Index

The page numbers in this index refer to the printed version of the book. Each link will take you to the beginning of the corresponding print page. You may need to scroll forward from that location to find the corresponding reference on your e-reader.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

  • abundance agenda, 247

  • accessibility, workplace, 116, 251

  • accounting equation, 32

  • Adams, James Truslow, 120

  • adventure mindset, 256

  • agricultural products, 70

  • Airbnb, 124

  • Alameda Research, 159–160

  • Alloway, Tracy, 89, 136

  • Amazon, 141, 172

  • AMC Entertainment Holdings, 137–139, 140, 243–244

  • American Dream, 120, 230–232

  • American Recovery and Reinvestment Act (ARRA), 169

  • Apple, 52, 90–91, 141

  • Applebaum, Anne, 241

  • Argentina, hyperinflation in, 98

  • Aristotle, 173

  • artificial intelligence (AI), 76–77, 119, 257, 258

  • Asian financial crisis (1997), 229

  • assets, 32

  • asymmetric price transmission, 73

  • Auster, Paul, 232, 233

  • austerity, 188, 189, 228

  • Australia, housing crisis in, 125

  • automotive market, 53–54

B

  • Bailey, Andrew, 112

  • Baker, Erik, 233–234

  • balance sheets, 32, 198–199

  • Baldwin, James, 18

  • Baltic Dry Index, 70

  • Banerjee, Ryan Niladri, 170

  • Bank of England, 161, 188, 192

  • Bank of Japan, 26, 161, 192

  • Bankman-Fried, Sam, 159–160

  • banks and banking. see also Federal Reserve

    • bank runs, 35, 204–205

    • business model, 29–30

    • central, 26, 192

    • deposits, 32

    • discount rate, 197

    • in early America, 25

    • failure, 35–37, 201–202

    • fractional reserve banking, 30–32

    • hedging strategies, 34–35

    • lending, 32

    • money-spending process, 28

    • repurchase (repo) agreements, 195–196, 199

    • reserve requirements, 33–34, 35–37, 194

  • bartering, 23, 36

  • Basmajian, Eric, 114

  • Belman, Dale, 108–109

  • Bezos, Jeff, 106

  • Biden, Joe, 207

  • Biden administration, 190

  • Binance, 159

  • Bitcoin, 157

  • Black, Fischer, 15

  • BlackRock, 135

  • Blanchard, Olivier, 191

  • Blinder, Alan, xix

  • blockchain technology, 161

  • Bloomberg Economics, 174

  • blue-collar jobs, 113–114

  • bonds and bond markets

    • about, 143–146

    • corporate, 28–29, 129, 147–148, 184–185

    • credit spread, 146–147

    • effect of interest rates on prices, 146

    • Federal Reserve and, 213–214

    • high-yield, 146–147

    • municipal, 184

    • ratings, 146

    • role of, 129–130

    • treasury market, 148–149, 185

    • United Kingdom, 188

  • Boym, Svetlana, 242

  • Brainard, Lael, 95, 207

  • Brandolini, Alberto, 221

  • Brexit, 112–113, 222

  • Buffett, Warren, 142

  • Buffett Indicator, 172

  • Bundesbank, 26

  • Bureau of Economic Analysis (BEA), 83

  • Bureau of Labor Statistics (BLS), 80, 82, 103–104

  • Burger, Dani, 136

  • businesses, 11, 169–170

C

  • Cameron, Julia, 257

  • Canada

    • income taxes in, 183–184

    • mortgages in, 125

  • capital gains, 134

  • car prices, 53–54

  • central banks, 26, 161, 192, 198–203, 209. see also Federal Reserve

  • Chancellor, Edward, 23

  • Changpeng Zhao, 159

  • Chesterton, G. K., 113

  • Chetty, Raj, 256

  • childcare, 248, 250–251

  • China

    • central bank, 192

    • U.S.-China trade war, 112, 222

  • CHIPS Act (2022), 190

  • Cigna, 255

  • circular flow model, 11–12

  • Clark, Andy, 239–240

  • classical economics, 222–223

  • clean energy, 255–256

  • climate change, 67, 75–76, 184, 207, 256–257

  • Clinton, Bill, 111

  • Coca-Cola, 93

  • cognitive dissonance, 16, 237–238

  • coins, 23–24

  • collateralized debt obligation (CDO), 35–37

  • Commercial Paper Funding Facility, 200

  • commodification of self, 243

  • commodities

    • artificial intelligence (AI) and, 76–77

    • common, 70–71

    • defined, 7, 69

    • external factors and, 71–72

    • globalization and, 69–71

    • metals, 74

    • oil, 71, 72–74

  • Commodity Research Bureau (CRB) Index, 71

  • community, 234–237

  • Conference Board Global Consumer Confidence Index, 17

  • construction jobs, 114

  • Consumer Confidence Survey, 17

  • Consumer Price Index (CPI), 79–84

  • consumer sentiment, 15–16, 60

  • consumer spending, 13, 60–61, 227, 243

  • consumerism, 66–67, 236, 241–242

  • consumption, 60–61, 65–66

  • cooperation, disappearance of, 227, 244–246

  • Coronavirus Aid, Relief, and Economic Security (CARES) Act (2020), 87

  • corporate bonds, 28–29, 129, 147–148, 184–185

  • Covert, Bryce, 115

  • covid-19 pandemic

    • 2020 recession caused by, 163–164, 169–170

    • effects of, 230–232, 236

    • monetary policy during, 199–202

    • post-pandemic labor market, 99

    • supply chain problems, 87, 95

  • credit markets, 28–29

  • Credit Suisse, 201–202

  • cryptocurrency

    • coins, 157–158

    • FTX, 158–160

    • memefication of, 140

    • narratives, 154–157

    • nonfungible tokens (NFTs), 157

    • resistance to, 161

    • tokens, 157

  • currency. see also cryptocurrency

    • creation, 28–29

    • defined, 23

    • digital, 161

    • fiat, 24, 26, 36

    • history of American, 24–27

    • nontraditional reserve, 39

    • reserve, 37–39, 41–42, 186

  • Current Employment Statistics (CES) survey, 103

  • Current Population Survey (CPS), 103

D

  • Daly, Mary, 100, 213–214

  • Dean, John, 252

  • debt

    • ceiling, 63, 185–187

    • debt-fueled growth, 63–64

    • government, 184–185

    • interest payments, 181

  • dedollarization, 40–42

  • defense and security spending, 181

  • deflation, 78, 96–97

  • degrowth, 66

  • democracy, 182

  • Demsas, Jerusalem, 252–253

  • Di Giovanni, Julian, 87

  • Dimon, Jamie, 140–141, 154

  • disability policies, 116, 251

  • discouraged workers, 101

  • disinflation, 78

  • dividends, 134

  • Dogecoin, 157–158

  • dollar. see U.S. dollar

  • Dollar General, 172

  • Dollar Tree, 172

  • Donovan, Paul, 92

  • Dow, Mark, 189

  • Dubus, Andre, 226–227

E

  • ecological economics, 66

  • economic activity, daily life as, xx–xxi

  • economic inequality, 244–246

  • Economic Recovery Tax Act (ERTA), 221

  • economic theory

    • classical economics, 222–223

    • emotions and, 13–14

    • Keynesian economics, 223–224

    • Marxism, 226

    • Modern Monetary Theory (MMT), 225–226

    • Monetarism, 224–225

    • new growth theory (NGT), 225

    • vibes and, 16

  • economics, defined, xx, 10

  • education, 236–237, 254–255

  • Edwards, Kathryn Anne, 107, 116

  • efficient market hypothesis, 137–139, 229

  • eggflation, 54–56

  • electric vehicles (EVs), 76

  • Ellison, Caroline, 159

  • employee stock ownership programs (ESOPs), 117–118

  • employment, maximum, 192, 208, 214

  • Employment Cost Index (ECI), 106

  • Employment Situation Summary, 103

  • energy markets, 95–96

  • energy resources, 70, 72–74, 255–256

  • Enriquez, Juan, 249

  • equity, 32

  • equity risk, 130

  • Erdoğan, Recep Tayyip, 209

  • Ethereum, 157

  • European Central Bank (ECB), 26, 189, 192, 197–198

  • European energy crisis (2022), 72, 75, 95–96

  • European Financial Stability Facility (EFSF), 189

  • European Stability Mechanism (ESM), 189

  • European Union (EU), 25

  • eurozone crisis, 25, 189, 222, 228

  • Evans, Rachel, 136

  • exchange rates, 37

  • exchange-traded funds (ETFs), 135

  • excuseflation, 89

F

  • Fama, Eugene, 137

  • Family Medical Leave Act (FMLA), 250

  • Fang, Xiang, 38

  • Farley, Jack, 38

  • Farrington, Stephen, 99

  • fed funds rate, 197–198

  • Federal Deposit Insurance Corporation (FDIC), 35

  • Federal Home Loan Mortgage Corporation (Freddie Mac), 124

  • Federal Open Market Committee (FOMC), 205, 206, 212

  • Federal Reserve

    • 1970s monetary policy, 210–211

    • 2020 monetary policy, 199–202

    • balance-sheet trends, 198–199

    • banks, 206–207

    • Board of Governors, 206

    • chair of the Board, 207

    • discount rate, 197

    • establishment of, 204–205

    • fed funds rate, 197–198

    • Federal Open Market Committee (FOMC), 205, 206, 212

    • inflation slowing tactics, 79, 202–203

    • inflation target, 212–213

    • labor market and, 100, 214–216

    • mandates of, 192–194, 212

    • markets and, 208, 213–214

    • monetary policy, 5–6, 86, 192

    • mountain climber analogy, 209–217

    • narrative of, 208–209

    • open-market operations, 194–195

    • as a pseudogovernmental entity, 204

    • repurchase (repo) agreements, 195–196

    • reserve requirements, 33–34, 35–37, 194

    • Summary of Economic Projections, 212

    • Survey of Consumer Expectations Labor Market Survey, 114

    • tools of, 194–198, 203

    • trust in, 202–203, 208–209

  • FedNow digital payment system, 161

  • Fedspeak, xix

  • fiat currency, 24, 26, 36

  • financial crisis (2008), 24–25, 112, 152, 167–169, 196, 198–199, 222, 229, 235

  • First Bank of the United States, 24–25

  • fiscal policy, 179–180, 188–191

  • Fisher, Gregg, 152

  • Fitch Ratings, 63–64

  • foreign aid spending, 181

  • fractional reserve banking, 30–32

  • Free Banking Era, 26

  • free markets, 222–223

  • free trade agreements, 112

  • friendshoring, 95

  • Frying Pan Chart, 190–191

  • FTSE Russell, 135

  • FTX, 158–160

G

  • Gaitskill, Mary, 259

  • gambling, 139

  • Gamestop, 137–139, 140, 170, 243–244

  • gasoline prices, 12–13, 72–74

  • Gauntner, Mike, 55

  • GDP. see gross domestic product (GDP)

  • General Mills, 172

  • GfK, 17

  • gig economy, 237

  • gilts, 188

  • global economy, 30–32

  • Global Supply Chain Pressure Index, 50

  • globalization, 69–71, 95, 111–113, 139–140

  • gold standard, 26, 228

  • Goldman Sachs, 212

  • government

    • in the circular flow model, 11

    • currency backed by, 24, 26, 36

    • debt, 184–185

    • debt ceiling, 185–187

    • fiscal policy, 180, 190–191

    • as money creator, 28–29

    • purchase and GDP, 61

    • spending, 181, 223–224, 225–226

    • spending misconceptions, 179–180

    • trust in, 181–182

  • Graeber, David, 23

  • Great Depression, 223, 228

  • greedflation, 89

  • green building practices, 128

  • green energy transition, 75–76

  • Greenspan, Alan, 208

  • Grimes, Arthur, 212

  • gross domestic product (GDP), 7, 13, 26, 59–68, 79

  • growth

    • at any cost, 66–67

    • debt-fueled, 63–64

    • new growth theory (NGT), 225

    • valuation models, 134–135

    • wage, 105–107

  • Gurri, Martin, 256

H

  • Haig, Matt, 67

  • Halberstadt, Jamin, 240

  • Hamilton, Alexander, 24–25

  • Hamilton, James, 164

  • Hammond, Samuel, 42

  • Haubrich, Joseph, 82–83

  • Hauser, C. J., 216

  • healthcare, 183–184, 247–249, 257

  • hedge fund assets, 152

  • Hofmann, Boris, 170

  • Household Consumption Expenditure (HCE), 82

  • households, in the circular flow model, 11

  • housing market

    • 2008 financial crisis and, 167–169

    • business cycle and, 121

    • Edgehill neighborhood, Nashville, 8–9

    • homeownership, 252–254

    • housing crisis, 7, 8–9, 123–124, 253–254, 257

    • mortgages, 121–123, 127

    • solutions to housing crisis, 126–128

    • South Bend, Indiana, 127

    • and subprime mortgages, 35–37

  • Howey Test, 156

  • Hubbard, Glenn, 87

  • Hughes, Ruth, 240

  • Hunt, Jeremy, 183

  • hyperinflation, 38, 78–79, 97–98

I

  • Illich, Ivan, 258

  • illiquidity, 35

  • imagination, 259

  • immigration policy, 116, 249–251

  • income taxes, 181–182

  • India, Consumer Price Index (CPI), 80

  • indices

    • commodity, 70–71

    • market performance, 135–136

  • individualism, 234–235

  • Industrial Producer Price Index (IPPI), 84

  • inflation

    • 1970s, 210–211

    • 2020s, 211

    • causes of, 87–96

    • class-based theory of, 211

    • components of, 87

    • Consumer Price Index (CPI), 79–84

    • core services ex shelter measure, 215

    • defined, 5, 78

    • deflation, 78, 96–97

    • disinflation, 78

    • dollar as hedge against, 38

    • eggflation, 54–56

    • energy markets and, 95–96

    • expectations, 86–87

    • globalization and, 95

    • hyperinflation, 78–79, 97–98

    • inflation pizza, 84–86

    • interest rates and, 191

    • labor market and, 93–94, 214–216

    • metrics, 79

    • Personal Consumption Expenditures (PCE), 82–83

    • price hikes, 89–93

    • Producer Price Index (PPI), 84

    • slowing, 202–203

    • stagflation, 79, 221

    • 2 percent target, 212–213, 216

    • vibes and, 18

  • Inflation Reduction Act (2022), 190

  • infrastructure development spending, 181, 256

  • Infrastructure Investment and Jobs Act (2021), 190

  • insolvency, 35

  • interest rates

    • bond prices and, 146

    • discount rate, 197

    • fed funds rate, 197–198

    • and inflation, 191

    • mortgages, 121–123, 127

    • open-market operations and, 194–195

    • quantitative easing (QE), 198–199

    • risks in, 130

    • swaps, 34–35

    • terminal rate, 212

    • Volcker Shock, 210–211

    • zero-interest rate policy (ZIRP), 36, 199

  • Internal Revenue Service (IRS), 182

  • International Monetary Fund (IMF), 40, 189

  • internet bubble, 14

  • investment, 61, 136–137, 139. see also stocks and stock market

  • Ipsos, 17

  • Ishiguro, Kazuo, 258

J

  • Jackson, Andrew, 26

  • James, William, 192

  • Japan

    • central bank, 26, 161, 192

    • Consumer Price Index (CPI), 80

    • fiscal policy, 190

  • Jefferson, Thomas, 24–25

  • Job Openings and Labor Turnover Survey (JOLTS), 104–105

  • JPMorgan Chase, 86, 204

K

  • Kashkari, Neel, 214

  • Keynes, John Maynard, 13, 179, 190, 223–224

  • Kimberly-Clark, 90

  • Krugman, Paul, 154

  • Kuwait Petroleum Corporation, 72

L

  • labor market

    • blue-collar vs. white-collar jobs, 113–114

    • Federal Reserve and, 5–6, 8, 100, 212, 214–216

    • gig economy, 237

    • importance of, 99

    • improving, 115–116

    • inflation and, 93–94

    • labor force participation rate (LFPR), 102, 118–119

    • mental health and, 232–234

    • metrics, 100–105

    • policies, 9

    • post-pandemic, 99–100

    • surveys, 103–105

    • unemployment rate, 100–102, 118–119

    • wages, 105–113

    • worker power, 114–115

  • Lancet Global Health, 233

  • Le Guin, Ursula, 9, 259

  • Leamer, Edward, 120–121, 254

  • Lefèvre, Edwin, 150

  • lending, 24–25, 32

  • lending facilities, 199–200

  • liabilities, 32

  • liability-driven investment (LDI) funds, 188

  • Link, Andreas, 116

  • liquefied natural gas (LNG), 95–96

  • liquidity, 34

  • Liu, Yang, 38

  • Livermore, Jesse, 150

  • loans, 32, 34–35, 121–123, 127

  • London Metal Exchange (LME) Index, 71

  • loneliness, 234–235, 244

  • Lopatto, Elizabeth, 138–139

  • Lydia, 23–24

  • Lynch, Peter, 5

M

  • M2 charts, 224

  • Macdonald, Norm, 258

  • Main Street Lending Program, 200

  • Malthus, Thomas, 223

  • Manheim Used Vehicle Value Index, 50

  • Mann, Barbara Alice, 126

  • Mantel, Hilary, 16

  • marginal tax brackets, 182, 183

  • Margulis, Lynn, 77

  • market price, 48–50

  • markets. see also specific markets

    • efficient market hypothesis, 137–138, 229

    • Federal Reserve and, 213–214

    • free, 222–223

    • globalization of, 139–140

    • index providers, 135–136

    • memefication of, 140

    • passive vs. active investing, 136–137

    • politicization of, 209

    • risks in, 130

    • role of, 129–130

    • speculation, 139

    • as vibe reflectors, 150–153

  • Marx, Karl, 226

  • maternity/paternity leave, 116, 250

  • McDonald’s, 172

  • McGilchrist, Ian, 258–259

  • media literacy crisis, 239–241

  • Medicare, 63, 248

  • Mehrling, Perry, 42

  • memefication, 140, 244

  • mental health, 232–234

  • Merkel, Angela, 189

  • Mesopotamia, 23

  • Meta, 141

  • metals, 71, 74

  • Microsoft, 132–133, 141, 172

  • Mill, John Stuart, 78, 223

  • Millington, Sara, 82–83

  • Milovanska-Farrington, Stefani, 99

  • Mindel, Maia, 126

  • minimum wage, 107–109

  • Modern Monetary Theory (MMT), 225–226

  • Mollick, Ethan, 131

  • Monetarism, 224–225

  • monetary policy, 5–9, 42, 86, 192–194, 199–202

  • monetary systems, 23–24

  • money, 21–24, 28–29, 32–34. see also coins; currency; U.S. dollar

  • money multiplier effect, 34

  • monopolies, 48, 222, 236

  • Moody’s, 63, 146

  • Morgan, J. P., 204–205

  • Morgan Stanley, 151

  • Morrison, Toni, 174

  • mortgage-backed securities (MBSs), 35–37, 123, 168, 199

  • mortgages, 121–123, 127

  • MSCI, 135

  • Mui, Preston, 104

  • municipal bonds, 184

  • Musk, Elon, 136, 140

  • mutual aid societies, 248

N

  • National Banking Act (1863), 26

  • National Bureau of Economic Research (NBER), 163–164

  • National Health Service, 183

  • Nestlé, 90, 93

  • net worth, 32

  • Netflix, 38, 39, 172

  • New Deal, 223–224

  • new growth theory (NGT), 225

  • The New York Times, 238

  • Nichols, Tom, 246

  • Nielsen, 17

  • nihilism, 235, 240–241, 242

  • NIMBYism, 254

  • nonfungible tokens (NFTs), 157

  • North American Free Trade Agreement (NAFTA), 112

  • nostalgia, 241–242

  • Nvidia, 141

O

  • Obama, Barack, 189

  • O’Connor, Sarah, 109

  • oil markets, 13, 72–74, 169, 200, 210

  • Opendoor, 124

  • open-market operations, 194–195, 197–198

  • Operation Twist, 198

  • Organization of the Petroleum Exporting Countries (OPEC), 13, 72, 75, 210

  • ownership, as wealth generation, 116–118

  • Ozimek, Adam, 119

P

  • Pakistan State Oil Company, 72

  • Papandreou, George, 189

  • parental leave policies, 116, 250

  • pensions, 189–190

  • People’s Bank of China, 192

  • PepsiCo, 90

  • Personal Consumption Expenditures (PCE), 79, 82–83

  • Pettis, Michael, 40, 111–112, 141–142

  • planned obsolescence, 65–66

  • Pokémon Company, 47–48

  • Politico, 84, 86

  • politics, economic influences on, 221–222

  • Pollack, Julia, 118

  • Popova, Maria, 258

  • postgrowth, 66

  • Powell, Jerome, 55, 96, 104, 120, 207, 214

  • Pratchett, Terry, 68

  • Prato, Maria, 116

  • presidential election (2016), 112

  • Price, Carter, 107

  • prices. see also inflation

    • asymmetric price transmission, 73

    • Consumer Price Index (CPI), 79–84

    • gasoline, 12–13, 72–74

    • hikes, 89–93

    • market, 48–50

    • vs. narrative, 151

    • Producer Price Index (PPI), 84

    • stability, 192, 208

    • target, 134

    • used cars, 53–54

    • wage-price spiral, 93–94, 117, 210

  • Primary Dealer Credit Facility, 200

  • Proctor & Gamble, 90, 92–93, 173

  • Producer Price Index (PPI), 79, 84

  • productivity, 65

  • profits, 89–93

  • prosperity, GDP as measure of, 7

  • public services spending, 181

  • public transit, 256

  • Publix, 117

Q

  • quantitative easing (QE), 198–199

R

  • rare earth metals, 74

  • rational expectations theory, 15

  • Ratner, David, 211

  • Ray, John J., III, 160

  • Reagan, Ronald, 221

  • recessions

    • 1980s, 210–211

    • 2008, 167–169

    • 2020-2021, 163–164, 169–170

    • benefits of, 172–175

    • determination of, 162–167

    • effects of, 166–167

    • government response to, 180

    • vibecession, 170–172

  • reflexivity, 14–15, 139

  • renewable energy, 75–76

  • repurchase (repo) agreements, 195–196, 199

  • research and development spending, 181

  • reserve currency, 37–39, 41–42, 187

  • reserve requirements, 33–34, 35–37, 194

  • reshoring, 95

  • resources. see commodities

  • retained earnings, 134

  • Ricardo, David, 223

  • risk management, 34–35, 130, 147–148

  • Roosevelt, Franklin D., 223

  • Ross, Martha, 108

  • Ross Stores, 173

  • Roussanov, Nikolai, 38

  • Rozado, David, 240

  • Rudd, Jeremy, 216–217

  • Rumsfeld, Donald, 173

  • runoff, 201

  • Russell, Bertrand, 47

S

  • Sandbu, Martin, 151–152

  • Sankaran, Karthik, 38

  • Sarkozy, Nicholas, 189

  • Saunders, George, 227

  • Schoar, Antoinette, 168

  • Schrödinger coin, 157–158

  • Second Bank of the United States, 25–26

  • securities, 79, 194–195, 198

    • cryptocurrency as, 156–157

    • mortgage-backed (MBSs), 35–37, 123, 168, 199

  • Securities and Exchange Commission (SEC), 156

  • semiconductor crisis, 52–53

  • Setser, Brad, 41

  • shale oil production, 75

  • Shaw, George Bernard, 69

  • Shiba Inu (SHIB) coin, 157–158

  • Shilling, Gary, 129

  • shopping cart theory, 227

  • Shorin, Toby, 243

  • Silicon Valley Bank (SVB), 35, 201–202

  • Sim, Jae, 211

  • Smith, Adam, 223

  • Smith, Talmon Joseph, 117

  • social media, 235–236, 238–239

  • social programs spending, 181

  • Social Security, 63, 79, 189–190

  • Solow, Robert, 65, 111

  • Soros, George, 14

  • Southern Burlington County NAACP v. Mount Laurel Township, 254

  • speculation, 139, 155, 156, 157–158

  • spending, 179–181, 185–187, 223–226

  • stagflation, 79, 221

  • Standard & Poor’s (S&P), 63, 146

    • 500, 136–137, 141

    • Dow Jones, 135

    • GSCI Index, 71

  • Standing Repo Facility (SRF), 196

  • Starbucks, 132–133, 146

  • stocks and stock market

    • vs. economy, 131–132

    • efficient market hypothesis, 137–139, 229

    • employee stock ownership programs (ESOPs), 117–118

    • exchange-traded funds (ETFs), 135

    • Federal Reserve and, 208, 213–214

    • making money in, 133–134

    • market capitalization, 133

    • memefication of, 140, 244

    • role of, 129

    • tech domination of, 140–142

    • valuation, 132–135, 142

    • zero days to expiration (ODTE) options activity, 138

  • subprime mortgages, 35–37

  • subsidies and grants spending, 181

  • Suddath, Claire, 250–251

  • suffering, 259

  • supply and demand

    • banana bread example, 30–32, 49–50

    • eggflation, 54–56

    • equilibrium, 48–50

    • housing market, 123–124

    • and inflation, 87–89

    • policy and, 56

    • semiconductor crisis, 52–53

    • theory of, 47–48

    • used cars, 53–54

  • supply chains

    • about, 50–51

    • covid-19 pandemic effects on, 50, 87, 95, 124, 169

    • improving, 56–58

  • sustainability, 128, 255–256

  • Sweet, Ryan, 78

  • Swift, Taylor, 47–48

  • systemic risk, 130

  • systems failures, 235–237

T

  • tax avoidance, 41

  • Tax Cuts and Jobs Act (2017), 221

  • Tax Reform Act, 221

  • taxes, 181–184, 221

  • Term Auction Facility, 198

  • terminal rate, 212

  • Tesla, 52–53, 136–137, 141

  • therapycoded invalidation, 239

  • Thompson, Derek, 242, 247

  • Ticketmaster, 48

  • Timiraos, Nick, 200

  • Tippett, Krista, 240

  • tipping culture, 109–111

  • TJX Companies, 173

  • Tonhaugen, Bjørnar, 200

  • Trans-Pacific Partnership (TPP), 112

  • Treasury Inflation-Protected Securities (TIPS), 79

  • treasury market, 148–149, 185

  • trickle-down economics, 221

  • Troubled Asset Relief Program (TARP), 169

  • Trump, Donald, 207, 209

  • Trump administration, 190, 207

  • Truss, Liz, 188

  • TSMC, 53

  • Turchin, Peter, 227, 244–245

U

  • UBS, 202

  • uncertainty, 10, 15–16, 18

  • underemployment, 101

  • unemployment rate, 100–102, 118–119

  • United Kingdom

    • bank rate, 197–198

    • central bank, 161, 188, 192

    • Consumer Price Index (CPI), 80

    • fiscal policy, 188–189

    • income taxes in, 183–184

    • mortgages in, 125

  • UPS, 90

  • U.S. Bureau of Engraving, 28–29

  • U.S. Congress, 185–187, 204, 207, 208

  • U.S. dollar, 37–42, 187

  • U.S. Mint, 28–29

  • U.S. Treasury, 28–29, 35, 186. see also treasury market

  • U.S.-China trade war, 112, 222

V

  • value added tax (VAT), 182

  • Vanguard, 135

  • Vasi, Alonso Segura, 136

  • Veerasamy, Visa, 239

  • venture capital (VC) market, 130

  • Verma, Sid, 21

  • vibes

    • and consumer sentiment, 15–16, 18

    • and economic theory, 16

    • and the economy, 7–9, 14–15

    • and inflation, 18, 86

    • and markets, 150–153

    • vibecession, 170–172

  • Viscelli, Steve, 57

  • Volcker, Paul, 210–211

W

  • wage-price spiral, 93–94, 117, 210

  • wages, 105–115

  • Walmart, 172, 255

  • Washington Consensus, 228–229

  • Wasner, Evan, 89

  • Wasteland Capital, 151

  • wealth generation, 116–118, 253

  • Weber, Isabella, 89

  • Weimar Republic, hyperinflation in, 97–98

  • WeWork, 170

  • white-collar jobs, 113–114

  • Wholesale Price Index (WPI), 79

  • Williams, Alex, 189

  • Wilson, Edith, 205

  • Wilson, Woodrow, 205

  • Wolfson, Paul, 108–109

  • worker power, 114–115

  • World Health Organization, 250

Y

  • Yellen, Janet, 207

  • yield curve, 149, 165

Z

  • zero-interest rate policy (ZIRP), 36, 199

  • Zhang, Anthony Lee, 57

  • Zillow, 124

  • Zimbabwe, hyperinflation in, 98

  • zombie companies, 170

  • zoning laws, 123, 126–127, 253–254

  • Zuckerberg, Mark, 209

  • Zumbrun, Josh, 18

  • Zweig, Martin, 150–151

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