Kurt Richebächer

Contributor since: 26 Feb 2010

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• An Unprecedented Speculative Spree

  Published 23 March 2007 | viewed 6,129 times

  A study recently published by the Bank for International Settlements (Monetary and Prudential Policies at a Crossroad?) says: "Financial liberalization is undoubtedly critical for the…

• Corporate America to the Rescue?

  Published 02 February 2007 | viewed 4,271 times

  With some consternation, we have been reading that Fed officials think the U.S. economy is a lot sounder today than it was at the end…

• Monetary Anarchy

  Published 15 December 2006 | viewed 5,513 times

  The encouragement of mere consumption is no benefit to commerce because the difficulty lies in supplying the means, not in stimulating the desire for consumption;…

• The Fed's Wild Imagination

  Published 17 September 2005 | viewed 7,062 times

  In his testimony to Congress on July 20, 2005, Mr. Greenspan declared it quite likely that the world is currently experiencing a global savings glut.…

• Crippling Wealth

  Published 24 June 2005 | viewed 5,584 times

  Let us start with a quote from Friedrich von Hayek: "The means of perception employed in statistics are not the same as those employed in…

• The Great Wealth Deception

  Published 23 April 2005 | viewed 6,952 times

  This is the most important economic question in and for the world: Has the U.S. economy's rebound since 2001 been aborted, or is it only…

• All Signs Point to Bubble

  Published 04 February 2005 | viewed 7,254 times

  In its Jan. 10 issue, Business Week carried an article, A Gold Medal for the Fed's Inflation Fighters, from Glenn Hubbard, dean of Columbia Business…

• Apocalypse Later

  Published 07 January 2005 | viewed 3,427 times

  Despite all the worried talk about the sliding dollar, both the financial markets and economic forecasters are taking it in stride. Conspicuously, nobody speaks of…

• The Missing Link

  Published 07 January 2005 | viewed 3,237 times

  The badly flawed consensus thinking about the implications of sustained large U.S. capital inflow starts with the error that U.S. assets are uniquely attractive to…

• A New Illusion: The Falling Dollar

  Published 11 December 2004 | viewed 5,716 times

  In his recent speech in Berlin, Greenspan was amazingly frank about the "increasingly less tenable U.S. current account deficit," suggesting that foreign investors would eventually…

• The Great Macro Profit Illusion

  Published 10 September 2004 | viewed 2,861 times

  Is the U.S. economy stalling out, or is it resuming its strong growth, gaining traction for a self-sustaining expansion with healthy job and income growth?…

• The Plug Factor

  Published 20 August 2004 | viewed 3,088 times

  This essay was adapted from an article in the August edition of: The Richebächer Letter. At first look, the May consumer income and outlays numbers…

• A Most Savage Credit Crunch

  Published 09 July 2004 | viewed 3,157 times

  While the Fed hiked its rate by a paltry 25 basis points, the bond market used a hammer, raising 10-year Treasury yields by 100 basis…

• It's the Bubbles Stupid

  Published 19 June 2004 | viewed 2,910 times

  The further fate of America's consumer borrowing and spending binge is of major concern at this juncture. Last year, in particular, it was the key…

• A Grotesque Misnomer

  Published 28 May 2004 | viewed 2,732 times

  Economic growth now depends crucially on the strength of wealth and profit creation. Mr. Greenspan and the bullish consensus economists claim that America is enjoying…

• Imbalances and Dislocations

  Published 14 May 2004 | viewed 3,083 times

  Attempting to assess the U.S. economy's further outlook, one should first ponder the main causes that have been thwarting a stronger and healthier recovery, even…

• The Great Deluder

  Published 16 April 2004 | viewed 3,109 times

  For us, Mr. Greenspan is the great deluder of the American public, flatly deceiving it about the economy's true situation and prospects. His speeches always…

• Policy Traction

  Published 09 April 2004 | viewed 2,906 times

  "Policy traction" is an expression that lately has come into fashion. In essence, it refers to the relationship between the size of the monetary and…

• Pulling Out the Rug

  Published 12 March 2004 | viewed 2,631 times

  Apparently, the consensus economists are still convinced that the growth acceleration in the second half of 2003, and above all a sharp rise in profits,…

• Vindication for the FED?

  Published 27 February 2004 | viewed 2,960 times

  Manifestly, there is general overwhelming optimism about the U.S. economy. Positive arguments abound: Thirteen rate cuts and the lowest interest rates in decades; runaway money…