Relying on Social Security Is Like Playing Russian Roulette
For nearly 80 years the Social Security system in the United States has been paying benefits to retirees. Generations of Americans have grown up and gone to work in the expectation that the Social Security taxes they paid throughout their careers will be repaid with interest once they retire. But as demographic changes alter the makeup of American society...
President Trump Continues to Attack the Fed: Will Powell Fold?
One of the more disappointing aspects of President Trump’s tenure is the evolution of his criticism of the Federal Reserve System. While candidate Trump rightfully criticized the Fed for artificially depressing interest rates, President Trump has morphed into attacking the Fed for raising its target federal funds rate. While he correctly identified the Fed’s political motivations for keeping interest...
The Central Banking Bubble – Bank of Japan Assets Exceed GDP
When central banks first began to engage in quantitative easing (QE) policies during the financial crisis, those policies were harshly criticized by sound economists. The idea that printing money out of thin air to purchase worthless assets could somehow strengthen the economy and bring it back from the brink of destruction was an absurd one. All it could do...
6 Things to Be Thankful About This Thanksgiving
It’s that time of the year again, time to get together with family, eat turkey, watch football, and think of all the things to be thankful for. As Americans, we often don’t realize how fortunate we are to live in such a prosperous country. We often complain about “First World problems” that people in less developed problems would kill...
Is There a Rebellion Within the Fed?
One of the hallmarks of the Federal Reserve System in the modern era is the near unanimity with which it normally makes decisions. With the direction of policy being guided by the Fed’s chairman, the Federal Open Market Committee (FOMC) has rarely had members dissent from its decisions. When dissent does occur, especially when a number of members dissent,...
How Much Do You Need to Save Each Year to Be Able to Retire Comfortably?
While every American dreams of retirement, the big question most people face is how much money they will need to save up in order to retire comfortably. Many financial planners advise at least a million dollars worth of assets which, thanks to the recent stock market boom, is not outside the reach of many Americans anymore. But others recommend...