To follow up on my post about interest rates and inflation…here is a little broader explanation. Bernanke held the federal funds rate at 0% for 7-years…M2 Stable…No Inflation. Powell held the funds rate at 0% for 2-years…M2 surged…Inflation. M2 caused the inflation, not low rates and raising rates does not bring down inflation. It’s all a head fake by the Fed. QE and “abundant reserve” monetary policy have severed the connection between money growth and interest rates. This does not mean that rates should be 0%. They should be about 1.5% above inflation, which today would put the federal funds rate at about 4%, not 4.5%. The Fed should cut by 50 bps immediately. Also, the money supply is now picking up again…growing at a 6.9% annualized rate in the past three months. That is too fast. But the key point is that rates are now set by the Fed itself…whatever it wants to do…whether it makes sense or not. We should have never held rates at 0% for nine years…but the Fed wanted to make it cheaper for the government to issue debt and spend, spend, spend.
When I got the news last night that Jim Irsay had passed away in his sleep it was devastating to me. The Bible says in many places that tomorrow is not promised to us but I wasn’t ready for this.
Jim was one of the kindest, most compassionate people I have ever known. He was awesome to me and my family. He was a blessing to his players and staff. But more than that he had a heart for people and for the city of Indianapolis. He loved people and did so many things for others—more things than you could imagine.
I miss him already. He was a special man and I couldn’t have worked for a better owner. 🙏🏽🙏🏽
.@Colts @
Tyler Warren @psufootball is going to help this offense in so many different ways. They also just became a tougher team. John Mackey TUFF. #BaldysBreakdowns
NFL DRAFT trivia for $1500 plus $1500 to humane society/shelter of your choice, ONE winner: I traded our 3rd pick of the 1998 NFL Draft---to where, and for who??? Retweet this with your answer (and name of shelter). 9pm ET tonight deadline. GO.✌️🏈