Entries by Monetary Metals

Marginal Productivity of Debt

Understanding the marginal productivity of debt is key to understanding whether the amount of credit created is unsustainable, resulting in the failure of the monetary system and loss of everyone’s savings. Falling Productivity of Debt introduces the idea of the marginal productivity of debt, that is, how much additional GDP is added for each newly-borrowed […]

The Voldemort Effect in the Gold Market

Gold market analysts have for many years puzzled over the unusual behavior of the gold market during the 1990s, specifically the bizarrely flat gold price from 1993 to 1996 in the face of sustained selling pressure from central banks and gold miners hedging their production. To-date no one has been able to identify the hidden […]