September 27, 2024 — Jimmy Carter turns 100 on October 1. His presidency has always been underestimated. A few of his accomplishments, like the Camp David Accords, are well-known. But his legacy has been hurt by misperception of some specific developments of those years, 1977-1981. This is particularly true when viewed in light of new information that did not come out until more recently.
Consider policy in three areas: (1) deregulation, (2) inflation, and (3) the Iranian hostage crisis.
August 26, 2024 — Over the past 85 years, Hollywood has had much to say about financial markets and institutions – often reflecting a distinctly populist perspective. At a time when both populism and financial volatility are much in evidence, what lessons might these movies hold about regulation?
Start with the Wizard of Oz. The 1939 movie was a populist allegory about money, though most devotees don’t know it. The Emerald City represents Wall Street, while the yellow brick road symbolizes the gold standard. The Cowardly Lion represents William Jennings Bryan, who, when the original book was written in 1900, was an agrarian populist candidate running for president against the monetary austerity of the gold standard and on behalf of western farmers (the Scarecrow) and eastern factory workers (the Tin Man).
July 30, 2024 — The US stock market is on a tear. Since the start of this year, January 2024, the Dow Jones , S&P 500, and NASDAQ have each repeatedly set new all-time records. Indeed, the trend in stocks has been strongly upward for the last two or three years. For instance, the S & P 500 is about 40 % above where it was in January 2021, when Joe Biden became President [43 % higher].
The price of gold has also shown a strong upward trend, reaching $2,470 an ounce on July 17, the highest in history. Why are these assets so elevated?