The Dismal Optimist
“I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody”.
“You mean to tell me that the success of my program and my reelection hinges on the Federal Reserve and a bunch of f***ing bond traders?”
From Bob Woodwards’ The Agenda
“Early in the Clinton days, the hallmark of policy was, if you did this, how would it affect the bond market?,” Carville said in an interview last year. “Every time I would talk to someone, they would say, ‘You can’t do that, it will freak the bond market out.’ I said, ‘Goddamn, whoever the bond market is, these bastards are powerful.’”
Peter T Treadway also serves as Chief Economist, CT RISKS, Hong Kong.
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David Hume (1711-1776)
Although David Hume (1711-1776) is primarily known as a philosopher, his price-specie flow model explains the fundamentals of the international gold standard.
Versions of the international gold standard dominated international finance from 1871-1914, 1920-1933 and 1945-1971.
