{"id":4257,"date":"2012-05-02T21:28:02","date_gmt":"2012-05-03T01:28:02","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4257"},"modified":"2012-05-02T21:28:02","modified_gmt":"2012-05-03T01:28:02","slug":"paul-l-kasriel-dont-end-the-fed-mend-the-fed","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/","title":{"rendered":"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed"},"content":{"rendered":"<p>Although the return to a gold standard for our monetary system has much appeal, it is unlikely to occur. So, let\u2019s not let the perfect be the enemy of the good. Perhaps there is second-best monetary policy approach to the gold standard that might achieve most of the desirable outcomes of a gold standard but might have a greater probability of actually being adopted&#8230;&#8230;. My suggested approach is very similar to one advocated by Milton Friedman at least 60 years ago. The more things change, the more they stay the same, I guess. I am proposing that the Federal Reserve <strong>target and control growth in the sum of credit created by private monetary financial institutions<\/strong> (commercial banks, S&amp;Ls and credit unions) <strong>and the credit created by the Fed itself<\/strong>. I believe that this approach to monetary policy would reduce the amplitude of business cycles, would prevent sustained rapid increases in the prices of goods\/services and would prevent asset-price bubbles of the magnitude of the recent NASDAQ and housing experiences.<\/p>\n<p><a href=\"http:\/\/www-ac.northerntrust.com\/content\/media\/attachment\/data\/econ_research\/1204\/document\/econtrarian_043012.pdf\">econtrarian_043012.pdf (application\/pdf Object)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although the return to a gold standard for our monetary system has much appeal, it is unlikely to occur. So, let\u2019s not let the perfect be the enemy of the good. Perhaps there is second-best monetary policy approach to the gold standard that might achieve most of the desirable outcomes of a gold standard but &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,34],"tags":[874,881,1585],"class_list":["post-4257","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-us-canada-countries-regions","tag-credit-creation","tag-credit-growth","tag-gold-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Although the return to a gold standard for our monetary system has much appeal, it is unlikely to occur. So, let\u2019s not let the perfect be the enemy of the good. Perhaps there is second-best monetary policy approach to the gold standard that might achieve most of the desirable outcomes of a gold standard but &hellip; Continue reading &quot;Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-05-03T01:28:02+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed\",\"datePublished\":\"2012-05-03T01:28:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/\"},\"wordCount\":188,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"Credit Creation\",\"credit growth\",\"gold standard\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/\",\"name\":\"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-05-03T01:28:02+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thepatientinvestor.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\",\"name\":\"Colin Twiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"caption\":\"Colin Twiggs\"},\"description\":\"Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\",\"https:\/\/au.linkedin.com\/in\/colintwiggs\"],\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed - the patient investor","og_description":"Although the return to a gold standard for our monetary system has much appeal, it is unlikely to occur. So, let\u2019s not let the perfect be the enemy of the good. Perhaps there is second-best monetary policy approach to the gold standard that might achieve most of the desirable outcomes of a gold standard but &hellip; Continue reading \"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2012-05-03T01:28:02+00:00","author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed","datePublished":"2012-05-03T01:28:02+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/"},"wordCount":188,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["Credit Creation","credit growth","gold standard"],"articleSection":["Banks &amp; Interest Rates","US &amp; Canada"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/","name":"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2012-05-03T01:28:02+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/02\/paul-l-kasriel-dont-end-the-fed-mend-the-fed\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Paul L. Kasriel: Don\u2019t End the Fed, Mend the Fed"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454","name":"Colin Twiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","caption":"Colin Twiggs"},"description":"Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-16F","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":21340,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/08\/29\/the-fed-will-they-trash-the-dollar\/","url_meta":{"origin":4257,"position":0},"title":"The Fed: Will they trash the Dollar?","author":"Colin Twiggs","date":"August 29, 2020","format":false,"excerpt":"There is a widely held view that the Fed is unable to create inflation if banks do not lend. The reasoning is that the Fed may create reserve accounts (at the Fed) but only commercial banks can create Dollars when they lend. If banks do not lend, the Fed is\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13216,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/28\/lighting-a-fuse\/","url_meta":{"origin":4257,"position":1},"title":"Lighting a fuse","author":"ColinTwiggs","date":"April 28, 2016","format":false,"excerpt":"The Fed quit quantitative easing more than a year ago, limiting total assets on its balance sheet to $4.5 trillion. But more than $2.5 trillion of cash injected into the financial system had been deposited straight back into the Federal Reserve system by banks as excess reserves, earning 0.25% p.a.\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Fed Total Assets and Excess Reserves","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-28-fedassets.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-28-fedassets.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-28-fedassets.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":62357,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/09\/10\/gold-flags-a-secular-bear-market-in-bonds\/","url_meta":{"origin":4257,"position":2},"title":"Gold flags a secular bear market in bonds","author":"Colin Twiggs","date":"September 10, 2025","format":false,"excerpt":"Key Points Government bonds sell at inflated prices as central banks suppress long-term yields. Long-term yields are in a cyclical downtrend, driven by speculators. However, long-term bonds are in a secular bear market fueled by fiscal instability and a rising threat of inflation. International capital flows will also dry up\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Combined Assets of the Fed, ECB, BOJ, and PBOC","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":62206,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/07\/31\/fed-stands-firm-so-does-boj\/","url_meta":{"origin":4257,"position":3},"title":"Fed stands firm, so does BOJ","author":"Colin Twiggs","date":"July 31, 2025","format":false,"excerpt":"Key Points The Fed held the funds rate target steady at 4.25% to 4.50% The Bank of Japan followed up, holding its policy rate steady at 0.5% The S&P 500 and Dow Jones Industrial Average eased slightly The US Dollar Index jumped, weakening demand for gold Fed Chair Jerome Powell\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-07-30-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-07-30-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-07-30-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":20236,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/04\/11\/gold-and-the-great-inflation\/","url_meta":{"origin":4257,"position":4},"title":"Gold and The Great Inflation","author":"Colin Twiggs","date":"April 11, 2020","format":false,"excerpt":"There are clear signs that the US is headed for an economic contraction this year. The New York Fed's Weekly Economic Index plunged to -8.89% on March 21st, compared to its -4.01% low from February 28th, 2009. Jim Stock expands on reasons for the fall: \"Today\u2019s decline is driven by\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14117,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/09\/13\/credit-bubbles-and-gdp-targeting\/","url_meta":{"origin":4257,"position":5},"title":"Credit bubbles and GDP targeting","author":"ColinTwiggs","date":"September 13, 2016","format":false,"excerpt":"In 2010 Scott Sumner first proposed that the Fed use GDP targeting rather than targeting inflation, which is prone to measurement error. Since then support for this approach has grown, with Lars Christensen, an economist with the Danish central bank, coining the term Market Monetarism. Sumner holds that inflation is\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=4257"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4257\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=4257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=4257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=4257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}