Does Quantitative Easing Cause Inflation? The Real Economic Link
In March 2020, the Federal Reserve announced unlimited quantitative easing. Within weeks, the money supply exploded. Commodity prices spiked. By 2021, Americans were payi…
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Economics & Markets
5 articles
Full Reserve Banking Explained: How It Reshapes Economic Policy
I first heard the phrase "full reserve banking" at a dinner table where a friend who'd studied economics was arguing that our entire financial system rests on an illusion…
Covered Bonds vs Mortgage-Backed Securities: What's Different
Most investors hear "mortgage-backed security" and think they know the category. But if you venture into global bond markets, you'll quickly bump into a cousin MBS invest…
What Is Covenant-Lite Lending (and Why It Worries Investors)
Three months ago, I was reviewing my client's bond fund holdings and noticed something unsettling: nearly 40% of the high-yield positions carried no real financial covena…
Counterparty Risk Explained: Why It Still Threatens Markets
In 2008, a trader I knew worked on a derivatives desk. He'd bought credit protection from Lehman Brothers—a bet that Lehman would survive. The premium seemed cheap; Lehma…