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by Doug French via Mises What clear-eyed mortgage underwriter would sign on to a thirty-year loan at less than 3 percent? After all, in Las Vegas, for instance, the unemployment rate in November was 11.5 percent, second highest in the country. The city’s main engine, tourism, has been stymied by covid. But, as if there were nothing wrong, nothing to see, or no risks to consider, new home sales are on the verge of being the highest in 2020 since the historic housing-boom year of 2007. “Heading into the final month of 2020, the housing market in Southern Nevada continues to impress and ...

What clear-eyed mortgage underwriter would sign on to a thirty-year loan at less than 3 percent? After all, in Las Vegas, for instance, the unemployment rate in November was 11.5 percent, second highest in the country. The city’s main engine, tourism, has been stymied by covid. But, as if there were nothing wrong, nothing to see, or no risks to consider, new home sales are on the verge of being the highest in 2020 since the historic housing-boom year of 2007.  “Heading into the final month of 2020, the housing market in Southern Nevada continues to impress and defy normal seasonal trends...

Almost Daily Grant’s ( ADG) made the pronouncement on December 14th that a “new benchmark in financial repression” had been set: ”a record $18.4 trillion in global debt is priced to yield less than zero, up from less than $8 trillion in March and a five-year average of $10.3 trillion.” ADG consulted interest rate historians Sidney Homer and Richard Sylla, who opined, “nominal negative yielding debt had never been seen in material size in the 4,000 years of interest rate history prior to the current cycle.” Economist Ludwig von Mises never imagined such a thing, writing in  H...

Almost Daily Grant’s ( ADG) made the pronouncement on December 14th that a “new benchmark in financial repression” had been set: ”a record $18.4 trillion in global debt is priced to yield less than zero, up from less than $8 trillion in March and a five-year average of $10.3 trillion.” ADG consulted interest rate historians Sidney Homer and Richard Sylla, who opined, “nominal negative yielding debt had never been seen in material size in the 4,000 years of interest rate history prior to the current cycle.” Economist Ludwig von Mises never imagined such a thing, writing in  H...

The Capital Letter: Week of December 7 Andrew Stuttaford © Carlo Allegri/Reuters The NASDAQ market site displays an AirBnb sign featuring CEO Brian Chesky on their billboard on the day of the company's IPO in Times Square in New York City, December 10, 2020. Yes, U.S. markets have been a little weaker in the last few days, and as I write (11:55 a.m.), are down again this morning, but signs of a bubble aren’t too difficult to find. There is, for example, the continuing demand for “blank-check” companies or, less euphemistically, SPACs (special purpose acquisition compa...