2 2008. She also called on Congress to adopt policies that will promote investment, education and infrastructure spending.
    Yes, US public debt outstanding has more than doubled since Team Bernanke/Yellen began quantitative easing (QE) back in September 2008.

    This post was published at Wall Street Examiner on December 4, 2017.


  • Walking in Their Footsteps: Powell Will Maintain Status Quo at Fed

    It looks like Trump’s pick to chair the Federal Reserve plans to walk in the footsteps of his predecessors.
    In other words, we can expect the legacy of Ben Bernanke and Janet Yellen to continue unbroken. That means a continuation of interventionist monetary policy, artificially low interest rates into the foreseeable future, and plenty of quantitative easing when the time comes.
    Yes. The new boss looks a lot like the old boss.
    Jerome Powell testified before the Senate Banking Committee on Tuesday. The New York Times described it as a ‘relatively placid affair.’
    Maintaining the status quo doesn’t set off too many fireworks.
    Democrats seem OK with the pick. Interestingly, the people who were against Powell when he was an Obama appointee are OK with him now that he’s a Trump appointee.
    Some Democrats have indicated they might oppose the nomination. But, importantly, Mr. Powell drew little opposition from conservative Republicans who opposed both his nomination as a Fed governor in 2012 and his reappointment in 2014. Senator Dean Heller, a Nevada Republican who voted against Mr. Powell both times, said he was trying to get to yes.’

    This post was published at Schiffgold on NOVEMBER 29, 2017.


  • Dollar Jumps As Yellen Goes Full Bernanke: Warns “Asset Valuations Are High” But Risk Is “Contained”

    Yes, departing Fed chair Janet Yellen used the ‘c’ word…
    Federal Reserve Chair Janet Yellen, in prepared remarks ahead of what may be her last appearance before Congress as head of the central bank, somewhat gloated at the steadily brightening picture for the U. S. economy she has left behind for Jay Powell (while downplaying the risks of financial instability).
    ‘The economic expansion is increasingly broad based across sectors as well as across much of the global economy,” Yellen said in prepared testimony to the bicameral Joint Economic Committee on Wednesday in Washington. ‘I expect that, with gradual adjustments in the stance of monetary policy, the economy will continue to expand and the job market will strengthen somewhat further, supporting faster growth in wages and incomes.”

    This post was published at Zero Hedge on Nov 29, 2017.


  • Doug Noland: Not Clear What That Means”

    This is a syndicated repost courtesy of Credit Bubble Bulletin . To view original, click here. Reposted with permission.
    November 15 – Bloomberg (Nishant Kumar and Suzy Waite): ‘Hedge-fund manager David Einhorn said the problems that caused the global financial crisis a decade ago still haven’t been resolved. ‘Have we learned our lesson? It depends what the lesson was…’ Einhorn said he identified several issues at the time of the crisis, including the fact that institutions that could have gone under were deemed too big to fail. The scarcity of major credit-rating agencies was and remains a factor, Einhorn said, while problems in the derivatives market ‘could have been dealt with differently.’ And in the ‘so-called structured-credit market, risk was transferred, but not really being transferred, and not properly valued.’ ‘If you took all of the obvious problems from the financial crisis, we kind of solved none of them,’ Einhorn said… Instead, the world ‘went the bailout route.’ ‘We sweep as much under the rug as we can and move on as quickly as we can,’ he said.’
    October 12 – ANSA: ‘European Central Bank President Mario Draghi defended quantitative easing at a conference with former Fed chief Ben Bernanke, saying the policy had helped create seven million jobs in four years. Bernanke chided the idea that QE distorted the markets, saying ‘It’s not clear what that means’.’
    Once you provide a benefit it’s just very difficult to take it way. This sure seems to have become a bigger and more complex issue than it had been in the past. Taking away benefits is certainly front and center in contentious Washington with tax and healthcare reform. It is fundamental to the dilemma confronting central bankers these days.

    This post was published at Wall Street Examiner on November 18, 2017.


  • China Accounts For A Third Of Global Corporate Debt And GDP… And The ECB Is Getting Very Worried

    There is a certain, and very tangible, irony in the central banks’ response to the Global Financial Crisis, which was first and foremost the result of unprecedented amounts of debt: it was to unleash an even greater amount of debt, or as BofA’s credit strategist Barnaby Martin says, “the irony in today’s world is that central banks are maintaining loose monetary policies to generate inflation…in order to ease the pain of a debt “supercycle”…that itself was partly a result of too easy (and predictable) monetary policies in prior times.”
    The bolded sentence is all any sane, rational human being would need to know to understand the lunacy behind modern monetary policy and central banking. Unfortunately, it is not sane, rational people who are in charge of the money printer, but rather academics fully or part-owned, by Wall Street as Bernanke’s former mentor once admitted (see “Bernanke’s Former Advisor: “People Would Be Stunned To Know The Extent To Which The Fed Is Privately Owned“). Actually, when one considers where the Fed’s allegiance lies (to its owners), its actions make all the sense in the world. The problem, as Martin further explains, is that “clearly if central banks remain too patient and predictable over the next few years this risks extending the debt supercycle further.”
    Translated: the bubble will get even bigger. Unfortunately, it is already too big. As Martin shows in chart 9 below, which breaks down global non-financial debt growth over the last 30yrs split by type (household debt, government debt and non-financial corporate debt), “it is currently hovering around the $150 trillion mark and has shown few signs of declining materially of late. Yet, the “delta” of debt growth over the last 10yrs has been on the non-financial corporate side. Government debt growth has slowed down recently as countries have clawed back to fiscal prudence. Households have also deleveraged over the last few years given their rapid debt accumulation prior to the Lehman event.”

    This post was published at Zero Hedge on Nov 10, 2017.


  • The Powell of Positive Thinking

    Jay Powell has been named the next Chairman of the Federal Reserve. Provided he survives the confirmation process, it is a done deal.
    This wasn’t the easiest pick for Trump. It’s not easy to find a Republican who is also in favor of low interest rates. Powell isn’t exactly a dove, but he’s significantly more dovish than John Taylor. Or at least he was, up until the complete 180 Taylor pulled after learning he was a candidate for the job.
    ***
    Powell is a private equity executive and a lawyer, not an economist – which these days, some might consider to be an asset. The professional economists have delivered on their promise of low inflation, unless you count inflation in things like houses, stocks, and bonds. He’s enough of a hawk that Bernanke at least partially blames him for being on the wrong side of the ‘taper tantrum’ in 2013.

    This post was published at Mauldin Economics on NOVEMBER 2, 2017.


  • The Global “Bubble Arms Race” Has Ushered In The Age Of Government Strongmen

    Authored by Doug Noland via Credit Bubble Bulletin blog,
    The week left me with an uneasy feeling. There were a number of articles noting the 30-year anniversary of the 1987 stock market crash. I spent ‘Black Monday’ staring at a Telerate monitor as a treasury analyst at Toyota’s US headquarters in Southern California. If I wasn’t completely in love with the markets and macro analysis by that morning, there was no doubt about it by bedtime. Enthralling.
    As writers noted this week, there were post-’87 crash economic depression worries. In hindsight, those fears were misplaced. Excesses had not progressed over years to the point of causing deep financial and economic structural maladjustment. Looking back today, 1987 was much more the beginning of a secular financial boom rather than the end. The crash offered a signal – a warning that went unheeded. Disregarding warnings has been in a stable trend now for three decades.
    Alan Greenspan’s assurances of ample liquidity – and the Fed and global central bankers’ crisis-prevention efforts for some time following the crash – ensured fledgling financial excesses bounced right back and various Bubbles hardly missed a beat. Importantly, financial innovation and speculation accelerated momentously. Wall Street had been emboldened – and would be repeatedly.
    The crash also marked the genesis of government intervention in the markets that would evolve into the previously unimaginable: negative short-term rates, manipulated bond yields, central bank support throughout the securities markets, Trillions upon Trillions of central bank monetization and the perception of open-ended securities market liquidity backstops around the globe. Greenspan was the forefather of the powerful trifecta: Team Bernanke, Kuroda and Draghi. Ask the bond market back in 1987 to contemplate massive government deficit spending concurrent with near zero global sovereign yields – the response would have been ‘inconceivable.’

    This post was published at Zero Hedge on Oct 22, 2017.


  • Get Ready To Party Like It’s 2008

    Apparently Treasury Secretary, ex-Goldman Sachs banker Steven Mnuchin, has threatened Congress with stock crash if Congress didn’t pass a tax reform Bill. His reason is that the stock market surge since the election was based on the hopes of a big tax cut. This reminded me of 2008, when then-Treasury Secretary, former Goldman Sachs CEO, Henry Paulson, and Fed Chairman, Ben Bernanke, paraded in front of Congress and threatened a complete systemic collapse if Congress didn’t authorize an $800 billion bailout of the biggest banks.
    The U. S. financial system is experiencing an asset ‘bubble’ that is unprecedented in history. This is a bubble that has been fueled by an unprecedented amount of Central Bank money printing and credit creation. As you are well aware, the Fed printed more than $4 trillion dollars of currency that was used to buy Treasury bonds and mortgage securities. But it has also enabled an unprecedented amount of credit creation. This credit availability has further fueled the rampant inflation in asset prices – specifically stocks, bonds and housing, the price of which now exceeds the levels seen in 2008 right before the great financial crisis.
    However, you might not be aware that western Central Banks outside of the U. S. continue printing money that is being used to buy stocks and risky bonds. The Bank of Japan now owns more than 75% of that nation’s stock ETFs. The Swiss National Bank holds over $80 billion worth of U. S. stocks, $17 billion of which were purchased in 2017. The European Central Bank, in addition to buying member country sovereign-issued debt is now buying corporate bonds, some of which are non-investment grade.

    This post was published at Investment Research Dynamics on October 19, 2017.


  • What Goldbugs Have Been Waiting For: Goldman’s New Primer On Gold

    The good news is that Goldman believes ‘precious metals remain a relevant asset class in modern portfolios, despite their lack of yield’ and disagrees with Ben Bernanke and the naysayers ‘They are neither a historic accident or a relic. Indeed, by looking at each of the physical properties of an ideal long-term store of value…we can clearly see why precious metals were initially adopted and why they remain relevant today.’
    It was sounding really good – and there was 91 pages to go – although when it came to the drivers of precious metal prices, Goldman did not exactly re-invent the wheel ‘We see two key drivers of the precious metals markets: Fear and Wealth’
    That said, there was a new take on what, in Goldman’s eyes constitutes fear as ‘in our new framework we see a closer link to growth expectations. However, we ?nd that many risk factors are relevant, depending on the sub-component of gold demand: real interest rates, debasement risks, sovereign balance sheet risks, geopolitical risks and other market tail-risks. Stated more simply, we are talking about the drivers of ‘risk-on’/’risk-off’ behavior in markets.’
    On the wealth angle, the good news for gold was that ‘as economies grow, they tend to go through a rapid gold accumulation phase at around per capita GDP of $20,000-$30,000, following a ‘hump-shaped’ relationship between per capita income and gold demand. As more EM economies (including China) are set to grow to these income levels over the next few decades.’
    As in-depth students of gold market research, our mood was lifted by some genuinely original research. Goldman found that the ratio between gold purchases and household savings (global we assume) has been broadly stable at around 1.7% for almost 40 years. Who knew that.

    This post was published at Zero Hedge on Oct 17, 2017.


  • Pentagon Worried about Hackers Causing Stock Market Crash

    The Pentagon?! But no one’s worried when stocks get manipulated higher.
    It’s funny, the all-out government effort to prevent a major decline of the stock market, or of individual stocks, via manipulation or hacking. Now even the Pentagon is looking into it.
    What’s funny is that everyone cheers when manipulation, hacking, and other shenanigans cause the market or individual stocks to soar. It’s just declines they’re worried about at these precarious levels.
    Manipulating stocks higher is a time-honored game that routinely receives kudos from all around. The Fed printed nearly $4 trillion and cut rates to zero for eight years – no matter what the damage to the real economy – for the sole purpose of manipulating up asset prices including stock prices. ‘Wealth effect,’ Ben Bernanke called it. Corporate executives and analysts exaggerate future earnings only to deflate them at the last minute, because stock prices are ‘forward looking’ and fake future earnings is all that matters, even if reality now sucks. And on and on. Whatever it takes to push stock prices up, by hook or crook, is cool. These are our heroes.
    But when some lonely dude might hack into high-speed stock trading systems or spook the trading algos, quant-fund managers, and high-speed traders and throw algorithmic trading off track to where prices might actually fall in a major way, all heck breaks loose, and the Pentagon feels empowered to step in.

    This post was published at Wolf Street by Wolf Richter ‘ Oct 15, 2017.


  • Ken Griffin’s Citadel Is Returning Money To Some Hedge Fund Clients

    Despite the expert guidance of one Ben Bernanke, the world’s once most levered hedge fund, Citadel, is reportedly returning money to some global hedge-fund clients.
    Bloomberg reports that Ken Griffin’s Citadel LLC is forcing out some of the clients in one of its multistrategy hedge funds as it seeks to tighten up its investor base, according to people with knowledge of the matter.
    The timing is intersting as Citadel’s move comes amid a revival of interest in hedge funds.

    This post was published at Zero Hedge on Sep 28, 2017.


  • Yellen Is So Much Better, And Still Nowhere Near Good

    This is a syndicated repost courtesy of Alhambra Investments. To view original, click here. Reposted with permission.
    I wrote earlier today that I believe Ben Bernanke one of the smartest men around. Whatever you might think of the usefulness of his career work, it is quite clear it was accomplished with some great talent. He occasionally offered some good, novel insight.
    I’m not so sure about Janet Yellen. While her trademark deer-in-the-headlights look could have been explained as the profile of an uneasy public performer, the track record of her work even in academic Economics terms has been unremarkable. Her contributions to FOMC policy meetings, for example, show little other than those of a faceless bureaucrat who long ago learned that creative thinking would be a hindrance to career advancement.

    This post was published at Wall Street Examiner by Jeffrey P. Snider ‘ September 27, 2017.


  • Janet Yellen’s 78-Month Plan for the National Monetary Policy of the United States

    Past the Point of No Return
    Adventures in depravity are nearly always confronted with the unpleasant reality that stopping the degeneracy is much more difficult than starting it. This realization, and the unsettling feeling that comes with it, usually surfaces just after passing the point of no return. That’s when the cucumber has pickled over and the prospect of turning back is no longer an option.
    In late November 2008, Federal Reserve Chairman Ben Bernanke put in place a fait accompli. But he didn’t recognize it at the time. For he was blinded by his myopic prejudices.
    Bernanke, a self-fancied Great Depression history buff with the highest academic credentials, gazed back 80 years, observed several credit market parallels, and then made a preconceived diagnosis. After that, he picked up his copy of A Monetary History of the United States by Milton Friedman and Anna Schwartz, turned to the chapter on the Great Depression, and got to work expanding the Fed’s balance sheet.

    This post was published at Acting-Man on September 22, 2017.


  • Questions Remain as the Fed Finally Begins to Reverse QE

    Today the Federal Reserve announced that it will finally begin the process of reversing quantitative easing. Following the process it outlined earlier this year, the Fed will start allowing assets (Treasurys and mortgage-backed securities) to mature off its balance sheet, rather than re-investing them as had been its prior policy. The current plan is to start with a $10 billion roll off in October, and increasing quarterly until it reaches $50 billion by October of next year. Considering the Fed’s balance sheet currently stands $4.5 trillion, the Fed is envisioning a slow, multi-year process. As Philadelphia Fed president Patrick Harker described it earlier this year, the goal is for it to be ‘the policy equivalent of watching paint dry.’
    Of course the old saying about the ‘best laid plans of mice and men’ also applies to central planners, and as Janet Yellen once again noted today, ‘policy is not on a pre-set course.’ Should markets react negatively, as they did when Bernanke hinted at reducing their purchases in 2013, the markets have reason to expect the Fed to act. In fact, when asked, Yellen kept the door open to both lowering interest rates and stalling its roll off should market conditions worsen. In fact, it appears that markets are already betting on the Fed to not follow through on its projected December rate hike.
    As the Fed has been signaling for months now that a taper was in the works, the mainstream narrative suggests that tapering has been priced in (though stocks dropped on the news.) There are still major questions left unanswered.

    This post was published at Ludwig von Mises Institute on September 21, 2017.


  • Yesterday, All My Market Troubles Seemed So Far Away…

    We’re finally here. About 9 years after QE1 began, QT is about to start. If one believes that the stock market still is a discounting mechanism, then have nothing to fear with QT and that maybe it will actually be like ‘watching paint dry’ as Fed members so desperately want it to be. After all, the S&P 500 is at an all-time high. If you think, like me, that the stock market is not the same discounting tool as it once was because of the major distortion and manipulation of markets via central market involvement and the dominance of machines that are reactive instead of proactive in response to news, then we must review again the previous experiences when major Fed changes took place. After all, they were all well telegraphed as this week’s likely news has been.
    Before I get to that, let me remind everyone that the 3rd mandate of QE was higher stock prices. Ben Bernanke in rationalizing the initiation of QE2 in a Washington Post editorial back in November 2010 said in regards to QE1 and the verbal preparation for QE2: ‘this approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose and long-term interest rates fell when investors began to anticipate the most recent action.’ He then went on to say ‘higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion.’ Yes, the belief in the wealth effect which hasn’t worked in this expansion. Hence, the record high in stocks last week and the 2.9% y/o/y rise in core August retail sales, both below the 5-year average and well less than the average seen in the prior two expansions.

    This post was published at FinancialSense on 09/18/2017.


  • Yet Another Theory of the Fed? Uggh!

    The world hardly needs another theory of the Fed, especially so soon after its Jackson Hole symposium. But we have a theory, too, and who knows, ours could be as close to the bulls-eye as any of the others. Plus, our theory is easy to explain – it rests on the simple premise that decision makers worry mostly about their reputations. We’ll propose that reputational risks are the primary drivers of central bank policies, and then we’ll use that belief to predict a major policy shift.
    Why are reputations so important? Cynics might say they determine how much central bankers get paid once they leave the FOMC. Ben Bernanke, for example, wouldn’t collect $250,000 speaking fees and plush consulting contracts if he hadn’t bolstered his reputation during the Global Financial Crisis. And that’s not all – the crisis also lifted Bernanke’s power and importance beyond what it would have otherwise been. By landing in the Fed chair at an opportune time, he profited immensely.
    Check out Fed Models Facing Technological Disruption
    But our theory doesn’t depend on that particular type of cynicism. We doubt that personal greed drives the Fed’s policy decisions. Whether they intend to cash their golden tickets or not (we’ll take the over on ‘intend to’), we view FOMC members as highly regarded folks who’d like to remain that way. They’ve reached a foothold at their profession’s highest mountain’s uppermost peak, from where the only direction is down. And remember – they didn’t arrive safely at their foothold by accident. If the president taps you for FOMC duty and sends you before Congress for approval, you’re already adept at protecting your reputation. You’ll probably do ‘whatever it takes’ to steer clear of any reputational damage that could arise in the future.

    This post was published at FinancialSense on 09/07/2017.


  • Yet Another Theory Of The Fed (Or Why A “Major Policy Shift” Looms)

    Take Bernanke, again. During his first FOMC stint from 2002 to 2005, the committee responded to a deflation ‘scare’ with successive rate cuts dropping the fed funds rate to a 45-year low of 1%. In just a few years time, people would see that boost to the credit markets as a mistake. And Bernanke was closely associated with it – he had long argued for fighting deflation with extreme measures. He then downplayed the risks of his preferred policies, as in his insistence that falling house prices were a ‘pretty unlikely possibility’ and subprime mortgage troubles were unlikely to result in significant ‘spillovers.’
    So Bernanke was a central figure in the lead-up to the crisis, but you already knew that. Our point is that it had little effect on his reputation. Among mainstream economists and in the mainstream media, he’s currently basking in the admiration of his ‘courage to act.’ By comparison, his critics, mostly in the financial sector and outside the mainstream, point to his shortsightedness. Which perspective wins? As of today, the ‘hero tale’ dominates. Just as presidents need only act presidential to gain plaudits during wartime, central bankers need only act aggressively to gain plaudits during financial crises. In either case, it doesn’t matter what came before.
    Why the Fed’s Priorities are Changing
    With those ideas in mind (that we’re dealing with perceptions more than realities), let’s look at the reputational risks faced by today’s FOMC. We’ll argue that the current decade’s primary risk – the risk of a 1937-style relapse into recession – is fading in importance. Until recently, an echo recession similar to the one that snuffed out the mid-1930s recovery would have been a reputation killer. It would have led people to question whether the 2008 – 9 recession would morph into another Great Depression, after all.

    This post was published at Zero Hedge on Sep 6, 2017.


  • Bernanke Flip-Flops: Will Be Keynote Speaker At Blockchain Conference

    Echoing his predecessor Greenspan’s shift to the ‘dark side’ (fully supportive of a gold standard after leaving office), former Fed Chair Bernanke now appears to be full-heartedly supportive of cryptocurrencies having warned in 2015 of “serious problems” with bitcoin due to its “instability” and “anonymity.”
    As CoinTelegraph reports, in an interesting turn of events, former chairman of the Federal Reserve Ben Bernanke, will be the keynote speaker at a Blockchain and banking conference in October hosted by Ripple.
    Bernanke is an interesting call for the keynote speaker as he has criticized cryptocurrencies in the past… (via Qz.com)
    [Bitcoin]’s interesting from a technological point of view. We’re in a world where the payments system is evolving quickly and new approaches to managing payments are proliferating, and some of the ideas around bitcoin will no doubt be useful in doing that.

    This post was published at Zero Hedge on Aug 27, 2017.


  • How Rand Paul Can Free Americans from the Fed

    Ever since entering the Senate, Rand Paul has continued his father’s work in advocating for an audit of the Federal Reserve. This week, writing for the Daily Caller, Senator Paul renewed his efforts, illustrating how the recent era of unconventional monetary policy has made an audit all the more important:
    In 2009, then-Fed Chairman Ben Bernanke was able to refuse to tell Congress who received over two trillion in Fed loans, and it took congressional action and a Bloomberg lawsuit to force the Fed to reveal the details of what it did in more than 21,000 transactions involving trillions of dollars during the 2008 financial crisis. A one-time audit of the Fed’s emergency lending mandated by Congress revealed even more about the extent to which the Fed put taxpayers on the hook.
    When pushed to defend the lack of transparency for the Federal Reserve, officials like Janet Yellen and Treasury Secretary Steve Mnuchin point to the myth of the Fed independence – a position that requires outright ignorance of the history of America’s central bank and the executive branch. Of course it’s quite usual for the Senate to base the merits of legislation entirely off of fallacious arguments, so they have continued to be the legislative body holding up a Fed audit with little indication they are prepared to move.

    This post was published at Ludwig von Mises Institute on August 23, 2017.