Links

The Lesson to Unlearn - by Paul Graham (LINK)

A Framework for Regulating Competition on the Internet - by Ben Thompson (LINK)

Josh Wolfe and Peter Thiel on a panel at the 2019 Reagan National Defense Forum (video) (LINK)

Repo Blowup Was Fueled by Big Banks and Hedge Funds, BIS Says (LINK)

‘Fake Ebitda’ to Worsen Next Slump, $33 Billion Debt Maven Warns (LINK)

Notes From Sohn London Investment Conference 2019 (LINK)

a16z Podcast: The Stories and Code of Culture Change (LINK)

Masters in Business: Ben Horowitz Discusses Culture and Success (LINK)

Related book: What You Do Is Who You Are: How to Create Your Business Culture

Venture Stories Podcast: Investing in Marketplaces with Sarah Tavel and Nabeel Hyatt (LINK)

Acquired Podcast: TikTok (LINK)

The Evolutionary Breakthrough That Gave Mammals Their Hearing (LINK)

Paul Volcker, the Carter-Reagan Fed chairman who beat inflation, dies at age 92 (LINK)

Remembering Paul Volcker: 2005 Speech at Stanford (LINK)

Book of the day: Keeping At It: The Quest for Sound Money and Good Government - by Paul Volcker

Paul Volcker on the Fed's dual mandate

From his book, Keeping At It:

In 1977 the Federal Reserve Act was amended to require that the central bank "maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote the goals of maximum employment, stable prices, and moderate long-term interest rates." Reasonable enough as an aspiration, but here we have the origin of what has since been interpreted as the "dual mandate." 

The following year, Congress passed the Full Employment and Balance Growth Act, known more widely as the "Humphrey-Hawkins Act" for the senator and congressman who sponsored the legislation. The new law had more than a bit of a monetarist flavor. It required the Federal Reserve chairman to report to the Congress twice a year on plans for monetary policy, setting out the board's targets for the growth in money and credit. That indeed was a specific mandate. It also went on to incorporate the previous less specific language about the "goals" of maximum employment, stable prices, and the now conveniently forgotten moderate long-term interest rates. A key issue for monetary policy is the degree to which that so-called dual mandate leads to clarity or confusion in the operating decisions of the Federal Reserve Board and Open Market Committee. I fear the latter.

Paul Volcker & Ray Dalio | State of the US Economy & Government

Link to video

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Related book: Keeping At It: The Quest for Sound Money and Good Government

Links

Paul Volcker, at 91, Sees ‘a Hell of a Mess in Every Direction’ (LINK)

The former Fed chairman, whose memoir will be published this month, had a feisty take on the state of politics and government during an interview.   

Related book: Keeping At It: The Quest for Sound Money and Good Government

CNBC's full interview with Hayman Capital's Kyle Bass (video) (LINK)

CEO of Buffett-owned Brooks Running considers moving out of China with 45% tariffs looming [H/T Linc] (LINK)

The Story of John Mackay – The Bonanza King (LINK)

Related book: The Bonanza King: John Mackay and the Battle over the Greatest Riches in the American West

The City That Had Too Much Money (LINK)

Vancouver was the first place to experience the tidal wave of Chinese cash. Now the city is leading efforts to stop it.

The Outrage Epidemic-II - by Russ Roberts (LINK)

Invest Like the Best Podcast: Howard Lindzon – Fintech and Trend Following (LINK)

Robert Greene talks to James Altucher about his new book, The Laws of Human Nature (podcast) (LINK)

5 Questions to Ask During Your Hospital Stay (LINK)

Related book: An American Sickness

A Climate Catastrophe Paved the Way for the Dinosaurs’ Reign - by Peter Brannen (LINK)

The World’s Most Valuable Parasite Is in Trouble - by Ed Yong (LINK)