rchelitoy.com

People’s willingness to hold money can change suddenly for a “psychological and spontaneous reason”, causing a spike in the velocity of money. It can occur at lightning speed, over a few weeks. The shift invariably catches economists by …

Wolman’s pronouncement that paper money is inefficient has a nice neo-classical ring to it, but the people who choose to use it have concluded that it is efficient for them, and it’s not the role of the state to say otherwise. …

This deal was the purest expression of the “dumb money” mentality. The only hope Zell had of making a dent in the debt load and keeping current on the $800-million-plus annual interest tab was to sell off trophy properties like the Cubs …