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Maintaining the Illusion of Stability Now Requires Ever-Greater Extremes
On the surface, everything still looks remarkably stable in the core industrial economies. The stock markets in Japan, Germany and the U.S. are only a few percentage points off their highs, and we’re...
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The Federal Reserve: Illusion of Understanding, Illusion of Control
We live in an era of illusion: the illusion of understanding, and the illusion of control. Few institutions reflect these illusions better than the Federal Reserve, though the Pentagon, Congress, the...
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