Free PDF , by John Tamny
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, by John Tamny
Free PDF , by John Tamny
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Product details
File Size: 1391 KB
Print Length: 226 pages
Page Numbers Source ISBN: 1594038317
Publisher: Encounter Books (May 24, 2016)
Publication Date: May 24, 2016
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B01ENQQ0DW
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Tamny's heart is in the right place in his advocacy of unhampered markets, but there are some conceptual errors here that need to be clarified or corrected. In this review I want to tackle one of those misconceptions, namely his contention that the Fed cannot and does not "print money." (Several economists – for example, Lacy Hunt and Cullen Roche – have also made this claim.) I contend the opposite: the Fed and other central banks can and do “print money,†and in huge quantities.Tammy writes on page 160: "The Fed wasn’t “printing money†to conduct its horrid quantitative easing scheme; rather, it was doing something much worse..."Tamny clearly thinks the Fed does not create new money when it engages in quantitative easing. My guess is that he and others believe this because of what happens when the Fed purchases Treasurys from a commercial bank. When purchasing securities from a deposit-taking institution, The Fed pays for them by crediting the selling bank with “reserves†that the bank can legally use for only two purposes: lending to other banks, or meeting withdrawal demands from depositors. If neither of these things happen, the new reserves sit in the bank’s account at the Fed and are not considered part of the money supply because they are not “in the economy,†i.e., they are not being spent. So in this scenario, no new money is created.But the story does not end there. Importantly, the Fed does not purchase securities solely from deposit-taking institutions. In fact, most of the 23 primary dealers the Fed purchases securities from are not deposit-taking financial institutions - most are subsidiaries of deposit taking institutions, and that makes a big difference. A non-deposit–taking entity selling to the Fed gets paid in actual money that it can spend. The Fed sends the sellers of the securities a check, which they deposit with their parent bank. The bank credits the subsidiary account with spendable money, then deposits the check for settlement with the Fed, which credits the bank’s “reserve†account. Thus, the Fed created both new reserves and new money in this transaction.I would encourage Tamny and other readers to consult the acting-man.com blog for a detailed and illuminating account of how much money the Fed has “printed†since the Great Financial Crisis. In particular, see [...] “Can The Fed Print Money?â€I invite any sincere response or criticism – my goal here is clarity and understanding for all of us who value free markets.
What really attracted me to this book was the title, something I am in agreement with. I had not been aware of this author before reading a positive review in Forbes and the WSJ. Among other notables is a review from Andy Kessler, whom I have previously found to be objective, and of course a markets person.First, in favor of the book: the author makes a very good case. Indeed it is safe to say that he finds nothing of value in the Fed’s existence. Although a supply-sider, he criticizes them also. He is an adamant free-market advocate who favors no reserve requirements for banks and no FDIC. The Fed was originally created to provide liquidity to solvent banks, and has morphed into providing liquidity to insolvent institutions and even forcing solvent ones to take its money. The author favors creative destruction, whereas the Fed is a major player in central planning and the redistribution of assets to the “weakâ€. “Why keep around that which intervenes in the natural workings of the markets? Didn’t we learn in the twentieth century (often through mass murder and starvation) just how dangerous it is to empower central planners?â€The flip side: The tome is 180 pages whose points could have been successfully made in 45. There is so much repetition that it occurred to me the book could be an anthology of previous articles. Why else would the author repeat the exact same text over and over? Does he assume the reader to have Alzheimer’s? In each of the 21 chapters he defines his meaning of “creditâ€. He even repeats the exact quotes from Hazlett. Some text is occasionally difficult to read in that some sentences are too long to follow if only read once. He also frequently drops articles (e.g. “theâ€), probably because he thinks it sounds cool. It doesn’t.The book has no charts, graphs, tables or formulae. Undoubtedly someone told him that those things discourage readers. It is quite the opposite, as they can be used to illustrate a point. One chapter is devoted to how the price of oil responds solely to the price of the dollar with respect to gold. Being a “data monkey†I have the ability to check that out, and when I did I learned why there was no such chart. Yes, there is a sometimes relationship, but nothing to be relied upon.His concept of real estate is that it solely constitutes consumption by households, not investment. Interestingly my best investment ever was when I acquired and improved a vacant lot 15 years ago for X dollars. Without any subsequent improvement that property currently produces 1.25 X each year in profits. If I were to characterize that as something other than an investment I would possibly call it a winning lottery ticket. I wish I had more of those.My real reason for acquiring the book is that with a title like that, the author must have some idea as to what non-Fed variables might be of interest. That is, I agree that the Fed is detrimental, so if I had previously been a “Fedwatcherâ€, what do I watch now? Fortunately I found one (just one) that might prove to be valuable.If you need a guidebook on being skeptical of the Fed, get the book. His examples are great: Taylor Swift, Jim Harbaugh, Uber, etc.
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