In our May 2021 newsletter, Breaking Windows, we discussed inflation and its impact on the investment markets. We said the primary drivers of inflation were the large stimuli injected unevenly into the global economic system through governments and central banks. That newsletter focused on one side of the equation—demand—and in it we noted: “There is...Read More

We recently watched a TED talk by fiction author John Green. He opened his talk by discussing Agloe, a made-up town in New York that he used in his book Paper Towns. Agloe was created by the cartographers who made Esso maps in the 1930s as a means of detecting future plagiarism. If Agloe found...Read More

We are keeping with our summer series of more charts and fewer words. Most of this newsletter will be discussing interest rates, inflation and why many fear the eventual monetary stimulus unwind. The chart above attempts to rebuild a history of U.S. interest rates over the span of the country’s independence. Two items stick out...Read More

“Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.” —Frédéric Bastiat Not a day goes by without an article discussing inflation. And since that is the topic of this article, today will not be the exception. Good inflation, bad inflation, deflation,...Read More

In the early 1980’s, Dave Davies, of the English rock band the Kinks, wrote the song, “Living on a Thin Line.” He was writing about England as the last century waned, but it resonates today with our current economic situation. Economic life sits on a changing and unstable ground at this moment. At Auour, our...Read More