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by Michael Ashton on April 27, 2012
By defending the owners of capital, the Fed is actually helping to hold down real wages since there is no reason to substitute away from capital to labor. But this doesn't mean nominal wages won't rise. Read more »
by Michael Ashton on March 19, 2012
How does the recent recovery in Commercial Bank Credit related to money velocity, and what does it say about inflation? Read more »
by Michael Ashton on February 22, 2012
This quarterly report is intended to give our clients and select prospects an overview of the economic and financial conditions as they relate to the possibility for an acceleration or deceleration of inflation. This is the report for Q1 2012, published February 21, 2012. Read more »
by Michael Ashton on February 3, 2012. Updated on January 26, 2012.
The Fed's statement yesterday is unmistakably dovish - and the Chairman's statement goes as far to the dovish side as anything we have probably ever heard from a Chairman of the Federal Reserve before. Read more »
by Michael Ashton on February 3, 2012. Updated on January 24, 2012.
There seems an awful lot of talk about QE3 and the risks of deflation considering that core inflation is rising in every developed economy, and has been for more than a year. Read more »
by Michael Ashton on December 30, 2011. Updated on December 24, 2011.
We present here the results of some simple models of long-term asset class returns and their implications for the decade ahead. Read more »