Rings of Fire

   “My generation gave former tenured economics professors discretionary authority to fabricate money and to fix interest rates. We put the cart before the horse of enterprise. We entertained the fantasy that high asset prices made for prosperity, rather than the other way around. We actually worked to foster inflation, which we called ‘price stability’ (this was on the eve of the hyperinflation of 2017). We seem to have miscalculated.”

James Grant

The basin of the Pacific Ocean running along the West Coast of North and South America and the East Coast of Asia that accounts for 90% of the world’s earthquakes is known as the “Ring of Fire.” Over a two-day period in mid-April, severe earthquakes rocked opposite sides of this region. On April 14, a magnitude 6.2 tremor shook Kumamoto prefecture on the southern Japanese island of Kyusho, followed two days later by a 7.3 magnitude quake. Giant cracks opened in the earth and dozens of people died. Toyota and other businesses were forced to shut down operations… Continue reading

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