FDR had abolished private ownership of gold money but retained gold as the underlying asset for U.S. currency, exchangeable one for the other. Variations in the price of U.S. currency in ounces of gold served [more…]
Have you ever wondered how the bank worked out how much interest to pay on your savings account, or charge you on your mortgage? I had a mortgage with a building society some years ago, [more…]
The blame game As we know from every crisis in human history, and especially the more recent ones, the most important item on any politician’s agenda is to find someone else to blame for it. [more…]
One of Say’s Laws holds that “we produce to consume”. This is certainly the underlying theme of the Industrial Revolution with its accompanying exponential growth in production of technology, communication, and energy utilization. While private [more…]
The middle class in the West has been shrinking for years, but after the covid crisis and especially after the inflation explosion, whatever was left of it is now basically under threat of extinction. This [more…]
Some more on the background context of how Kenya got to where it currently is. The presidential contest election was effectively a two-horse race between Deputy President William Ruto and veteran politician Raila Odinga. Neither [more…]
By now even Treasury officials and central banks recognise that their practice of Quantitative Easing has run its course. In its contemporary form, QE began a dozen years ago as a temporary emergency measure enacted [more…]
Banking came up with its own methods of inflating the supply of legal tender-fiat money, fractional reserve lending. A bank comes to know (a version of the dispersal of knowledge of the market) how much [more…]
21 August 2022 Westerners, the outgoing president (Uhuru Kenyatta), and former opposition leader (Raila Odinga) wish to force a barmy government in which the pursuit of citizen wellbeing is halted in favour of pursuing undefined [more…]
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