War as Economic Policy

Oil prices are rising again after falling most of this year. Brent Crude was about $88 a barrel a month ago. Today it's around $105. That's a nearly 20% rise simultaneous with a deceleration in global growth expectations, decreasing oil demand, the collapse of many two-year sovereign yields, and short to long bond spreads concurrently falling below the 200-basis point minimum necessary for the global financial system to operate properly.

There are no economic models to address these circumstances with monetary or fiscal policy. There are no financial models designed to account for negative nominal rates -- especially ones that have been extended as far out as two years....434 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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