“To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about.”
-Economist FREDERICH HAYEK, as relayed by William White in his Adam Smith prize acceptance speech last month.
“Monetary policy is not a panacea…Most of the policies that support robust economic growth in the long run are outside the province of the central bank.”
-Former Fed chairman, BEN BERNANKE (in the days before he went all-in on Quantitative Easing—QE)
This month’s Guest EVA is,
“He who lives by the crystal ball will eat shattered glass.”
-Hedge-fund titan, Ray Dalio
“The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merit, the investment is invariably too dear and therefore unattractive.”
-JOHN MAYNARD KEYNES
A slick call on oil.
“Tomorrow belongs to those who can hear it coming.”
When a choice isn’t a choice. For this month’s edition of our Guest EVA, we are again showcasing one of the financial world’s rising-star newsletter writers, Ben Hunt. In addition to being the developer of the Epsilon Theory website,