Stephanie Pomboy goes Full WCV in Barron's
Lots of folks are Googling “Stephanie Pomboy in Barron’s” this morning and landing here on an old post I wrote about an earlier Barron’s interview.
Stephanie Pomboy is one of the most widely respected macroeconomic analysts on Wall Street, so it’s nice to see someone of that stature say what we’ve been saying here for so long. You know it’s going to be good when it’s titled Coming: The End of Fiat Money.
Excerpts from the Barron’s interview ($):
[...] the Fed is really the only natural buyer of Treasuries anymore. It will have to continue to monetize Treasury issuance at the same time all the other major developed economies—from the Bank of Japan to the Bank of England to the European Central Bank—are doing the same. Pursue that to its natural conclusion, and you see the inevitable demise of fiat money. To look at our policies and not be concerned about the risks to our currency would be dangerously naive.
[...]
The Fed is trying to engineer a wealth effect, so high-end consumers spend, so companies catering to them will hire and increase capex, [capital expenditures] and—lo and behold!—the seeds of a sustainable recovery will be sown. It hasn’t played out like that. They have financial-asset inflation and high-end consumer spending. The logjam is that corporations are disinclined to increase hiring and expand.
Go pick up a copy of Barron’s and read the whole thing.
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