Philip IV, the Counterfeiter King

           Finance is usually distinguished from the ‘real economy’ to isolate those parts of an economic system that are most directly engaged in production or consumption. However, this shouldn’t suggest that a financial system cannot reveal anything new about the ‘real economy’ not already measured. The condition of a monetary system can be indicative of an

Section 13(3), the Fed’s Emergency Provision

           In the last two decades, the Federal Reserve has intervened extensively in American financial markets in the face of relatively unique crises. Its reaction to these crises included the deployment of new programs which were markedly distinct in their scope from the Fed’s day-to-day operations.            Few public institutions are able to operate as quickly and

Fracking and Finance

           In 2008, the United States produced 18 trillion cubic feet of natural gas. Just over ten years later, this had grown to 34 trillion cubic feet. An even more spectacular rise took place in oil production over those years. Much of this growth was the result of new production techniques, namely hydraulic fracturing, that made

Germany’s Gargantuan Small Banks

           Many countries have state-run banks but few date back two centuries. Today, Germany has several hundred of these loosely affiliated public banks, comprising a major leg of a financial system older than the country itself. They are distinct from the larger banks both in their history and their objectives and, together, these small lenders are

Father of Venture Capital

           Venture capital is probably regarded as a relatively modern asset class, spurred by the billions of dollars raised for private investments in already valuable firms and the valuations conferred on growing firms in initial public offerings. However, venture capital investing, even early-stage venture investing, has been around since as long as risky new projects have