Alex J. Pollock
The Fed’s Remarkable ‘Independence’ Claim
Despite its claims, the Fed operates politically, loyally financing the government’s deficit as needed, and without accountability.
The Permanent Temptation of All Governments
"The math of 2 percent compound shrinkage demonstrates that the Fed wants to depreciate the dollar’s purchasing power by 80 percent in each average lifetime. Somehow the Fed never mentions…
Chairman Powell and The Fed’s Limits
"Congress should applaud Chairman Powell’s candor on uncertainty and strongly support his principle of operating the Fed within the limits of its mandate." ~Alex J. Pollock
Fixing A Big Mistake in Risk-Based Capital Rules
"Both long Treasuries and mortgage-backed securities guaranteed by government agencies are in current regulation included as 'High Quality Liquid Assets.' But of course they both can and have created plenty…
The Political History of Money
"In The Currency of Politics, Stefan Eich has written a valuable and very interesting review of specific monetary debates in their historical settings during centuries of thought about the nature of money…
Volcker and the Great Inflation: Reflections for 2022
"Volcker’s victory over runaway inflation was not permanent, because the temptation to governments and their central banks of excessive printing, monetization of government deficits, and levying inflation taxes is permanent."…
Federal Reserve Operating Losses and the Federal Budget Deficit
"In 2023, the Fed will likely report tens of billions of dollars in operating losses as it raises interest rates to combat raging inflation. Will Fed losses increase the budget…
The Fed’s Tough Year
"The current push to expand the Fed’s mandates is consistent with Shull’s Paradox, which states that the more blunders the Fed makes, the more powers and prestige it gets. But…
Risk, Uncertainty and Profit 100 Years Later
"It is the special function of the entrepreneur to generate unpredictable change and the economic profit or loss, progress or mistakes, that result from it." ~ Alex J. Pollock
