Will we see a new global financial crisis? Or will this storm pass? The next few weeks will be interesting. A few remarks. 1. This is not a crisis of illiquidity ( which the Fed knows how to handle ): this is a crisis of insolvency. At SVB, once long term bonds are marked.. to market ( rather than”hold@to@maturity”), liabilities may exceed assets. 2. You could see inflation & interest rise coming from a mile away. Capable bank managers saw this coming. 3. Some gambled anyways, and regulators let them. Some even financed themselves with large …

My tweets in recent days and an old blog post have apparently irritated a lot of people. That was far from my intention: let me apologize for that. Did I choose my words and comparisons wisely? I did not. My apology, once again. Let me also make clear that all these are just my views, not pronouncements by the JPE and most certainly not the @UChicago or my department: a bastion of free speech, where we disagree all the time and where surely a considerable number of my colleagues passionately disagree with things I said. I said what I said because

Too bad, but #blacklivesmatter per its core organization @Blklivesmatter just torpedoed itself, with its full-fledged support of #defundthepolice : "We call for a national defunding of police." Suuuure. They knew this is non-starter, and tried a sensible Orwell 1984 of saying, oh, it just means funding schools (who isn't in favor of that?!?).But no, the so-called "activists" did not want that. Back to truly "defunding" thus, according to their website. Sigh. #GeorgeFloyd and his family really didn't deserve being taken advantage of by flat-earthers